Can you make it staying at home with 45,000?

KKenworthy12 · October 2009

I am only 5 weeks preggo, but really want to be a stay at home mom, just wondering if it can be done on 45,000 a year?

we have a mortgage, not a lot since we remodeled our house and bought it cheap.

We have 1 car payment

No credit card debt, but tons of student loans

ReeseM · October 2009

DH makes less than that and we are fine!!

Stacyc625 · October 2009

best suggestion- just live off of his salary now- and bankroll all of your salary. make your budget and live off of that.

that will give you 8 months to see how it goes.

KKenworthy12 · October 2009

yeah thats what I wanted to hear, I just have NO idea what having a baby costs...

KL777 · October 2009

I say yes if you live in an average cost of living area. Just write out all of your monthly expenses and cut where you need to.

sefl1980 · October 2009

We survive on that. You may have to make cuts, but it can definitely be done depending on your lifestyle. I would definitely put your paychecks in savings now and live off that salary now. It will give you a nice emergency fund and show you what will be necessary to survive on one salary.

meyemn28 · October 2009

My DH makes between 55-60K in a low COL area, and we have a mortgage, small car payment, and small student loan. We are getting by on his income, but we have to watch our spending and there isn't much we can splurge on. It is important to us to still put money in our savings account, our retirement account, and our DD's savings account though. So it can be done, but you really have to prioritize.

babybird7 · October 2009

We do it. It's not always super easy but it can definitely be done. We are using principles from Dave Ramsey and are managing quite nicely and knocking out debt. Good luck!

jen5-03 · October 2009

Maybe. Depends on the cost of living. And the cost of that mortgage and car payment and student loans. And whether or not you have any other savings to fall back on to pay things like car repairs and the out of pocket maximum on your medical insurance if something happens.

I agree - start living off of one salary now. But also find out how much it will cost to have you and baby on DH's medical insurance and take that out for savings too. This will give you peace of mind that it can be done and boost your savings nicely which is a plus whether you decide to stay home or not.

axr8111 · October 2009

It really varies on where you live and what your expenses are. Can it be done? Yes, but you need to write out a plan look at what your set expenses are each month compared to set income coming in after taxes and then see where you can budget. Good luck! I hope you make it work!

userdeleted · October 2009

It really depends on where you live and what kind of lifestyle you want to maintain. Can you? Absolutely. Are you going to be able to - there is no way for us to really tell you that.

I agree with the pp that said to start living off of your DH's salary now. Also, create a budget and see how much wiggle room you have. Someone else mentioned Dave Ramsey - he's a great resource.

Barneso · October 2009

It all depends. We make 65 and it's very tight. But, we're in California, too.

SpartanGirl · October 2009

Stacyc625:
best suggestion- just live off of his salary now- and bankroll all of your salary. make your budget and live off of that.

that will give you 8 months to see how it goes.

This is great advice.

DAuger · October 2009

We probably couldn't make it on that but I think we live in a high COL area. I would have to see how much the breakdown of your expenses are.

soontobemrs.S · October 2009

We couldn't but we have a large mortgage, live in a high COLA, and now a car payment unfortunately. NJ property taxes alone are killer.

That being said, I'm sure if you live in a lower COLA and are careful to budget you could make it work. Best wishes!!

teach2183 · October 2009

It's hard to say definitely. You need to track your spending now to see if it's possible. Write down everything you spend. That can help you see where you can cut. DH grosses ~$48k and I need to make ~$100/m for us to have everything we need to live comfortably.

jenifairies · October 2009

Depends on where you live I would say. We live on around that and we get by fine. We also live in a LCOL area, don't have to pay for med insurance out of his checks, and don't have a large mortgage. We also blow money here and there, so I would say it's totally possible.

jenifairies · October 2009

Oh, and stacyc gives good advice. That will let you see how doable it is, plus you'll have all those months of checks in a savings account.

Track your spending, make a budget, and see what happens.

DevonPow · October 2009

Way too complex of a question for anyone to answer but you. We couldn't, but we live in a very HCOL area plus things like travel, etc. are very important to us. Also, what you CAN do and what you WANT to do are two different things, you know? Basically anyone at almost any income can do it - it depends on how tight you want your budget to be and what you are willing to give up.

