We probably should get our families together for dinner sometime…sounds like we are in a similar situation with similar ideas:)
Ignore the nonsense on this board about tithing. We give 10% pre tax to our church (Protestant) as well, not because it’s an OT obligation, but because we are grateful for how God has blessed us and want to give back. Most of the responses on here are from people who clearly aren’t religious and don’t get it. Hopefully someday we’ll be giving much more than 10%. I’m married with one child & 1 income as well. I’m in a similar financial situation, but don’t have some of the self employment expenses, and make a bit more. I also get frustrated from time to time with things: I have an MBA from an Ivy league instituation and still can’t afford a house in SD (not sure how bad I really want one, but hate not being able to afford it if I did).
My Budget:
Rent: $1,875
Grocery: 475
Utilities: 190
Gasoline: 208
Student Loans: 200
Clothing: 83
Internet/Phone/Cells: 102
Church Giving: 850
Entertainment/Athletics: 171
Auto Insurance: 232 (was 150-wife backed into 2 cars)
Other expenses: 800-Car Service, Cash, Computer, Dining out, misc. household, haircuts, vacation (wife’s parents in NE)
Health insurance is through work. I also save 15K/Year to my 401(k).
that’s enough detail. As others have suggested, your grocery bill is way too high unless you are eating very, very well. My wife uses http://www.thegrocerygame.com along with getting veggies from Be wise ranch. I live 5 min from work, which saves on Gas. I’d consider the $600 toward loans to be savings-paying down debt is a form of savings…my loans are at 2%, so I’ll never pay them off.
Your take home also suffers from the fact that you are paying your own employment taxes.
I’d say you could trim $500 from your budget, but there are other things that don’t seem to be on your list, which might eat that up anyway.
If you want to live on one income, SD isn’t the place to do it, that’s for sure. That said, a few years from now, it may be just fine.
My experience has been that there are a lot of young couples around making around 100K on 2 incomes (blue collar or service jobs). Then there are a few making around that amount on 1 income (college educated professional). There are some that have 2 incomes and are in the 150-180K range (2 College professionals)-those are the ones that can afford a house, but are working hard for it. Then there are older folks, who often are around 130K for the family, but have a ton of home equity and so are living quite well on the old SD standard of living.
Your observation is just an anecdotal proof point of why current prices won’t persist. Hope the budget data is helpful.
