Home How to make it on one small income?

[RaiKai]

Date: 5/5/2010 2:56:23 PM
Author: plantationcatt

What a wonderful resource PS is. I’ve been sick and sans internet, my apologies for finally coming back! Thank you all for the informative and sincere responses.

RaiKai: I would think 75$ would be a drastic change, hah! It’s nice to know we’re not the only ones with student loan debt. My husband has left in debt about 70% of what is his annual salary. I also am a worrier…I’m unsuccessfully working on that. You seem like you changed to your situation well and adapted quickly, that’s encouraging. Finding a job I enjoy part time would certainly be possible, but in this smaller town I’d have to get creative…going to ponder that. Having some variable expense money would keep us sane. How did yall transition to renting and what did you learn in the process? I would love to find the time to expand my sewing skills like your mom. (note to self, do this while watching tv so it’s not mindless time). We have a crockpot but don’t use it as much as we should! My DH is on the same page financially, but understands much, much less, and is much, much less of a worrier. We try to even each other out. Most of the time it works. Also, raspberries are DARN expensive, I should check if our climate could grow them to freeze.

Welcome back! Glad you are feeling better!

It was definitely drastic!

My student loans are 2x my current annual salary - ouch. That will change in time but still...it hurts!

Our transition to renting...well....we actually looked forward to the more care-free life we associated with our previous rental experiences (which we had not enjoyed as much as we felt pressures to *own*). It was a new adventure. We still take care of the lawn & gardening and minor things (as we enjoy it) but if the furnace breaks....we just call the landlord and he has to worry about it. Not us. All our utilities are built into our rent...so no worrying about bill payments anymore even! Our landlord on the other hand is a young guy - mid 20''s - with a wife and two young babies - he owns three houses (rents out two) and the guy is stressed to the max.

We sometimes joke around that I am sure our much-younger neighbors look at us a little askew promising themselves they will never be 30-something old people who still rent. Little do they know!

Raspberries are pretty hardy - you should be fine growing them. I have lived in a few places and they have grown in every environment from humid with fertile soil, to hot and dry with clay-like conditions and survive year to year through harsh winters which is great! I came home the other day and DH was busy putting a dozen baby strawberry plants he bought into tiny pots to start growing indoors until the frosts pass over and we can out them in our garden as well - yum! Apparently once they get going they are quite hardy too.

 

[sctsbride09]

Plantationcatt-That stinks that the animals ate your garden, we have birds that try to steal some of our stuff too, but I should be glad they are not deer, right? Yes, you are right as long as you have support stakes tomatoes would be fine in a large pot. Any type of pepper, herb, as well as strawberries and some fruit trees can also be done in pots. Ive never tried, but Im sure you could do string beans and soybeans in a pot as well, as long as you put in a stake, as they like to climb. If you want to do fruit trees, I would suggest limes, lemons or a dwarf peach and/ or nectarine tree. Any other fruit tree really needs to go in the ground.

As far as bulk food, we usually go to staples, or winco not sure if you have those near you but Im sure Sams club would carry them otherwise.

Hopefully if you downsize, you will still have room for your deep freeze, they are awesome!

 

[sctsbride09]

I meant smart and final, have no idea why I wrote staples! Where IS my brain today..

 

[megumic]

If your mortgage is 56% of DH''s salary then from a smart financial standpoint, you simply cannot afford your home on one salary. Your rental/mortgage payments per month should never be more than 30% of your combined take-home. This is a general rule of thumb to allow ample cash flow for other necessities and to save. While it''s just a guideline, definitely something to consider in making your financial decisions.

 

[Haven]

Date: 5/5/2010 11:20:21 PM
Author: megumic
If your mortgage is 56% of DH''s salary then from a smart financial standpoint, you simply cannot afford your home on one salary. Your rental/mortgage payments per month should never be more than 30% of your combined take-home. This is a general rule of thumb to allow ample cash flow for other necessities and to save. While it''s just a guideline, definitely something to consider in making your financial decisions.

Oh yes, Catt--that''s too high to be comfortable, from where I''m standing. I actually think the 30% guideline is even cutting it close, but I know a lot of lenders recommend that as a guideline.

Is moving an option? Could you find a place that costs no more than 30% of your DH''s take home income?

 

[swingirl]

Can you refinance your mortgage to reduce the monthly payment (before you quite working)?

Also check around for lower insurance rates for cars and house.

Get rid of one car and have husband take public transportation or drive him to work.

Part-time job on the weekend. Baby sitting, dog walking, taking care of an elderly person for a few hours. TUTORing. My daughter did pretty well while in college tutoring high school kids. We paid our math tutor $40hr. If you are college educated you can contact your local school or put up an ad and offer your services. Kids need help staying on task, so just helping them write a paper, study for a test, check the homework, etc is enough. And if you are good in math or science you got made.

I applaud you for trying to be a SAHM. I hope it works out.

 

[lilyfoot]

Date: 5/5/2010 11:39:42 PM
Author: Haven

Date: 5/5/2010 11:20:21 PM
Author: megumic
If your mortgage is 56% of DH''s salary then from a smart financial standpoint, you simply cannot afford your home on one salary. Your rental/mortgage payments per month should never be more than 30% of your combined take-home. This is a general rule of thumb to allow ample cash flow for other necessities and to save. While it''s just a guideline, definitely something to consider in making your financial decisions.

Oh yes, Catt--that''s too high to be comfortable, from where I''m standing. I actually think the 30% guideline is even cutting it close, but I know a lot of lenders recommend that as a guideline.

Is moving an option? Could you find a place that costs no more than 30% of your DH''s take home income?

I have to agree with megumic, and with Haven as well. I think 56% is just way too large of a number for the situation you''re looking at, Catt.

I hope you can figure out a way to make this work!