Chizzuk please! | Imamother

amother

Lime

Mon, Apr 16 2018, 1:21 pm

So we have been struggling through our first 7 years of marriage in low paying jobs while putting ourselves through school and racking up student loans. Finally it looks like its gonna be over. Ill be graduating in one term and my husband is beginning to establish a career. Between the both of us we will be making 130k gross pay. Still I worry. We never had enough. Will this be enough? We have 4 young kids and a small mortgage. We want to pay back our loans as quick as possible because interest is so high but at the same time we need to start saving. And living. And investing? In what?
How do we build financial wealth out of this situation?

Amarante

Mon, Apr 16 2018, 4:47 pm

By budgeting - that's the only way.

Determine what your net income is - what your non-discretionary expenses are - ideally set aside 10% in savings - you want to have six months of your living expenses in a liquid safe account - then you start investing.

Determine goals and priorities for your discretionary income.