Babies: 6 - 9 Months

$ advice needed. Let me lay it out for you.

I'm wondering if I could SAH. These are all actual numbers. Right now my H makes 35,500. I make more than he does, but after insurance and 401k it's about even. He brings home 2200 ish a month.

Current bills: 1043.00 rent 165.00 phones 165.00 insurance -car and life- 100-220 utilities (depending on time of year) We owe about 900 on a dumb time share, no credit cards. No cable, no internet. We do spend A LOT on crap. We put about 500 a month in savings.

We would have to factor in additional costs because my H would have to carry our insurance, too. :/ Anyway, could I SAH? Do you think?

Sorry about formatting, I'm on my phone and this is C&P.

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Re: $ advice needed. Let me lay it out for you.

  • I think it depends on the COL of your area.

    I SAH and H makes just a little bit more than that, he is a teacher. PM me and I can give you our budget numbers

    ~Christina S~ EST: 9/27/08 
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  • is that 900 for the time share a month or a year?
  • I would find out how much health insurance is going to cost you.  I think it may be possible but you would have no extra money at all.  You also need to factor in food.
  • I just did some quick math, and (if I did it correctly) that would leave you with approx $620 a month after paying bills (without any to savings, or adding the extra cost of insurance)

    I don't think I would feel comfortable only having $620 to spend on necessities for the month. After bills I have between $600-$800 leftover from each paycheck (I get paid 2x a month) and I feel strapped sometimes now with all the extra costs for LO. But I think our cost of living is higher over here.

    You would have to stick to a pretty tight budget, especially if you want to continue to save $.

  • I think it depends on how comfortably you want to live...to me that would be cutting it close but it isn't impossible.
    "Normal day, let me be aware of the treasured day you are. Let me learn from you, love you, bless you before you depart...let me hold you while I may."

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  • It's such a hard adjustment losing that second paycheck! I made about 1/3 what DH makes but that extra $$ every month helped.

     My only advice is to make sure you have a safety net in case anything happens to your Hs job. My sis's financial planner says to have AT LEAST 3 months worth of bills in savings for such an emergency, if not more.

    Lastly, maybe you could do PT? There are some companies out there who pay for some health insurance if you work PT.  Not sure if that would mean sending your LO to DC and if it would be worth it, but something to consider!

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  • Honestly, I'd have to say no.  My reasoning is that my DH makes roughly the same amount that your DH makes and I SAH.  Our rent is only $325 a month because we got a super sweet deal renting one of my grandmother's rental houses.  Even with our rent that low, a land line, and pre-paid cell phones, we still struggle because of all the extra costs with LO.  We do have internet (but no cable), but that's not that much of an extra expense.  I would be afraid to SAH with your rent that high.  Maybe when your lease is up you could find a cheaper place and reevaluate?
    bishes be crazy
  • I personally could never feel comfortable with such a small buffer, but we live in very different cost of living environments.  

    Could you get a part time job to cover some costs but still be home with your LO during the day?  You didn't include groceries and household items, kid clothes, etc. in your budget.  

     

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  • I think it would REALLY tight. If you have a solid 8-12 month emergency fund saved up I think you could swing it but it's going to severely change your lifestyle. If you don't have at least 8 months of emergency money I would not consider it at this time.

    If you really want to do it start banking your ENTIRE check and see how it goes. If you can swing it and still save the part of your DH's check that will go to insurance then it may work. 

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  • Can you find a cheaper place to live?  Can you get rid of the time share?

    I don't think it's impossible to stay at home, I think it's a question of how much do you want to sacrifice.  Can you try living on just his paycheck for a few months and see how it goes?  Put your check into savings and pay bills and live on only his income.  As a bonus, you'll save up a bit of emergency money if you decide it's something you want to do.

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  • It's possible, but you will be strapped sometimes. Sounds like you have a good nest in savings so I say go for it. I'm going to start part-time once DS is 1 1/2, just to help out, but DH doesn't want BOTH of us missing these moment. We have less cushion that you do according to these numbers and we manage just fine.
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  • Ok here is my thought. You have to decide what you want, do you want to SAH if so you can make it work.

    Our budget is tight but we planned on me SAH so we saved nearly all of my paycheck for over a year. That being said we have a nice amount in savings.

    DH makes just under $40K, he also carried our insurance last year which meant $533 a month, blah. We are trying to do private insurance this time around for Lucy and I which will take it down to $257 a month, a big difference, DH pays nothing if it is just him on it.

    This is our Budget (which needs some tweaking because now we've done it for 8 mo or so)

    We have no cell phones ( I carry my old one because you can always call 911)---this was a sacrifice we were willing to make.

