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These savings accounts are FDIC insured and can earn you 8x your bank Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Two top online savings account picks Rates as of Nov.
Still, money is very important as you need financial security to afford the basic necessities, and I worry my current salary of 40k is just not going to cut it We don't want to live in some shack eating ramen, we want a modest home, hot food on the table, and a comfortable and minimal home life. We both are great with our finances, have very high credit scores, and do lots of budgeting and planning, but 40k seems like so little in today's world.
Really nothing to save or invest either!! Would single income family living be setting us up for a disaster? EDIT: My fiancee has mentioned she wants to start a part-time freelance business from home which has potential to bring in extra income. All and all though, we hate having to both work all the time and having all this stress in our lives, so we really want to make the single income family thing a reality, especially once we have children!
Any thoughts, suggestions, and advice are VERY appreciated! My family does not live on a single income, so take this with a grain of salt, but from what you have said: 1 If your wife is going to be staying home, it should be partially because of the financial benefit, i. So I guess you two should be discussing what she will be doing at home to save the family money.
Babies cost money and drive up your stress. At the very least, your health insurance costs will go up. On the other hand, this is an excellent article on the bare minimum you need for a young baby so you don't drive yourself to financial ruin: Baby on a Budget.
Can you move to an apartment? Take in a roommate? You will quickly see if you are less stressed or if the financial difficulty is too much to bear and you need to hold off on a single income until you are making more. In the mean time, you will have some nice savings set aside. You'll have to give it a little leeway so she can use money for things that are part of her current employment like gas and lunch, but it will give you a rough idea of what you can afford.
It depends entirely on where you live. Originally Posted by mtpfoodie. Originally Posted by LoriBee Based on your income and expenses, I think you will be just trading one type of stress for another. What about car insurance, co-pays, perscriptions, vet care, etc.? My ex wife was a stay at home wife and I worked. I had to take a part time job after work so she could take care of our daughter and get our bills paid. Once your baby is born, you will spend a fortune on diapers and formula. Birmingham, be heard.
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