Minimum your family can make it on
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Minimum your family can make it on
| Wed, 10-25-2006 - 8:47pm |
Hello Everyone.
I'm planning on becoming a SAHM with the birth of our second child in March. We have a 7 year old son. We are a military family, not living in base housing. We have 2 car payments, and they will be paid off in 2 years, so trading them in for something older isn't really something we are thinking of doing as both cars are very reliable.
When I leave my job, we will almost be cutting our income in half....and will be living off of $3500 per month. Has anyone successfully survived on this much or less? I have no problem with shopping at walmart, cutting coupons, etc as I'm not much of a spender now...but my hubby is. That's going to be the hard part.
Thanks for any info.
Tracy

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Maybe you could test it out for a few months, put all of your paycheck in a savings account and see how it goes on just one paycheck? That way you could really get a feel for what it will be like when you do quit.
Hope that helps a little! Good luck!
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That is around 42,000 a year completely do-able in my opinion. A family of four could thrive on that. I am assuming your dh gets medical insurance for the family since he is military?
My dh and I lived with WAY less when we first got together. If you are passionate about staying at home you can make it work.
jmo
Traci
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We are a family of 5 and we live on a salary of over $55,000. Now we could have tons leftover if we didnt have so many bills, things we really did not have to have or paying off credit cards.
Welcome Tracy.
Hi Tracey,
It's hard for me to say what's "livable" for someone else especially since I don't know where you live.
When Dan was in the Navy (which was up until November of last year) we lived on just barely over that per month. Yep, it's hard and many "toys" have to wait or be saved for, but since the kids are worth it that's okay.
Lol, the "minimum" our family can make it on is the current amount Dan brings home. When he first joined and all we got was 1800 per month we made it. We live to our means, and make a conscious effort to not go over that no matter what the income is. Of course, our situation is probably the reverse of yours, my DH is the saver and I'M the spender! Lol.
Thanks everyone for the great replies! I did put my last check into savings and plan to do the same with the upcoming ones. Hopefully by March/April we'll be used to it. I think we can do it, but just have to get used to not eating out all the time and buying stuff for no reason.
One thing I am worried about is how we would ever get a home loan on $40,000 a year, or how we would rent. Where we are now is going to have to work until we get his new orders, but we definately need a bigger house with the baby coming. I'm afraid we won't qualify for anything or we'll have a hard time finding something to rent with just the one income....but I guess plenty of others have done it before us.
Thanks again....and I'm sure I'll have more questions!
Hope you all have a great weekend!
Tracy
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