    I also teach spinning 3x a week at LA fitness which means some extra money plus a free gym membership for me, I also teach/TA online Master's classes  which gives us some extra money.

    As you will notice we don't have an entertainment budget anymore, we try to do things together that are inexpensive and we go out for dinner every few months and forget about the budget (mostly)

    We also Tithe to our church 10% and give 50 more dollars to Gospel for Asia so if you don't do that then that is some more money in your budget

    Let me know if you have any questions

    Everything is evened out into months even if we don't pay it monthly

    Auto-

    Fuel- 70

    Insurance 40

    Registration 16

    Service 75

    Clothing- 28

    Dental- 74 (I had to get some stuff done, this will go down)

    Education-35 (DH is in school for his Master's this only covers books, tuition comes out of money he has put away for school)

    Giving (Missions) 50

    Groceries 320

    HOA 159

    Household (toiletries, all things house) 70

    Home insurance 53

    Medical (this number is off so I won't put it but think about taking it into consideration)

    Mortgage 637

    Tithe 310

    Utilities 

    Gas and Electric 124

    Internet/home phone 77

     

     

    ~Christina S~ EST: 9/27/08 
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    BFP-3/17/14 --M/C 4/25/14
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  • The time share is almost paid off. We owe 900 total on it. We have about 3 months worth in savings, but I'd definitely like to have more. I think I will try the suggestion of banking ALL of my checks to see how it goes. I asked to go PT but my boss said no. :( I could look for another job, though.
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  • I think it would be awfully tight, especially since you would have to take $$ for health insurance out.  Also keep in mind that you wouldn't be contributing to retirement if you SAH, and if you are planning to or currently doing some kind of savings for LO for college or whatever, then that would be out, too.  With only a 3 month e-fund, personally I wouldn't be comfortable with that. 

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  • image Mystery2B:

    I think it would REALLY tight. If you have a solid 8-12 month emergency fund saved up I think you could swing it but it's going to severely change your lifestyle. If you don't have at least 8 months of emergency money I would not consider it at this time.

    If you really want to do it start banking your ENTIRE check and see how it goes. If you can swing it and still save the part of your DH's check that will go to insurance then it may work. 

    This.

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  • Yes it's possible. SO is a teacher and we did the past 6 months on only his salary. It was tight, I won't lie, but do-able. We also even bought a house during that time and still managed. I'm back at work now as of 2 weeks ago though. Putting money in savings for Mina and being able to travel are important to us. I'm also a teacher and have a need to be in the classroom with children (however, after this first week back, I feel like reconsidering sometimes!!). GL Momma! I think you can swing it Yes
  • Wahhh. Thanks ladies. I knew it to be true, but I was hoping someone would have a magical cure. Thanks, Ctri, love you!
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  • I have to be honest and say I wouldn't be comfortable with that. Can you find lower rent?
  • Anyone can do it!  You just have to be willing to go without many things you may be used to (buying things new rather than used, replacing old/worn items, eating out, traveling, expensive subscriptions - maybe getting a smaller phone plan, etc.)  It won't be easy, but my mom stayed home with 7 kids while my dad farmed full time.  We grew all of our own veggies and were master garage salers.  I never knew that we had any need.  I think it's just the mindset that you have to get in.

     It definitely takes discipline.  Good luck!!! 

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  • image sleepingbeauty825:
    Wahhh. Thanks ladies. I knew it to be true, but I was hoping someone would have a magical cure. Thanks, Ctri, love you!

    no prob, we can always talk. Let me know if you have ?'s or friend me on FB

    ~Christina S~ EST: 9/27/08 
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    BFP-3/17/14 --M/C 4/25/14
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  • This is very close to our budget. I SAH and it is veeeeery tight but I do everything in my power to live on the cheap and make it work because it means a lot to me. I buy in bulk, meal plan, cook ahead, stalk all my local thrift stores, sew clothes (and mend clothes), take in babysitting now and then, you name it. I'd be glad to share some tips with you if you want. I also follow the Duggars' rule: buy it secondhand and save the difference. It goes straight into the xmas fund! We are not on ANY kind of public assistance and I am very proud of the way we live. I had to seriously cut way back on the lifestyle I had become accustomed to but it is so worth it to me. Hope you are able to make it work!
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  • I know I live in a high COL, but I just can't wrap my head around giving up your income and living on only $35K, even in a cheaper COL area.  Not having more of a financial cushion would give me serious agita.

    If you make more than he does, why would you give up your income and not his, if you really want a parent to SAH with your baby?  Dads can SAH too, and that would be a more financially rational decision in your situation.

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