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single mami | How much money should I have left after all savings and bills and paid out of each month? |
I'm a single divorced mother of a 5 year old, with no government assistance or child support. I'm also a student. I really would like to know an actual dollar amount. |
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Marlene
|
It is nice to know that someone your age is thinking about the future. It is wise to put 10% on your earnings into some sort of savings. Hopefully you will have money left over at the end of each month to enjoy with your family. There is no set amount. It could be different each month. Just try to save at least 10% for the future. |
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asmikeocsit
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150.00 dollars. |
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shehawke
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Depends on your wants and needs.
Write out a hypothetical budget and then go for a job that will pay that much per month.
I have greater needs, since I am a divorced mother of a 6 yr old, 13 yr old, 14 yr old and 16 yr old....more expensive in other words. And I never have enough because first ex is a flake and 6 yr old's dad is immature and avoiding his responsibility, which he promised he wouldn't do. I would like it if this 48+ year old nuclear power plant inspector who works for NUMANCO would send me $500/month since he can easily afford it. |
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Big Jay 7
 |
I don't know how much you make each month.
a good rule of thumb would be about 15-25%
So if you have a 1000 a month than between 150 and 250 |
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something
 |
$0.00
If you are contributing to your retirement and have a sufficient emergency fund and you are paying your bills and have no credit card debt and you have used your fun money, then you have met your obligations.
Congratulations if this is the case. |
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mandy
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I dont know what your income is, so I cant help |
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neona807
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I am a single, divorced mother of one child with no additional support of any kind besides my wages.
I never have any money left at the end of the month.
Actually it is going to vary depending on what you make vs what your bills are.
Make out a list of your bills, the ones that vary by the month like electric, just list what your average is.
Once you've figured out your monthly bills, now figure out your monthly income. How much is your average take home pay and how often do you get paid in one month?
Now if the bills side is bigger than the paid side, welcome to the club!
if the paid side is the bigger amount you are doing well and good for you! |
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KariM
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depends on your risk tolerance. There is no set dollar amount. ideally if you could, save 1/4 to 1/3 of your pay. That way you'll have some savings for big purchase items (new car, aplliance replacement, etc) or in case something happens you'll have some savings to live on, at least for a little while. |
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Thinker
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I know it's not easy, but it's encouraging to see you're thinking about the future. Under the circumstances, the fact that you're able to pay all of your bills and stay in school are two good things. If you can put a little away each month that would be great. The amount depends on how much you have coming in and how much your monthly expenses are. But do think about it, and try to save. If you do so, you'll be ahead of most people, who live from day to day.
Best of success. |
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alexajbully
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If you have any left over you are doing pretty good. I am a married mother of a five year old, my husband and I both work...I am a medical transcriptionist. We never have "extra" money...and what our bills are and what we make are so out of skew that it is scary. It all miraculously comes together but don't ask me how.
Off the subject a bit...Wells Fargo is running a promotion right now where if you open your child a savings account they will give you $1 worth of savings bond for every $3 deposited. That's a pretty good deal...I cashed a savings bond a while back that was matured by a couple of years and got nearly double what it was worth. |
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Jack D
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If it helps...I've always been told that you should be able to pay for your home with 1 paycheck and utilities with 1 then car and insurance with 1. that would leave 1 paycheck for groceries, outings, gas and other spending. Every month that has 5 weeks the extra paycheck should be "extra". The extra check is a good time to add to savings. This is all assuming you get paid every week. I hope this works for you...I personally dont make it on the home part in 1 week, and very rarely have any "extra". No one should have to go it alone. seek child support or aid for dependant children. It's not much but at least you could put it away forthe child. |
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