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Family of 4

Can a family of 4 live on $7,000 a month? I htink I am abut to lose my job and my husband wants me to just stay hiome because he says we can make it off just his income, but we have 3 car payments and 2 kids in daycare/pre-k. I really don't want to take them out of daycare but I would be OK taking the 1.5 year old out but I Would like to leave our 4 yo in. Nothing has happened yet but I get the feeling it is coming...He says we can sell one of the cars. I wouldn't have gas for communting or lunch money so we would save there. I just don't know.

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Anonymous

Asked by Anonymous at 1:37 PM on Feb. 28, 2011 in General Parenting

Answers (14)
  • Well we live on half of that and we are doing okay. You'll probably have to make some cutbacks and may have to change your lifestyle but keep in mind there are a lot of people doing a lot worse than you so be thankful with what you have.

    lilysmom2607

    Answer by lilysmom2607 at 1:43 PM on Feb. 28, 2011

  • I think the only way to really know this answer is to sit down and right all of your expenses out. I know when we decided that I would stay home we did have to change a few things although not that much. I have been home for 9 years and it has been great. Also, when you look at your budget make sure you take into consideration that the 1.5 year old won't be in daycare anymore because this money will be available for something else.


    Good Luck!

    cornflakegirl3

    Answer by cornflakegirl3 at 1:43 PM on Feb. 28, 2011

  • Besides the information you are giving us regarding your finances that's up to you and your hubby. 3 cars sounds like a bit much with gas prices so high, so getting rid of 1 car can give you extra cash. Why not keep the 4 year old home with you too? Your his best teacher!
    Mind you you will have to make some sacrifices and not live as if you do have 2 incomes. Where I live, (NY) $7000 a month would be plenty for my family of 5!
    mamaada

    Answer by mamaada at 1:44 PM on Feb. 28, 2011

  • Yes, you can. Selling a car would help. You can keep the younger child home and send the other even just part-time to cut back. We need at least $3000 a month for everything and we are a family of 5.
    JamieLK

    Answer by JamieLK at 1:44 PM on Feb. 28, 2011

  • It is not how big your family is. It is how many bills you have. And can they all be paid in his paycheck.
    louise2

    Answer by louise2 at 1:46 PM on Feb. 28, 2011

  • Its hard living on one income, but in the end it all works out fine. I was on leave when I was pregnant with my last and we struggled, Then I signed up to sell Tastefully Simple and I was able to pay for my own gas, the food shopping. It was a huge re leaf. I went back to work after I had her and I am still selling TS, I was able to pay for Christmas and our first family vacation. If you want more info I can give it to you and help. Good Luck!
    Krissiej417827

    Answer by Krissiej417827 at 1:53 PM on Feb. 28, 2011

  • We live on 1400 a month...with one car payment and no day care payments. I don't see how anybody could NOT live on 7000.
    ashisamom

    Answer by ashisamom at 1:54 PM on Feb. 28, 2011

  • The only way to figure it out would be to sit down and prepare a budget- see what NEEDS to be paid every month, and if dh's salary will cover it. You may have to make some sacrifices, but you could probably work out a way to manage it. Maybe look for a part time preschool program or part time daycare for the 4 year old... daycare is expensive and it seems a bit redundant to pay for full time childcare when you are on-hand to provide it yourself.
    Freela

    Answer by Freela at 1:55 PM on Feb. 28, 2011

  • It really depends on how much your bills are and where you live. Generally when you're used to living on more, your fixed bills like mortgage will be a whole lot higher, because it's what you could afford without a problem on two incomes. Selling one car would help, and if it's still tight, you might be able to refinance your mortgage now when the rates are very low.
    JulieJacobKyle

    Answer by JulieJacobKyle at 1:57 PM on Feb. 28, 2011

  • We live on $3,000 - $4,000 a month and we are a family of 4. We only have 1 car payment and we don't have child care. I am a sahm.
    Snewo

    Answer by Snewo at 2:04 PM on Feb. 28, 2011

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