$ Money $

SouthernGal2308

I know I would like to TTC in 6 months-1 year, but I feel like $$$$ is slowing me down. I work PT and my husband works FT. Together we bring in around 70K per year. I guess my question is how do others, in my same boat, survive with a child and not being in debt (and saving $$). My different money factors are car payments, putting up a fence, daycare, etc.

Thanks!

bugandbibs

It's hard to answer this question with knowing the COL where you live. $70,000 goes farther in Lousiana than it does in NYC, ya know. If you posted your monthly budget, we might be able to help.

SouthernGal2308

I don't really have an exact budget, but COL is a lot cheaper than NYC. I live in NC.

bugandbibs

I don't really have an exact budget, but COL is a lot cheaper than NYC. I live in NC.

Well, then your first step should be to work with your husband to create a monthly budget. Track where your money is going and make a plan for saving for your short term and long term goals.

ks3pink

I live in nc and we make about the same as you. We live out in the country though, not in Raleigh or any big city. With one child our income was fine. With two we would have probably been fine. But we went from one to three quite quickly and had to buy a house to accommodate. Needless to say we are in debt right now. My point is of you are going to plan ahead then over plan.

When I first for pregnant withy boys I read in a post on here that when becoming pregnant you should be aware of the possibility of twins and plan accordingly. I thought that was crazy and a few weeks later found out just how true it is. We will be ok and there is a light at the end of the tunnel but its been a long year. Look at all baby related expenses and double them. Also decide if you could afford to stay home if need be because daycare is ridiculous! GL and good for you for planning ahead!

Hegi627

I second making a budget. When hubs and I did that we found out that we could cut out a TON of things that we were barely aware of spending. We make quite a bit less than you, and by using this method we were still able to put away 10k in a year. We printed 3 months of banking statements off the computer and went through them with highlighters. Green for bills, pink for gas, purple for bills and groceries, orange for our one date night a week. 

Then we totaled up everything that wasn't highlighted and realized we were spending about $500 a month on cigarettes (hubs), candy/soda (me) and side trips to Target/Victoria Secret/Bass Pro/etc. Once we knew what we were saving for (baby expenses, new house) we made a commitment to each other to stop ALL spending that wasn't for the categories we had highlighters for. 

It was hard at first, but when we stopped carrying our debit cards it got a lot easier. So now we pack our lunches for work, spend no more than $50/wk on groceries, have 1 dinner out & a movie a week, and, the best one, hubs quit smoking! I think budgeting is a lot easier when you have a goal you are striving for. Good luck!

biomaj5

Make a budget. Have money taken out of your paycheck and direct deposited into savings before you ever see it (Ally.com is good-that's where we have our savings account). Always pay over the minimum on CCs and car payments. Stop or cut back on eating out. 

I made a (massive) spreadsheet with each of our CCs and loans, the balance on each, interest rate, etc, and then mapped out a payoff schedule so I'd know exactly when we'd be out of debt. Snowball if you can. Some people snowball by interest rate (highest first), others do it by balance (pay off smallest first).

rayschicky

Hegi627 said:

I second making a budget.  We printed 3 months of banking statements off the computer and went through them with highlighters. Green for bills, pink for gas, purple for bills and groceries, orange for our one date night a week. 

Then we totaled up everything that wasn't highlighted and realized we were spending about $500 a month on cigarettes (hubs), candy/soda (me) and side trips to Target/Victoria Secret/Bass Pro/etc. Once we knew what we were saving for (baby expenses, new house) we made a commitment to each other to stop ALL spending that wasn't for the categories we had highlighters for. 

This sounds awesome-!! I think I might have to convince DH to try this out!!! Thanks

twentysomething215

My hubby and I used CNN Money as a guide. They have sections topics like budgeting, retirement, and even for having children.
https://money.cnn.com/magazines/moneymag/money101/