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Parents living in apartments, do these expenses sound corect?

5 answers
2 years ago
I'm expecting a baby, but i have worries that i wont be able to keep up with the finances of living on my own AND taking care of a baby. i don't want to give my baby up for adoption, because i feel that would be bailing out on my kid and i definitely want to be in my child's life and see him/her grow up. Does this expense break down sound correct?<p> My boyfriend and i will be living in an apartment near Atlanta, GA. For the next 7- 8 months, we will be working our butts of to make sure we can pay for everything. I will resign from my job at 8 months pregnant so i can further prepare myself for the pregnancy. We both found other full time jobs, paying $15/hour (i did some research and minimum wage definitely wont pay for a baby, and $10/hour BARELY makes it). We will be changing to these jobs within a month or two. We will also be working part time jobs on the weekends. Here's what i have written down:<p> Full Time Job: $15/hour x 40hours/week = $600/week $600/week x 4weeks = $2400/month $2400/month - 23% (tax rate i found online..) = $1848(the money we have after taxes to spend) $1848 x 2incomes = $3696(total income for the two of us, working full time)<p> Part Time Job: $7.25/hr(i doubt they will pay any higher) x 12 hrs (working Sat. & Sun., 6hrs each) = $87/weekend $87/weekend x 4weekends = $348/month $348/month - 23% tax = $267.96/month $267.96/month x 2 incomes = $535.92/month (combined income after taxes)<p> $3696 + $535.92 = $4231.92 ^ this is what we will make together for the next 7 months..<p> Our expenses are as followed: Rent - $700 Electric & Water - $200 Cable/Internet/Phone - $70 Cell Phone - $200 Groceries - $350 Health Insurance - $350 Dental Insurance - $160 Car Insurance - $130 Baby Needs (diapers & wipes only, i will breast feed) - $200 Emergency Money Fund - $400 Total: $2760 Money Left Over(subtract total from $4231.92): $1471.92 ^what did i forget, or is this correct? i feel i have too much money left over for some reason..<p> If this is the correct amount of money, then we would take the $471.92 and spend that on what we might need such as clothing. With $1000 left over, i would take $500 and put it in our apartment fund, so that when i stop working, we have money in the bank to pay for the apartment. at the end of 7 months (when i stop working) we will have $3500 in the apartment fund, enough to pay for the apartment for 5 months, which by then i should be working again.<p> The other $500 will go towards a down payment on a house, which we want to move into within the next year and a half. Im not sure if this sounds correct, please correct me if i am wrong. Im new to this stuff, as i will be a first time parent, and i am a young parent. I know that i want to start a college fund for our baby, but i would do that when he turns 3 or 4, just so we can be financially stable for a while. Am i forgetting anything else? Please make the proper correction. Thank you so much!

answers (5)

2 years ago
I am impressed there is a lot there.  A new baby will go to the Dr ALOT.  Make sure you include your copayments, for you and baby, because they will pile up quickly.  If you have not paid ahead you may have an out of pocket to meet as well.   Why are you paying $350 a month for dental insurance? (crazy)  I am very careful with the money in my house.  So my advise, buy a ledger or use a note pad make sure you write down everything every month and save receipts.  When you budget you usually dont account for gas, and lunch for work etc...  My husband made up 2/3 of our income but lost his job a few months back, but with careful planning and resourcefulness we have figured this out and you will too.  GOOD LUCK!
2 years ago
I am impressed there is a lot there.  A new baby will go to the Dr ALOT.  Make sure you include your copayments, for you and baby, because they will pile up quickly.  If you have not paid ahead you may have an out of pocket to meet as well.   Why are you paying $350 a month for dental insurance? (crazy)  I am very careful with the money in my house.  So my advise, buy a ledger or use a note pad make sure you write down everything every month and save receipts.  When you budget you usually dont account for gas, and lunch for work etc...  My husband made up 2/3 of our income but lost his job a few months back, but with careful planning and resourcefulness we have figured this out and you will too.  GOOD LUCK!
2 years ago
$350 a month for dental insurance is ridiculous. honestly, you don't have to have dental insurance. i could see paying that much for health insurance, but not dental. especially if you have a healthy mouth, and only go to the dentist once a year or so to have a cleaning. you are wasting money on that. since you want to save for a house, you could put that money in the bank. just a thought...most dentists will give you a basic cleaning/exam for around $130.
2 years ago
*note* dental insurance is not $350, all the prices come after the item listed. im paying $160 for dental insurance
2 years ago
you still probably don't need to pay that much.  my husband and i don't have dental insurance.  with yearly check ups and at least one of us having a tooth filled each year we only pay a few hundred-per year.  also, don't be afraid to look into medicaid if you need it.  if you both have cell phones then you might as well cut any landline.  i would also cut out cable.  when we first did we thought it was such a sacrifice, but we replaced it with netflix and don't miss it!  between that and all the network websites we're good:)  i'm also impressed by all the calculations, it looks like you'll do a good job of keeping track of expenses (which is major, it's crazy all the random places your money ends up!).  and don't forget gas (a big chunk for us) and the 'big' baby expenses (carseat, swing, crib--but check out craigslist and see what you can find there!)  good luck!  oh, and know that your grocery bill will go up! with 3 little kids we spend about $150-$200 a week.

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