Help managing finances & planning

levlongnprosper

Mon, Mar 04 2019, 10:42 am

I used an online tax calculator estimator to do some figuring.

120k/year is 10k/month. After taxes that should be around $7,265 per this calculator. With the numbers you've provided, that leaves you $1825/month.

How is that $1825 being spent? Groceries, utilities, phone/internet/tv, gas or public transportation, tzedakah, clothing, household goods, incidentals, subscription services?

For two adults and one child, that can go quickly.

Do you have a budget for those remaining expenses that you're willing to share?

In the interim, these principles can help if you're not already doing them:

- pay yourself first. With each paycheck put a small amount in savings, even if it's only $5. It adds up slowly.

- use credit cards to your advantage, whether that be cash rewards that go straight to savings or points or something else. Just be sure to pay it off each and every month.

- eat vegetarian and vegan more often. Meat and dairy, especially kosher are expensive. Eggs, beans, nuts, and tofu are all cheaper sources of protein. Learning a few vegetarian or vegan meals that your family enjoys can help cut food spending.

- don't let your food budget run away on you. I'm super guilty of this when I'm not careful. Stick to cheap in season veggies and perennially cheap options like frozen and canned. Dry beans are cheaper than canned. Rice is cheaper than pasta. Etc. Build up your seasonings, spices, and sauces so that you can make the same plain ingredients taste good and different.

- shop used clothes. For example, we used to live near a goodwill that had everything half off on Wednesdays.

- use it up, make it do, and go without. Don't buy something new when you can use what you already have or make something yourself-- but also don't go too crazy because you do work full time.

- find a side hustle if you have time. Can you life coach? Can you transcribe from home? Can you edit? Can you tutor? Can you sell clothes on Poshmark or elsewhere? Etc.

- do you have the time to grow some of your own food? Even if it's just herbs in the counter? When I was growing up (also BT), we went through a time where we were really poor, and my mum got ahold of soil and planters that someone was getting rid of the. Bought some seeds and grew lots of our food for a while.

- does your local school offer discounts for multiple children? Ca you or your DH teach part time to qualify for free or reduced tuition? (Would teaching full time "pay more" than your current job if you get tuition free?)

Just some thoughts. I'm not an expert. I grew up poor and we are now bh middle class but with tons of student loan debt. Looking to move OOT in order to save more and buy a house.