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I have a job where I make $100,000 a year. I only work about 5 hours a day and need.....? |
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lottyjoy | Budget for family of two with yearly income of $25,000? |
We'd like to know where we can find advice on what we should be spending on housing, food, clothes, etc. |
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Cece
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I love bankrate.com. It's a free website with tons of financial advice.
Here's my advice:
Your monthly take home is probably $1500. Break it down this way.
$600 on housing expenses.
$200 on food
$200 on transportation
$250 on utilities (phone, gas, electric)
$150 on miscellaneous (household supplies, clothing, etc)
$100 put in a high-interest savings account for emergencies |
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finbear
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wow not much. i make more than that as a single and i have a hard time with my budget. you can buy budget books at office supply stores and i've found those to be pretty helpful. a lot of them have recommend budgets as well. like what percent of your income should go to housing, food, savings etc. good luck. |
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I Speak the Truth
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25k shouldn't get you much these days... don't even try to buy a house on that you'll get a foreclosure. |
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psycmikev
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There are lots of books out there you can find in any bookstore. Ideally though, your rent or mortgage should not exceed 35-38% of your monthly income. All of your bills should not exceed 60% of your income and you should try to save at least two months worth of bills at all times. Hope this helps somewhat, but all the advice you can get with this limited knowledge of your situation. |
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chris1895x
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$25,000. Eek. |
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N S
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First, you both need to be working. With that income, you can't afford to pay more than about $500 on housing. There will be no money for clothes because I honestly don't think you'll find something decent to rent for that low of a price, plus you'll need $$$ for vehicle insurance, upkeep and gas.
You don't mention if this is gross income or net, but either way, it's pretty low for two people. Please don't have children until you can adequately house and clothe yourself. |
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Squirrel Cage
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Spend no more then 28% of your gross income on housing. Be as cheap as possible in everything else, save save save. |
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RedSkelton
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cut the internet. |
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Cooks in '08
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wow! so, where do you live? I'd shop for clothing at the thrift stores and buy food at one f those really cheap grocers like Sav- a -lot or Aldi. I like going to some of the dollar stores to shop and drug stores because they have good deals on tuna and sardines and a whole bunch of other stuff like laundry powders and toiletries. I say buy rice and canned goods and learn how to cook some meals that are inexpensive and long lasting. Buy chicken when it is on sale and you could have chicken and rice , chicken and dumplings and chicken soup. I have tons of recipes for poor people if you want email me and I'll teach you how to cook on a poor mans budget. You can eat and be full and feed a family of 5 no problem.You gotta learn how to make it taste good. |
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kirk_absalonson
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Well if you live on the streets you would probably be ok with that kind of money. You could probably find a cheap appartment i wouldnt recommend anything nice or you wont eat. If i were you i would get a second job. |
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Derek R
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I wouldn't buy a house more than 100,000. Don't go out to eat more than once every other week. For clothes, buy when you need it. If this doesn't work out, try dropping some things that aren't necessities. |
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chizzyI
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have a plan. |
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zaphodsclone
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Daveramsey.com
to be followed up by listening to his radio show, and watching his tv show on Fox business. |
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JM
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Try and spend less than $700/mo on housing.
For food for two, $400 or less a month would be a good goal.
Clothing expenses really need to be kept to a minimum. If you can take care of what you already have a stick to less than $50 a month for the occasional clothing item, I think you'd be alright.
Then as time goes by and your savings increase, you'll be able to afford more along the lines of clothing and all of the other "extras".
Good luck! |
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Sahara
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Anyway that you can earn more money? Skills/education?
That is almost nothing. 25% housing, minimum on clothing, food, etc. (shop thrift stores, yard sales, etc.) Clip coupons for grocery shopping. Only buy food on sale. Shop thrift stores.
You should focus on what you can do to increase your earning potential. What skills do you have? What skills could you obtain and increase your income? Have you met with a recruiter to see what they can offer, what jobs available and for what pay? |
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