How much does it cost to live

beatbox123

Wed, Dec 25 2013, 6:31 pm

I need some advice my husband is starting School next year and will be in school full time for the next three years Bh we are getting money from my parents and my in laws and we don't pay insurance (we are both on our parents) and I'm having a baby at the end of the year we are currently getting around 2100 $ a month not including random trips to the grocery store and to costco. We are currently looking for a place to live under 1600$ a month which is the norm by us which leaves me with 500$ a month extra how much money do I need to make to feel slightly comfortbale?

beatbox123

Wed, Dec 25 2013, 8:14 pm

Sorry were located in far Rockaway. I'm used to a certain level of living ... Not crazy but we like to go out occasionally we will probably have cable and Internet ... We live frugally with some things but not everything my parents buy me clothes for yom tov but we pay for my husbands stuff ... I won't shop a store like Payless and I want to dress my kid in cute stuff ... My parents help out a lot I just don't know how much I need to make so I don't feel like we live pay check to pay check

hop613

Thu, Dec 26 2013, 9:37 am

If you are currently putting away 500 a month, that is pretty good. Is that with or without you/your husband working?

Do you want to work full or part time? Most of the money will sadly be going to pay for childcare unless you have a skill that can bring in a lot of money.

But I agree, that you need to track all your expenses per month including whatever extra expenses you would like to be able to afford and see what it all adds up to.

suzyq

Thu, Dec 26 2013, 9:49 am

hop613 wrote:

Actually, it doesn't sound like she is putting away $500 a month (OP, correct me if I'm wrong) but that's she's putting aside $500 a month for non-rent expenses.

I agree with tracking your expenses for a few months, and then price out childcare and what you think you will spend on a baby - diapers, wipes, formula (if you plan to bottlefeed), baby clothing, etc. Having a kid can be expensive. Talk to people in similar situations as yours to see how much they spend. Good luck!

hop613

Thu, Dec 26 2013, 10:19 am

suzyq wrote:

hop613 wrote:

Oh yeah, you are definitely right. mommy brain Smile

I though something wasn't making sense.

500 a month is probably just going to cover food, if that.

there are some great threads on here about budgeting, so maybe you can look there for sample budgets.

Most of the new costs with the baby iyH will be one time purchases like furniture and stroller. But the major baby related things that will impact your budget are babysitting (anywhere from 5-10+ an hour depending on the setup), diapers, formula if necessary, clothes, and food as the baby gets older. Also insurance for the baby.

beatbox123

Thu, Dec 26 2013, 10:52 am

I'm pretty sure we will qualify for free insurance ... Seeing as though currently we aren't making a penny ... That's what I was asking if 500$ covers food how much do I need to make ??? To feel ok ? And not struggling ??? Including babysitteing I want to see if it's do able to work half day and still be able to go out to eat every once in awhile

hop613

Thu, Dec 26 2013, 11:11 am

Start by adding up all your current expenses besides rent.

If you are willing to share a babysitter or send to a babysitting group, you can probably get babysitting for under 10$ an hour, but I don't know what is available in your area. So if you work 9-1, 5 days a week, you will be spending a couple hundred a week on babysitting.

What is your earning potential?Are you going to be looking for an office job, or do you have a degree?

It's impossible to pinpoint a certain number that you need, you really need to work backwards and figure out what your expenses will be and how much extra you want to have.