What’s your household income? How are you doing in this economy?
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Our family income is well under 50k and it’s a bit of a struggle. We’re in Tennessee where the cost of living was doable but has recently skyrocketed. House prices have more than doubled. A mortgage payment would be more than my husband makes in a month. We have amazing family support which allows me to stay home but things are still tight. We do a lot to lower costs like cloth diaper and grow our own food. Because we don’t have any bills really everything extra goes into saving for the future (house, car, kids, etc) my husband is waiting to hear about a job that would put us over that 50k amount and the plan is to continue to live how we are and save as much as we can
@Tessa Uh the market is horrible. My mortgage is 2100$…rent prices start at 2500$ :D Idk what happens if someone has to foreclose on their home and go rent. We had a 50% inflation when it comes to food and housing in the last 4 years. We wanted to save my salary for a few years and build our dream house and while before for that money you can get a really nice house, now that’s the base package.
Less then 250k but more then 100k. We barely make it.
Just under $55k, NY. Just me and my daughter; thankfully, we're doing fine. I do get assistance for daycare which is pretty much why I'm doing okay.
We live on one income so I can stay home. He makes about $85k. We live within our means. Me staying home is a season of life so I’m happy to make the sacrifice. I follow a modified version of Dave Ramsey so I try my best to plan for unexpected expenses.
Philadelphia suburbs. Our combined income is around 290-295k (husband works a lot of OT and I currently work straight time). I cannot say we have a luxurious lifestyle. More like “comfortable” I guess.
120k right now. My husband is the provider and I stay at home watch our child. We only have our mortgage and utilities. We are doing fine.
We do well money wise. My thought is every time we make more money we live like we didn’t when it comes to monthly expenses. That gives us more to save, spend on fun and whatever else besides the necessities. I prefer to live under my means than live check to check no matter the income because I like the cushion.
My husband makes 19$ hr n I don’t work. Our pockets r poor but r hearts r full ig. We keep our ac high in the summer n heater off in the winter. We only have hbo w as but thinking of cutting it off. My bil is moving in to help w rent. We go to the library to rent movies. We get our clothes from the clearance rack or the thrift store. I make cheap meals n when we do eat out it’s fast food. Idk how you can make so much n still be struggling
@Danielle I get the Hulu/Disney every black Friday. It's $2.99 a month for a year. Just need to sign up with a new email every year. Looks like HBO will be doing the same thing
@Heather thank you so much!!! That’s the only reason we got hbo was cuz of a deal!
$350k and we’re comfortable, but we are super aggressively saving and set up trust funds for our twins. Every pay a certain percentage goes into their trust, then into our portfolios, savings accounts, bills, then us. Also, we spend way below our limit. I thrift, go to Aldi, use up everything we have until it absolutely falls apart.
Similar income and were barely holding on. We moved from NJ to PA and built a home when interest rates were low so our mortgage is reasonable but everything adds up between that, daycare, insane grocery costs, and what feels like a new surprise expense every week (radon remediation, vet bills, medical bills, etc.). We don't spend exorbitantly and both have used cars that are paid off but aging now and need to be replaced soon. I don't have any solutions. Just, solidarity.
@Stacey 🇵🇸 We kinda do the same. Before the money hits our checking account it takes away 30% for taxes, our mortgage is 2100$ but each month we put on top of that in a savings account 4600$ for house repairs and to pay off our house in 3 years more. Even that we will have a really nice pension and retire in 16years we have a version of 401k so we always max out our contribution and they match 5%. We do invest but we do short trades for 5% gain a day instead of getting greedy (I don’t count this towards our income for some reason). Trust account is a nice idea… maybe when we pay off the house.
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We are obsessed with the trust for our boys because we both grew up with nothing. We promised each other that no matter what, the trust comes first and we never take from it. I thinks it’s smart to not count short trades as income! I’ve always considered stocks and trades “ miscellaneous” or like, bonus money that we just don’t dip into? lol I dunno if that makes sense. It sounds like you have a solid plan tbh Keep truckin! I know it’s hard though, remaining disciplined in other financial contributions when the price of everything keeps going up. It sounds weird saying this but I do get nervous about our financial future. Generational wealth and travel is really important to us and I don’t know if we’re going to be able to reach all of our goals if this keeps up. Husbands income will increase every year but we’re going to remain spending at the most bottom line of our budget that we can. I feel like living far below our means is what’s going to be a primary helper in this economy.
@Amber I feel like I’ll be stuck with my car forever :D I bought it new in 2022 and my payment is 388$. My husband tried to convince me that I’ll need a new “family” car for when we have a second kid..,told him to go trade his car as I’m not letting that payment go for a car that I love. We all fit perfectly in mine except my long legged husband and if he’s going to join us there’s no reason why we can’t use his car which already had a high payment. My SIL bought the same car as me this year and she’s paying nearly 1000$ which is just insane.