Hey everyone, I’m 25, married, and have a child. We own our home and our cars are paid off. Our take-home income is $7,400 a month after benefits, and our bills total about $4,850 (mortgage, utilities, car insurance, student loans). This should leave us with around $2,600 for food, child stuff, etc. But somehow, we keep ending up deeper in debt each month. Is this normal? How do friends with lower incomes manage with multiple kids while I feel stressed about money? What am I missing?
Honestly, I think it’s pretty common to feel this way, especially with kids. Have you considered tracking all your expenses? Sometimes it’s the little things that add up.
Perrin said:
Honestly, I think it’s pretty common to feel this way, especially with kids. Have you considered tracking all your expenses? Sometimes it’s the little things that add up.
I haven’t tracked everything closely. Any tips on how to start?
Perrin said:
Honestly, I think it’s pretty common to feel this way, especially with kids. Have you considered tracking all your expenses? Sometimes it’s the little things that add up.
You could use an app or just a simple spreadsheet. It helps you see where your money actually goes!
You might be surprised how fast expenses add up with kids. Have you factored in things like clothes, activities, or unexpected costs?
Vance said:
You might be surprised how fast expenses add up with kids. Have you factored in things like clothes, activities, or unexpected costs?
Yeah, those extras hit hard. I guess I didn’t realize how much they would cost.
Vance said:
You might be surprised how fast expenses add up with kids. Have you factored in things like clothes, activities, or unexpected costs?
Totally get it! Kids bring a lot of joy but also a lot of expenses, lol.
It sounds like you’re doing a lot right. It might just take time to adjust. Have you thought about budgeting differently?
Rex said:
It sounds like you’re doing a lot right. It might just take time to adjust. Have you thought about budgeting differently?
I’ve heard of budgeting methods but haven’t really tried any. Which one do you recommend?
Rex said:
It sounds like you’re doing a lot right. It might just take time to adjust. Have you thought about budgeting differently?
The 50/30/20 rule is a good starting point. It helps you allocate your income into needs, wants, and savings.
I totally relate! Sometimes I feel like I’m barely keeping up too. It helps to talk to others about it.
Parker said:
I totally relate! Sometimes I feel like I’m barely keeping up too. It helps to talk to others about it.
Thanks, it feels better to know I’m not alone in this.
You’re definitely not alone. And remember, it’s okay to ask for help or talk to someone about finances. It can make a big difference.
Dacey said:
You’re definitely not alone. And remember, it’s okay to ask for help or talk to someone about finances. It can make a big difference.
That’s a good point. I might look into talking to a financial advisor.
Dacey said:
You’re definitely not alone. And remember, it’s okay to ask for help or talk to someone about finances. It can make a big difference.
For sure! They can provide tailored advice and help you feel more in control.