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Personal Finance Questions--how do you do it??

Anonymous
Posted by Anonymous
  • 67 Replies
This is totally a personal question, so just don't answer if you have nothing to contribute.

I'm legitmally looking for possible solutions and perhaps your own personal scenearios and experiences can help our family.

I'd love to have a third baby, but for us, it's all about the money, money, money!

I'm a teacher and my husband is finishing school and together we'll make, not a ton, but likely over $100K and even more when he finishes school in December.
We live very modestly, garage sale/consignment shop for our clothes, even the house we're buying, I'm pretty much able to afford on my salary alone.
In order for us to live responsibly though, there's no way we can have another child--not yet anyway.

Am I doing something wrong?? Are we just at the lower end of the income scale compared to the families who are able to afford more than one or two kiddos?
Our cars are paid off and we're debt-free (minus my $137 student loan payment monthly).

After saving for retirement, putting away for our two girls monthly, and just regular bills--which are pretty minimal considering we live in the suburbs of Atlanta-- there's not enough left for baby #3.
What are we doing wrong?? :(
Suggestions? Advice? What are you doing that my hard working hubby and I aren't??
I want another baby!!!!
Are we just too poor? Maybe that's the case. In December when my hubby will be making $80K+ (roughly) and I make $50K, maybe we just fall in the "we're too poor to live responsibly and have 3 kiddos" category.
How do you all do it?? Especially if you make about what we do or less? I mean, even our day care only charges $400 a month! And we only have one enrolled!
Posted by Anonymous on Mar. 18, 2013 at 12:32 AM
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Replies (1-10):
RyansMommie07
by on Mar. 18, 2013 at 12:42 AM

dh and i work opposite shifts... i work weeknights, he works weekend days. we didnt need alot when baby #3 got here because we had most things from baby 1 (who is now 5) and baby 2 (who is 3) ds3 is 7 months old. we had the furniture, clothes, stroller, etc... he is breast fed, and we do cloth diaper, although we have sposies for when were out of the house. we still have a mortgage and my truck payment, but his truck is paid off and my car is paid off. we dont spend alot on fast food or anything, and our vacations are usually going out of state to visit family, but we live in nj and everything is expensive so we penny pinch to save where we can. we did hit a roungh patch when i was put on bedrest with this last baby at 21 weeks, and again when his sister took 3g out of our bank account (side note... do not ever let anyone have banking info, no matter how much you trust them!) but were back on track and our next goal is to get my truck paid off. if we would have waited until we were ready for a kid, wed never had had the first one, nevermind the other 2. things happen and people adapt. if you want another baby, start taking prenatals now. try and wait a few months so hubbys be done school and hopefully working when baby gets here. if it happens it happens

Blueliner
by Platinum Member on Mar. 18, 2013 at 12:45 AM
1 mom liked this

Seems like 130k between the 2 of you should be pleanty for the area you live in.

Anonymous
by Anonymous 2 on Mar. 18, 2013 at 12:45 AM

Go over 6 months of your bank statements and track where your money is going.

DH and I did this and we were very surprised at the rap we would buy and not hink about. Things like coffe every morning...we were spending $100 a month just on coffee. I think you would be surprised

Anonymous
by Anonymous 1 - Original Poster on Mar. 18, 2013 at 12:47 AM
I totally got a Keurig for this reason! Lol!

Quoting Anonymous:

Go over 6 months of your bank statements and track where your money is going.

DH and I did this and we were very surprised at the rap we would buy and not hink about. Things like coffe every morning...we were spending $100 a month just on coffee. I think you would be surprised

Anonymous
by Anonymous 2 on Mar. 18, 2013 at 12:48 AM
1 mom liked this


Do you know how much THAT coffee costs you? We were spending about $150 per month for our Keurig.

Quoting Anonymous:

I totally got a Keurig for this reason! Lol!

Quoting Anonymous:

Go over 6 months of your bank statements and track where your money is going.

DH and I did this and we were very surprised at the rap we would buy and not hink about. Things like coffe every morning...we were spending $100 a month just on coffee. I think you would be surprised



Anonymous
by Anonymous 1 - Original Poster on Mar. 18, 2013 at 12:48 AM
I know I spend too much on kids' clothes-- they're all high end(ish) but from online consignment, eBay, etc.
But I KNOW I can cut back here!!

Quoting Anonymous:

Go over 6 months of your bank statements and track where your money is going.

DH and I did this and we were very surprised at the rap we would buy and not hink about. Things like coffe every morning...we were spending $100 a month just on coffee. I think you would be surprised

Anonymous
by Anonymous 2 on Mar. 18, 2013 at 12:51 AM


Seriously, it was the best thing we ever did. DH makes a lot of money and I was feeling like there had to be a reason that we felt broke.

there was, we were spending money on crap that didn't make sense. We were spending $350.00 a month on restaurants, $650. On clothing and the list just went on and on.

Quoting Anonymous:

I know I spend too much on kids' clothes-- they're all high end(ish) but from online consignment, eBay, etc.
But I KNOW I can cut back here!!

Quoting Anonymous:

Go over 6 months of your bank statements and track where your money is going.

DH and I did this and we were very surprised at the rap we would buy and not hink about. Things like coffe every morning...we were spending $100 a month just on coffee. I think you would be surprised



Anonymous
by Anonymous 1 - Original Poster on Mar. 18, 2013 at 12:51 AM
Right!?!?
It's actually less than hitting up Dunkin Donuts, in my case, but I'm considering getting the refillable cups from CVS!
The hubs doesn't drink coffee

Quoting Anonymous:


Do you know how much THAT coffee costs you? We were spending about $150 per month for our Keurig.


Quoting Anonymous:

I totally got a Keurig for this reason! Lol!



Quoting Anonymous:

Go over 6 months of your bank statements and track where your money is going.

DH and I did this and we were very surprised at the rap we would buy and not hink about. Things like coffe every morning...we were spending $100 a month just on coffee. I think you would be surprised




pce68
by Patti on Mar. 18, 2013 at 12:52 AM

Without seeing your actual expenses it's hard to say what you are doing wrong. Have you considered taking a financial class? Like Dave ramsey's Financial Peace University? I have been doing that and it's helping me learn how to manage my money better. He shows you how to get out of debt, plan for the furture, and all of that.

Really having a baby is not all that expensive. It's the later years where all the costs come in. You can get a lot of inexpensive clothes, or hand me downs as infants. They don't need all the gadgets, and you may have some of that already from the other 2. But if you really think you can't afford another one, take a serious look at your budget and see how you can save some money. Figure out how much you think you need, and start putting away money every week until you have reached your goal. Get rid of things you don't need, like extra cars, with high payments. Get cheaper vehicles. Do without vacations, and extras like manicures, and other nonessentials. Have a yard sale and sell what you don't need and then put that money in savings. There are lots of things you can do. If you're not sure, go to a financial class, or a credit counseling center and get some advice.

Anonymous
by Anonymous 1 - Original Poster on Mar. 18, 2013 at 12:53 AM
Can you please tell my husband this??
:)

Quoting Blueliner:

Seems like 130k between the 2 of you should be pleanty for the area you live in.

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