My husband and I are trying to figure out a way we can live on just his income so I can be a stay at home mom with our first baby.
We cut out luxuries and once all our bills are paid, including groceries, car insurance, gas, etc. we will have $600 every month to put in savings.
My husband isn't sure if $600 a month is enough for emergencies or unexpected bills. Next year our two cars will be paid off and we will have $1200/month total in savings.
SAHMS, how much do you have to put in savings every month after you have paid all your expenses?
2007-05-03 09:35:59 · 11 answers · asked by Anonymous in Pregnancy & Parenting ➔ Parenting
I'm with everyone else here, we are lucky to be able to put $50 in savings outside of our flexible spending account, 401k and the other benefits at his work. We have a family of 5 and we spend around $500 a month on groceries and have around $300 a month left after everything is paid to either put in savings or have a few fun days with the kids.
2007-05-03 09:55:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I think you are really wise to even be concerned about getting anything into savings while at home! There are always those unexpected expenses that come up (a birthday party gift, etc.) and I think you will be in great shape if you put in $600 per month. Just know that you WILL have unexpected things come up! And don't worry- as long as all your bills are paid, you have food on the table, and your family is happy, then its all worth it. Many moms don't take the chance of trying to stay home with their little ones because they think they can't afford it. But really, if you figure out how much you need just to pay the bills, groceries, etc... then that is really all you need to worry about. We put in a variable amount each month into our savings for extras. We tend to have a lot of extras, having 4 children. There is always something needed for school, a cute outfit I see for the baby that I want to buy, a lunch date with a friend, etc... But I am very careful and I never overspend. Another thing we do too though is put all our coins in a large jar, and once a month, I roll them up and use that money for something extra that we want to buy, or someplace we want to go. You'd be surprised how much those coins add up! So, don't worry- you are going to do great!
2007-05-03 16:46:43 · answer #2 · answered by FLmom3 6 · 1⤊ 0⤋
That will be enough, I assure you. We can barely scrape together anything for savings some months. When you do your calculations, remember that there will be no daycare expenses and no commuting expenses but you will also have to have a little money to get them out of the house with once in awhile. The $600 a month might not be enough for a big emergency but over the course of a few months, it will become enough.
2007-05-03 16:51:33 · answer #3 · answered by Momofthreeboys 7 · 0⤊ 0⤋
Wow! You guys are doing well! We are only able to contribute $150 into a 401K and $25 into a Roth IRA every month, that is the most we can afford. After paying all of our bills, we only have $450-$500 to go towards food, clothes, gasoline, etc. And we feel like we are actually doing really good right now. I have been a stay-at-home mom since right after we got married (5 years ago), and this is the first time we can actually make all of our bills off of my husband's regular job.
2007-05-03 16:47:55 · answer #4 · answered by mommyem 4 · 0⤊ 0⤋
It sounds like everyone is saying pretty much the same thing. In the last six months we have been able to scrounge up $350 in savings, and that was with me watching other kids on the side. I think having a tight budget just goes hand-in-hand with being a sahm, but in the end its worth the sacrifice for your kids.
2007-05-04 16:42:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
That's wonderful! I think in general, it is recommended to have 3 to 6 months worth of money saved up in a place where it is readily available to you if you need it. What great peace of mind it is to have savings to fall back on! That's great you can put that much away!
2007-05-03 22:33:29 · answer #6 · answered by Eva M 2 · 0⤊ 0⤋
That is A LOT of money to be able to put aside...congrats!! My husband and I don't put hardly anything in after we pay all the bills...but being able to stay home with my son, and cutting out the cost of daycare all pays for itself. Good Luck!
2007-05-04 14:32:25 · answer #7 · answered by Anonymous · 0⤊ 0⤋
we put 10% of my husband's income in 401K and have a smaller savings account established for our children. We try to keep our expenses low.
2007-05-05 13:51:04 · answer #8 · answered by Sherri 3 · 0⤊ 0⤋
Actually you should be glad you can put that much away, I stay home and we are lucky to put $50.00 to a $100.00. But to me it is worth it, so I would say you are doing great at that much.
2007-05-03 16:41:25 · answer #9 · answered by Miss Coffee 6 · 0⤊ 0⤋
yea we can only put a few hundred away a month. I wish I had that much because i would be alot less stressed.
2007-05-03 16:45:05 · answer #10 · answered by anotherblondie01 2 · 0⤊ 0⤋