Another finance question?

amother

Ivory

Thu, Dec 10 2015, 4:59 pm

so people would need a lot more information-
are you getting any assistance on the side from family?
how much is your tuition?
is that income from one spouse or both?
do you have student loans that you have to pay back?
where in NY?
how much is your mortgage?
do you need a car? do you need two cars?
any other large expenses like therapy or medical?

amother

Lavender

Thu, Dec 10 2015, 5:28 pm

So....we don't get any help from our parents . I am SAHM. .. My husband has his own bussiness. We have a lot of expenses . Many are bussiness expenses. I know each family is different . But I am trying to determine that income per a month is the regular average. We are in need of a some sort of a budget and I need to know what others do. I've alrwady determined I am on target with my food budget, although I need minor adjustments. what are about everything else? Our mortgage is 2K/month . Our tuition is 20k/yr. I own a minivan . My husband has a lease . Our gas & electric abt 550 /month . is that a better picture?

LittleDucky

Thu, Dec 10 2015, 7:17 pm

This question pops up a lot here but we truly can't make a budget for you. Some people "need" takeout. Some "need" name brand clothing, a weekly coffee trip, a night out, cleaning help. Some have medical, therapy, tutoring or other bills that are not standard. Tuition isn't standard.
So...
Take your income and create a budget based off that.
Tally your receipts for everything for a month and see what you actually spend.

Also look at this business. It has a lot of expenses- are you coming out ahead at the end of the month? Are you making enough for it to be time/cost effective?

MagentaYenta

Thu, Dec 10 2015, 7:25 pm

amother wrote:

What is the cost of your life and health ins, your gas and vehicle maintenance, annual home repairs, clothing budgets? Where do you spend your money now? Do you save for retirement or your children's futures? There are numerous expenses that have to be considered before making a family budget, it's good that you are thinking about this now.

ETA: You do need to realize your household budget is different than your husbands' business budget and they are two separate issues. They may be inter related because your budget is fueled by your husbands business profits but they each have their own accounting systems.

SRS

Fri, Dec 11 2015, 3:07 pm

I think I'm failing to understand your question. There is no "reasonable income". Income is what you are qualified to generate or earn. If your skill level makes your work $20,000 annually, that is reasonable and you should work to provide enough value that someone wants to pay you $25,000. If you have the potential to earn $100,000 and you are out earning $40,000, it indicates you aren't making a proper effort.

If you are wondering if your expenses are reasonable, if you have money to save at the end of the month, then you are being reasonable, but might be able to do better. If your expenses are more than your income, that is unreasonable.

nyer1

Fri, Dec 11 2015, 3:26 pm

really?

what is your mortgage?
what are taxes?
grocery bill?
phone bills?
health insurance?
car payments?
car insurance?
gas?
tuition?
clothes?
paper goods?
food?
toiletries?
leisure costs?

can't answer what your income should be if we don't know your expenses.

SRS

Fri, Dec 11 2015, 4:10 pm

nyer1 wrote:

can't answer what your income should be if we don't know your expenses.

Income isn't something that just becomes more because expenses are more. If a person is earning 80K and their company goes broke and they make 30K at the next job, they have to figure out how to survive on 30K. Something on the list has to be slashed. Or, maybe everything gets a slash.