Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

The Family Piggy Bank The Family Piggy Bank

How can I save with a low Salary

Posted by on Jan. 8, 2013 at 11:10 PM
  • 11 Replies
Rent : $645
Car note: $400
Util:$85
Cell:$42.70
car ins:$92.60

Salary: $32000
child support $202 a month

Help me please!!
Posted on the NEW CafeMom Mobile
by on Jan. 8, 2013 at 11:10 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
AllofFive19
by Bronze Member on Jan. 9, 2013 at 1:13 AM
1 mom liked this

I assume the 32000 is after taxes and per year, correct?

Okay:

Income $2666
Rent   $645
Car    $400
Util   $85
Cell   $43
Ins.   $93 

Do you get child support or pay? I'm going to assume get. 

Your bills are $1400 a month, leaving you $1266 for everything else, not including the child support money.

Groceries, I am going to assume $266 for you and your kid, leaving 1K for everything else.

You could probably save your child support at least, put 200 in your bank account every month.

I don't exactly know much else, but that's what I have for now.

AllofFive19
by Bronze Member on Jan. 9, 2013 at 1:34 AM

Here, let's do this. The USDA cost of raising a child calculator, I input 1 8-yr old (your child) and 1 17-yr old (you, just for estimation sake)

Your housing expenses are $7740, food they assume $ 4032, transportation $4800, clothing $786, health care $1572, childcare and education $1814, other $1430. All of these are per year costs. 

I'll assume you rent, so you really don't need any maintenance costs other than light bulbs and minor stuff like that, so we'll leave the costs as is ($645/month).

Food would be $336 a month.

Transportation normally includes gas and regular maintenance and insurance payments, but I just have it as the car payment. Let's do about $200 a month for gas for the sake of argument. Bringing it to $600 a month.

Clothing is about $65.50 a month.

Health care is listed at $1572 for the year or $131 a month.

Child care/education at $151 a month. IDK what you're child care arrangment is.

Other includes personal care items, entertainment and reading materials. They have that listed at $119 a month.

The total of EVERYTHING what I have listed and what you have listed comes to $2268.50 per month. You're income is $2666 a month, leaving you $397.50, not including child support money. 

erikays
by on Jan. 9, 2013 at 8:17 AM
Our bank acct transfers so much money from our checking to our savings. That helps us A LOT!
Posted on CafeMom Mobile
gmadiane
by on Jan. 9, 2013 at 10:00 AM

stick $100.00 a week in the bank as soon as you cash your check

powow65
by Bronze Member on Jan. 9, 2013 at 10:58 AM
What cell phone? I go through "straightTalk" & it's $30.00 for 1,000 minutes & 1,000 text messages & 30thibgs for the web (I think MB per page?)
Or $45.00 for unlimited all!
Gl.
Also try to maybe make a garden (save $$$ on veggies!)
& you can learn to crochet or knit & make your own blankets.
Posted on CafeMom Mobile
ivf_blessed
by Bronze Member on Jan. 9, 2013 at 11:25 AM

For an entire year, in my check register, I rounded all deposits down $10 and rounded all debits up to the nearest $1.  I only reconciled my register vs the cleared transactions at my bank, never the balance and at the end of the year, I was amazed at the difference that made in my 'cushion'.

Try to pay yourself first, can you establish a monthly auto transfer to your savings acct?

Also, little things add up...at our house, all change gets dumped in a coin sorter & rolled then deposited into a savings acct each month.

Good luck!

MamaPrime
by New Member on Jan. 9, 2013 at 11:30 AM

If you have been paying your car note on time every month for at least 6 straight months you can ask to refinance and bring the % rate down, making your monthly payments less. 

nouveaupoor
by Member on Jan. 9, 2013 at 11:34 AM

Put at least $10 out of any money you recieve into your savings account. Period. It may not seem like much initially but it will get you started in the right direction. Looking at the other posts, it does seem like you (theoretically) have cash after the bills. Take a look at where your money is going. If you use your debit card for purchases -STOP! Give yourself a cash allowance and see if that helps you from "leaking" money from your debit card. Before you know it you will have yourself a nice little savings account that will grow even larger!

Larsbug
by on Jan. 9, 2013 at 11:47 AM

 this is what I was gonna say too

Quoting AllofFive19:

I assume the 32000 is after taxes and per year, correct?

Okay:

Income $2666
Rent   $645
Car    $400
Util   $85
Cell   $43
Ins.   $93 

Do you get child support or pay? I'm going to assume get. 

Your bills are $1400 a month, leaving you $1266 for everything else, not including the child support money.

Groceries, I am going to assume $266 for you and your kid, leaving 1K for everything else.

You could probably save your child support at least, put 200 in your bank account every month.

I don't exactly know much else, but that's what I have for now.

 

HisSweetheart07
by Bronze Member on Jan. 9, 2013 at 11:49 AM

1) Track your spending: See exactly where your money is going, how much, how often

2) Cut back to the nessessities only: Prepaid cellphone, netflix (or nothing at all if your child is young enough), food, water, electric, gas, and rent. 

3) Set up a budget accordingly

4) Transfer everything left over at the end of each pay into your savings account. 

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)