I have been working since the beginning of 2006 and make ,000 a year (before stupid taxes)…I get about ,800.00 a month after taxes. I still live at home with my parents.
I give about ,000 to my parents every month (helps pay mortgage and my sister’s tuition)…so far, I have given them about ,000. I TRY to put aside 00 a month into my savings, but its tough. According to my personal budget/forecast, at the end of 2008 I SHOULD have about ,000 in my savings, plus an additional ,000 in a CD. I’m also planning on opening up an Traditional IRA next year with annual contributions of the full ,000.
The problem is that my bf is unemployed and it doesn’t seem that he will find a job soon. He is a photographer and its hard to find steady income. Also, I live in SoCal and realestate prices are still inflated. Its about 0,000 for a 1,500 sf house. To rent an apartment will cost about 00/month including utilities.
What do you guys think? Is that good enough?
My bf wants to get married soon, but I’m not all into marriage. I don’t really like the idea of spending ,000 on a wedding when I can put that towards a downpayment for a house.
If you think that I’m not financially stable enough to have a baby…am I at least doing a good job on saving money so far?
I have known my bf for 15 years and have been dating him for 8 years…I’m pretty sure that he’s the right guy for me. He’s already proposed to me several times, but I say "no" just because I don’t really see the point in a big wedding (which he wants).
My bf’s mom is a stay-at-home-mom and my mom works from home, so they both will be available to take care of the future baby.
I know my bf needs to have a steady job before I can have kids, but its hard to be consistant when he is a photographer. I know it sounds like an excuse, but I believe its important to have a job that you love or that you’re good at.
Also, I don’t feel like I’m getting ahead of myself. I have been thinking and investing in my future for a long time. Now that I’m 23 years old, I need to start setting things in stone. I have always planned on having kids by the time I’m 25 years old, but I want to be sure that I can afford it.
Are there any suggestions?
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Fortunately, we’re able to manage it so that my wife can stay at home with our two small children (ages 2 & 4). If she had to go to work, though, we would have to pay for child care, which is another huge expense. So unless you plan to have someone else (like family) help you with the baby for free, you’re going to have to figure that into the equation, too.
Even if you have that taken care of, you’ll have to figure that you can only afford about 35% of your gross income on mortgage or rent (not including utilities). That means that you won’t be able to afford more than about $1300/month on rent. I live in San Diego – I know you can still find a two-bedroom apartment for that much in Southern California, but it’s probably not as nice a place as you might be expecting.
I’ll tell you – I’ve got a decent job, I’ve got a wonderful wife in a committed marriage, and we live in a modest house, but it still takes a lot of effort to raise kids.
A lot of people in more challenging situations are successful at having a baby, but honestly, I’d recommend first getting married to someone who’s committed to a job, to you, and to raising a family with you.
One more note: you don’t have to spend a lot on a big wedding – the marriage is important, the wedding is not. Good job on the savings – you already have enough for an apartment deposit and 3+month safety cushion.