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Old 01-04-2008, 07:19 AM
 
455 posts, read 1,497,548 times
Reputation: 419

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Quote:
Originally Posted by bxlefty23 View Post
how do u only spend 200 a month on food for a family?
That number is a bit of a 'guesstimate' since we don't live together yet. However, for a family of 3 (2 adults, 1 5-year old) it's not unheard of to spend around $200/mo (my parents didn't spend much more than that for 2 adults and 2 hungry teenagers). If you're careful, don't buy much (any) prepackaged food, buy from farmers markets, and cook in bulk you can save a ton of money.
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Old 01-04-2008, 09:14 AM
 
276 posts, read 746,108 times
Reputation: 96
just remember...there are several other countries out there that offer a better life, better pay.
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Old 01-04-2008, 10:00 AM
 
Location: Papillion
2,589 posts, read 10,537,194 times
Reputation: 916
Quote:
Originally Posted by RowingMunkeyCU View Post
That number is a bit of a 'guesstimate' since we don't live together yet. However, for a family of 3 (2 s, 1 5-year old) it's not unheard of to spend around $200/mo (my parents didn't spend much more than that for 2 s and 2 hungry teenagers). If you're careful, don't buy much (any) prepackaged food, buy from farmers markets, and cook in bulk you can save a ton of money.
PLAN you meals, don't go overboard on prepared snacky stuff, take the time to cook and prepare, and don't use going out to eat as a primary means for eating - use it for the once in a great while entertainment. That goes a long ways to helping you on this part of the budget.
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Old 01-04-2008, 01:50 PM
 
20,187 posts, read 23,809,642 times
Reputation: 9283
Well thats why you have TWO people working to buy a home... After all, when you get divorce, half of it goes to your spouse. And if they make about the same income as you, hopefully you want have to pay spousal support..
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Old 01-10-2008, 01:26 PM
 
Location: PA
1,032 posts, read 4,258,069 times
Reputation: 434
Quote:
Originally Posted by CouponJack View Post
I know what I make and where every dollar goes. I'm a tightwad. If you have a 4K mortgage on one salary (not including other fixed/variable monthly expenses), your husband must be making high 2's to at least 300K or more......I don't see how else you can stay afloat, pay for your retirement, 529, etc, unless you had some major, major financial help years ago.
My husband does well (not as well as you stated, but well), and we are not big spenders. We're not into gadgets and toys and with three little ones our entertainment budget is pretty small - soccer for two costs $100 and takes us every Saturday!

Vacations at this point include a week at the beach ($1500 if you split it with another family) and a week in Florida - my mom lives there and she pays our airfare as a family chirstmas gift.

We have never gotten one red cent from anyone - we worked hard, and have no one to thank but ourselves - it can be done.

BTW: our mortgage is $3600 a month not $4000 (I rounded up).
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Old 01-10-2008, 02:00 PM
 
Location: Northwest CT
148 posts, read 737,383 times
Reputation: 82
I'm 24 and in the process of buying a condo here in CT. I've been living with my parents this whole time while working and just saving. It never crossed my mind to even bother paying rent. Money down the drain. Then it's just a matter of managing your money.

My 2001 Volvo is payed off...plan to keep that till it dies..no need for another expense
I have no credit card debt...just an AmEx Gold that has to be payed in full monthly
Keep the cell phone bill low as possible...only about $45/month
401k through work already taken out of the paycheck so no worries for retirement

My mortgage will be about $595
Condo fees $231
Property Taxes $177
Electric $130
Cable/Internet/Phone $140
Cell phone $45
AmEx (used for gas) $300
Total/month $1573...I divide that by 4 to see how much I'm out per week

$393.25/week = just over half a weeks pay!

I work two jobs and am currently waiting to go full time at UPS so my salary will only increase therefore allowing me to put more towards the principle on my mortgage. I also am a part time Realtor so those commissions I make are strictly savings!

Once again...it's all about planning and managing your money!!!
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Old 01-10-2008, 03:56 PM
 
Location: Papillion
2,589 posts, read 10,537,194 times
Reputation: 916
Quote:
Originally Posted by davfar View Post
I'm 24 and in the process of buying a condo here in CT. I've been living with my parents this whole time while working and just saving. It never crossed my mind to even bother paying rent. Money down the drain. Then it's just a matter of managing your money.

My 2001 Volvo is payed off...plan to keep that till it dies..no need for another expense
I have no credit card debt...just an AmEx Gold that has to be payed in full monthly
Keep the cell phone bill low as possible...only about $45/month
401k through work already taken out of the paycheck so no worries for retirement

My mortgage will be about $595
Condo fees $231
Property Taxes $177
Electric $130
Cable/Internet/Phone $140
Cell phone $45
AmEx (used for gas) $300
Total/month $1573...I divide that by 4 to see how much I'm out per week

$393.25/week = just over half a weeks pay!

I work two jobs and am currently waiting to go full time at UPS so my salary will only increase therefore allowing me to put more towards the principle on my mortgage. I also am a part time Realtor so those commissions I make are strictly savings!

Once again...it's all about planning and managing your money!!!
GREAT EXAMPLE! CONGRATULATIONS! Don't loose this attitude as you continue to grow and my recommendation for the future is not to give in to big toys/houses until you can pay cash for them (after you have adequate savings and are insuring you are saving for long-term)... again CONGRATS - It can still be done.
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Old 01-11-2008, 08:46 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,679,682 times
Reputation: 3722
Quote:
Originally Posted by KristyLiz View Post
My husband does well (not as well as you stated, but well), and we are not big spenders. We're not into gadgets and toys and with three little ones our entertainment budget is pretty small - soccer for two costs $100 and takes us every Saturday!

Vacations at this point include a week at the beach ($1500 if you split it with another family) and a week in Florida - my mom lives there and she pays our airfare as a family chirstmas gift.

We have never gotten one red cent from anyone - we worked hard, and have no one to thank but ourselves - it can be done.

BTW: our mortgage is $3600 a month not $4000 (I rounded up).
Wow, nice job. I do hear you. It can be done if you really watch everything that goes out.
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Old 01-12-2008, 08:36 AM
 
20,793 posts, read 61,189,627 times
Reputation: 10694
You can also not buy your dream out right out of the starting block. When DH and I first got married we lived on his salary alone--put mine away since we knew I would be staying home once the kids started coming along. We paid $45,000 for our first house on a $24,000 salary. It was a small house but it worked for us. We built some equity and with each move have moved up in size. Now we are in the house we plan to stay in until we retire or die . We just haven't lived an extravagant life.

We both put ourselves through private colleges and had sizable student loans. We managed to pay them all off in 5 years, when interest rates on student loans were 8% and THAT was low for the time.

It can be done if you start small and wisely.
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Old 01-12-2008, 11:39 AM
 
2,153 posts, read 5,528,896 times
Reputation: 655
3600 a month mortage


I pay $1200 (including taxes and insurance) and I think that's a lot (though Im only 4 yrs out of college and starting a family) though well within our means (a little bit worse ratio than the poster above).

But I also am outside of KC so a $160,000 house got me a very nice house.
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