$250,000 house (that's the low end here), 2 car payments, some credit card debt, one school loan payment, various bills....nothing too crazy.
How much money would you need? How much should we be able to live on?
2007-01-25 22:15:30 · 6 answers · asked by avalonlee 4 in Business & Finance ➔ Personal Finance
Here's your answer. Take your present net income. Deduct child care, deduct work clothes, deduct meals at work, gas money, higher car insurance for driving every day, beauty shops, nail salons, pantyhose, fast food, eating out (too tired to cook)....
Now add in the value of the time you will spend raising your OWN children, watching them grow up, being there when they fall, keeping your teens off the street, knowing they are being taken care of and not worrying about the babysitter nightmares...priceless.
You can't afford NOT to stay home...
2007-01-25 22:31:50 · answer #1 · answered by Barbara 5 · 3⤊ 0⤋
The answer is in your checkbook. Take a look at your last year of expenses, add for inflation, divide by 12 for a monthly amount and subtract income. There's your answer. You may be able to get away with less if you start chopping expense categories to barebones needs instead of wants. Figure out your budget including seaonal or quarterly expenses so you are covered for gifts, insurance premiums, taxes, etc. If you are not working, do you need 2 car payments? Can you consolidate credit card debts or get a home equity loan with lower interest rate? Can you rent out a room of your home or start up a part time home business? Only YOU know what you can afford to live on.
2007-01-25 22:24:25 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I quit work when my kids were 2 and 4. Get rid of the credit card debt, now. Except if you need to purchase one more thing, get the Tightwad Gazette book. It will teach you how to NOT spend money because it's not what you make, it's what you spend. I used that book, and was able to still take vacations, etc. after I quit working. You just CAN'T be a "keep up with the Jones type".
2007-01-25 22:21:34 · answer #3 · answered by just browsin 6 · 1⤊ 0⤋
1868.18 ($250 K loan at 7%, 30 years)
?? (add your car payments)
?? (add your credit card payments x 2)
?? (add your student loan)
?? (add your car insurance for 1 month)
$50 (home owner's insurance)
$150 (property tax)
$300 (utilities)
Add to that whatever you want for food and entertainment. It looks like a $50 k annual income will be workable but tight. You won't get any savings or health insurance out of it.
2007-01-25 22:27:15 · answer #4 · answered by Anonymous · 1⤊ 1⤋
If you have children you will need lots and lots or money. If not then 20 to 35 thou should get you by.
I Cr 13;8a
2007-01-25 22:20:22 · answer #5 · answered by ? 7 · 0⤊ 0⤋
Based on limited info, and refering to my situation in contrast, you better hope your pulling in 55-60 K. and don't have too many bad habits.
2007-01-25 22:26:25 · answer #6 · answered by paswami 2 · 1⤊ 0⤋