please HELP ME BE REALISTIC/ cutting back/budgeting

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Please HELP ME BE REALISTIC/ cutting back/budgeting

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amother

Wed, Feb 22 2012, 10:36 am

Is it possible to pay mortgage $1500 (my estimate is high) and have $1200 to live off of for bills/food/gas.
We're a family of 4 (2 small children). I think that for food we'd need to spend no more than $150/week. Is that possible, is it too low/high.

Please help.
Thank you

Barbara

Wed, Feb 22 2012, 11:52 am

You need to itemize all of your expenses.

If food (which I assume includes cleaning supplies and toiletries) runs you $600/month (which sounds do-able, but don't expect to be eating meat all that often), you're left with $600 a month for everything else:

Utilities (water, gas, heat, electricity)

If you have a car (not sure if "gas" was utility or car), the, insurance, gasoline, some cushion for maintenance

Public transit if no car

Does the mortgage figure include taxes and insurance

Health insurance

Clothing and shoes for the kids

If you have cell phones, add that in, along with internet, cable TV, etc (My guess is that you cannot afford any of those things on your budget)

Hashem_Yaazor

Wed, Feb 22 2012, 11:53 am

Depending where you live, it's doable.
But are you paying childcare?

Tova

Wed, Feb 22 2012, 12:18 pm

The problem is not now when you have 2 small children (and $600/month is doable - I do it with that size family easily).

The problem is when expenses increase in the future (more children kn"h, tuition, etc.). That's why you shouldn't take on too large a mortgage, even if you can make the payments OK now. What % is the $1,500 of your gross income?

chocolate moose

Wed, Feb 22 2012, 4:32 pm

And what about unexpected things like Pesach or dental bills?

Faigy86

Wed, Feb 22 2012, 4:36 pm

Can you get approved for a mortgage that is that large of a percentage of your income?

Fabulous

Wed, Feb 22 2012, 4:41 pm

Also Maaser.

Before you take on such an expense: Chart your current expenses for AT LEAST three months. Also as others mentioned, is your income going to go up because if not, when your kids get older it is much much more $$.

Childcare

Health insurance

gas

car insurance

car payment

possible car or house problems

clothing, shoes, toiletries like makeup (even cheap costs)

do you do your own sheitels?

phone/internet bills

moving costs

doctor copays

mikva fees plus if you do waxings or the like before

If you need to pay for childcare, car, and/or health insurance, I don't think it's doable.

amother

Wed, Feb 22 2012, 8:28 pm

thank for the replies:

after expense such as daycare, insurence ect... we would be left with actually $1300 not $1200 for food utilities (phone/internet, gas, electricity) food and gas for car.
I know we're going to have to tighten things up a LOT but its ok im asking is it doable as in are we going to chock every month to pay bills?

Fabulous

Wed, Feb 22 2012, 8:48 pm

I think it's still gonna be tight.

How much is your gas? $50 a week is minimum $200 a month (plus it's going up)

$600 food minimum not including extra like y't.

internet and house phone: Close to $80

Cellphone?

shoes?

Clothing?

Furnishing the house?

Pharmacy items: feminine products, toothpaste, deodorant, shampoo, soap, lens solution, detergent etc..

Miscellanous - even oil changes for car, registration, tips for teachers,

Utilities for a large is EXPENSIVE. Several hundred dollars. Plus water every few months. Also, is your mortgage payment including insurance and taxes?

Is your car old? Sometimes things happen.

what if something happens to the house that needs money? Plumbing? Roof? Boiler?

I think you can barely make it and that's not enough. When buying a house you need to have quite a safety net for extras.

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