Is my income average or below??

Question

I am technically a single mom of three. I bring home about 950.00 two times a month, do you bring home more or less. If it is less, how do you do it???? My bills are 525.00 rent, 360.00 car and insurance, 200.00 utilities, 380.00 childcare, 100.00 cable/internet, and about 200.00 transportation/gas and that is just back and forth to work not a lot of extras. You see I did not even add groceries, clothes, health/beauty stuff, etc.... I don't think I live extravagantly. I think my rent is below average, and the only "luxury" I have is basic cable and internet. My kids dad pays my cell phone, most of their clothes expenses, and helps on groceries. Plus he offers up his place so I don't have to commute back and forth to work. So why can't my ends meet???? Ho do my finances stack up???

Answer 1

Your income is really below, the money you're earning is not even enough for the whole family what more if your kids dad dont help, i feel so sorry for your kids. It's a good thought that your ex-husband offer his place for the sake of his kids safety, it's okay if you can stay with him, think about your childrens future. You guys have to help one another for your kids. See if you stay in his place at least you can save rent, you can help for utilities and food expenses and the rest save for rainy days okay. Take care and goodluck!

Answer 2

im in the UK and average pay here is about $2500 a month, so it is below average. I was always told that in the US you guys got paid a lot less which is unfair and then you have to pay your tax yourself each year, we pay ours each month which the government take out of your salary, so be left with 2500 each month after tax is pretty good here. But on the other hand living expenses are a little higher which means your salary lasts a week if that! On average in US money, well spend $1400 mortgage, $500 utilities, $800 childcare, $150 cable, $160 car fuel, $50 car insurance, $800 groceries and then anything else you need you have to spend on credit cards etc, its hellish and my husband ends up doing 50 hrs a month overtime to help us get by....so i truely sympathise!

But id certainly look at getting a payrise or looking round to see what other jobs are available for better money! Good luck x

Answer 3

hello - with no information on where you live its hard to assess your salary level.  i have put a way to at least see exactly where your money is going, that will let you see if there are extras you dont need, and then allow you to make decisions on how to spend what.

here are some tips and ideas -

List out how much money you have coming in each month (paycheck, alimony, side jobs, etc.).

List out what your fixed costs are (rent/mortgage, car payment, car insurance, phone, cable, student loans, commute costs etc.) If you have credit card debt look at how much per card and which has the highest interest rates.

Track it by category -

retirement (401K, etc.)

home (rent/mortgage)

car (payment, insurance, etc.)

gas

cable/electric/water

groceries

eating out

clothing

movies/plays (include the popcorn)

books

hanging out with friends (bar, pool etc)

non meal related drinks/snacks (Starbucks, diet coke, snacks)

other

other

(other could be alimony, cigarettes, whatever, things I did not list out but you have to pay)

and you will see quickly where your money is going to go. Then you can see if it is all the right places.  Do you need to have the car you have or is there a way to get a vehicle without a car payment?  Or a way to get to work that is public transport or carpooling etc?  

Consider what is really important to you and what is not and spend accordingly.

Be sure to put all left over money into retirement savings somewhere and not just spend it on something else (or put it towards paying down credit card debt). And keep tracking what you spend for at least 6 months. that will help you get into habits and patterns that are good ones.

Retirement savings are very important, so if you have a 401K or the equivalent, dont stop contributing to that. I see so many questions here about stopping contributing or taking the money already saved out, dont do that. The value of the compound interest is huge.

i would also look at what your ex contributes and see if its enough relative to the cost of raising children or if you need to work out a different arrangement with him.

feel free to email me for more info if you like

good luck

Answer 4

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Answer 5

24K take home isn't that much, not sure how it compares.  If you talking about a mean I think you are in the majority range.

Put together a budget and stick to it.  This way you know where you are spending your money and know what you can afford or not afford.

I assume you have a loan for the car, if so you bought something you can't afford.  If you want to improve your finances sell it and use that money to pay off the loan.  Then buy something you can afford (without a loan), yes a beater.  

You also don't need cable/internet so that will free up $100 a month.  

Find alternatives to driving (ie bus, bike, walk)

Childcare - do you have family (grandparents) that are willing to watch them while you work.

Utility - not sure what you have included in this number but that seems high, but then again depending on where you live.