I just checked our budget and we aren't even close... and that's after spending the last year getting on a really tight budget to get out of debt and save money. If I take all savings out of our budget (with the exception of sink funds for known expenses, like car and renter's insurance, etc.), we are currently spending 72% of our take-home pay every month. Even if I cut everything down to bare bones (no blow money, no clothing budget, cut $150 from food budget etc.), we're still at about 65%. I just don't see how we could do it without moving in with my folks or going without health insurance. Neither of which seems too tenable.
What about you? Could you/do you do it?
With the exception of DSL and our van, we're living about as frugally as we can. We have to so I can be a SAHM and it's worth it!
Erin , Happy wife of Honey Bear , mom of Curly Miss (11/04), Little Mister (10/06), Princess Abi (3/08), and The Bean (9/09) <>< oh, and I blog.
I currently live on 48% of my net income (after taxes and 6% 401K). If I truly got aggressive and cut back on eating out and grocery budget, I could decrease that further.
I'm an unintentional weasel feeder and I suck at proofreading.
Heck no. We already live in poverty and I spend NOTHING on me ever. My husband buys cigarettes, soda, coffee and other things during his work days, which adds up being a waste of around $250 a month that we need to be spending on paying off our bills. I'd love to buy healthier food if he'd quit smoking!
Katreena, 39 year old Alaskan Mama to 1 and 1
Mum to 5 wonderful gifts!!
My goal is to live on 50% of our income, but we are not there yet.
ETA -- I reran the number and if we paid off our van and student loan and lived crazy lean, we could survive on 50% or our take home pay. It wouldn't be pretty, but we could do it.
Frugal, food growing mama to my four loves
It would include cable & cell which are under contract, all sink funds for insurance and taxes, and home & auto repairs
It would not include 401K/roth, 529s, fun money, eating out, etc.
i wish we could, but it's not a possibility on dh's current income. would be nice, though! maybe someday
Freethinking Earth-mama of five.
When I was salaried, then yes, we could have, but we didn't.
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Katreena, 39 year old Alaskan Mama to 1 and 1
Post kids we live on one income only (50K) and no we couldn't. We spend too much in medical expenses.
Rachelle, mommy to 8 year old boys!
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But then again, I'm a SAHM so in that sense being able to afford that means that we're living on a lot less than we would be if I worked (I wouldn't have to pay for daycare b/c we have family who would watch our children).
We're not paying on any debt except a mortgage and $98/month on a student loan.
Now, I guess if we moved back into an 800 sq.ft. apartment and sold my car we could do that, but why the heck would we? Even when my DH's salary almost doubles in two years and we could live off half, I don't see why I would. As long as we are appropriately saving for the future (and we are - we'll make more retired than we ever will working), have a great EF, ESAs, and are debt free, that money is for living. I see no way in which living on half our income would be of any benefit whatsoever. I mean sure, that money could earn more invested, but there are only so many millions the average person needs to retire in luxury and leave a few to the kids.
As long as we're financially secure, we're going to enjoy the living that we make.
We have a little over 2 grand per month, with things like the mortgage, insurence, electric, phone, internet, groceries, tithe, fuel, car payment, a little tiny bit of cc debt and our one little extra, the $10 per month netflix account.
Suzie could tell us to live on half till she was blue in the face, but no matter how you crunch the numbers, its not possible to live any cheaper. Even our mortgage is several hundred less then the average rental payment and things are tight.
I don't work, because that would actually raise our outgoing cash even more. Extra vehicle, insurence and fuel, etc.
The dream of going tot he dr. to find out why I mc all of my pregnancies, is just that, a dream. We have to save our pennies in hopes of being able to do it. DH can't get insurence, because he developed type 1 ( due to a drs stupidity(broke his back a few years ago, and instead of giving him the oral stuff he was taking for type 2 , they pumped him up with insulin ) while he was without.
Heck, no. We can't really even live on 100% of our income.
After we finish moving in 2 weeks we are going to be doing just that... and really we already could. DH got a new job late last year making nearly double what he did previously. I have a very important trip to make mid year or so and the funds MUST be there for it so we'll live on half his pay while the other half goes into his tax acct (he's self employed so that's his withholding plus my savings to see my grown up boys ) It'll definitely be snug since the new job came with a 310 a month van payment and business insurance etc...but I figure we've lived on FAR less.