I agree with PP to try living off the one salary now. Just keep in mind you should have at least 6 months living expenses saved/accessible/fairly liquid, plus do not forget budgeting things like contribuing to retirement accounts.

hayleydeee · October 2009

We live on about double that, and money is VERY tight. But we manage. There just isn't any room for extras. I guess it depends a lot on where you live. I think this area has a very high cost of living. We have a mortgage (on a very small, and very modest house), small student loans and some credit card debt. We don't have car payments and we are very careful financially. Having a baby certainly adds extra expenses, but it isn't that bad. There are a lot of things you can do while you're home to save.

mrs.mkd · October 2009

We live on less than that right now. I hadn't planned on staying home, so I agree with pp that if you can save your salary now and practice living on one income you'll be better prepared.

That said, depending on your lifestyle, COL area, etc. you may just have to make sacrifices. We stick to our budget, only pay cash, and buy almost everything used. The way I see it, you can spend a ton of money on a baby, or not. It's all up to you. Just like a wedding, or anything else. It won't cost the same for everyone.

But I totally think you can do it if you're prepared and committed!

mlgd · October 2009

Rach03k:
It really depends on where you live and what kind of lifestyle you want to maintain. Can you? Absolutely. Are you going to be able to - there is no way for us to really tell you that.
I agree with the pp that said to start living off of your DH's salary now. Also, create a budget and see how much wiggle room you have. Someone else mentioned Dave Ramsey - he's a great resource.

This exactly. I don't know if we'd be able to, but mainly because I don't know if I'd want to maintain that lifestyle it would require. $45,000 isn't that much *to us.* It depends on where you live, how you live, and what you're willing to sacrifice to do so.

mrsblt · October 2009

ReeseM:
DH makes less than that and we are fine!!

the same here

Temp174496125006552 · October 2009

No way. We also have a mortgage, two kids (one going off to college in just under 2 years), live in a relatively high COL area...and have a bunch of other bills.

HarrietNJMommy · October 2009

There is no way that we could do this with only $45K. We live in a high COL area, and there are 5 of us.........

It all depends on where you live, and what kind of expenses you have. But I agree with the PP's - live on your DH's salary and see if it works.

GL!

mandymack · October 2009

I just wanted to chime in and give you a big welcome to the board!!!

Good luck budgeting on 1 income and I hope it works out for you.

Mrs_D_in_KY · October 2009

::lurker chiming in::

That is just about DH's salary, and we could probably make it on his salary alone. But, we also live in a LCOL area. Which is why we are trying to pay off as much debt as possible before LO arrives, so I can work PT or SAH with no issues.

PinkMnM26 · October 2009

depends on your lifestyle.

You should post your monthly budget w/ his monthly income only. I'm sure we can help trim some of the fat.

Or you could go the Money Matters board and post your budget, but I will warn you the girls are pretty direct and some are anti-sahm.

Andrewsgal · October 2009

Honestly there is no way we could. DH and I are not willing to give up the extras that his income provides us. If you are willig to make a budget and stick to it i am sure it can be done, but you also need to decide if the lifestyle you will have to live is worth it to you.

brideon082104 · October 2009

No, but we live in a HCOL area as well. I second the request for posting your budget (if you feel comfortable). We could definitely help you see where you might be 'wasting' money and/or spot areas where you could cut back. Living on one salary, however, for a while before you have the baby is probably the best way to figure out if you can do it. This is what we did and it worked out.

hewinked · October 2009

Lurking here...

DH makes less than this, and we do it. It all depends on your circumstances. DH is military. We live on base, so our housing is covered, along with our utilities and our insurance. We can shop on base, tax free. We do, however, have 2 car payments, and I have enormous student loan debt. It's tight, but if we didn't have the benefits DH gets from being military, there would be NO WAY we could do it.

loriamarosa · October 2009

It sounded like you are also unsure about what the costs are associated with kids? My daughter is 11 months old now and the biggest costs were gettin things set up before she was born. Breastfeeding is not only good for you and the baby but saves lots of $! You might plan on researchin it some though. It dosn't come as naturally as one might think. Cloth diapers (especially the flat kind--check out diaperswappers website)also save $. We were given so many clothes--some used from friends whose kids were older, that we have hardly bought any for her. We shopped around for stroller, baby carrier, dresser, etc and found great used stuff on craigslist. Just took a little elbow grease getting it cleaned up.

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Can you make it staying at home with 45,000?

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