We have a family of 5, two adults and 3 kids (ages 4, 2, and 7 months). Right now we have more outgoing bills then we are making, so there's nothing we can do but sell our house and our cars and get cheaper stuff. So I need to know what we need to be shooting for. My husband makes about $16.30 an hour at 40 hours a week and I don't work. So what should be the highest mortgage payment we should get? And how much should we be budgeting for food? Right now our mortgage is at $750, plus we have two car loans equaling just under $500, and we've been spending around $600 on food. But when we sell our house we'll be able to pay off both car loans, then sell those cars and get cheaper ones. That way we'll have a house down payment. I think we could limit our food spending down to $300. What should be our budget goals so we don't get into another bind like we are in now? Plus his work has a 401K that saves 6% of his income, should we do it? Please advise!
2007-02-27
05:59:27
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7 answers
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asked by
mommyem
4