SAHMs, How do you manage your budget with a limited income?

Lauren - posted on 07/18/2010

I would definitely recommend Dave Ramsey. My husband and I went through Financial Peace University, but he also has a book called the Total Money Makeover. You can find them at Amazon for a very reasonable price. Like another person says, we use a strictly cash spending. When there is nothing left in the envelope for groceries, we are done, and if there is something that we haven't gotten yet that is a necessity, we put things back that are not needed. It is amazing how much money we would spend on our debit card just going to Sonic and places like that. It is great and has really helped us in managing money!

Alma - posted on 07/18/2010

I have 3 kids at home, pregnant with another and have 3 more step-kids that dont live with us. The father of everyone pays child support and is the sole provider for our little family at home. We have EBT, WIC, and support of my parents but I mostly do without. No fast-food, shopping at the thrift store, rummage sales, or wal-mart, going to the Reservation hospital for everything, and planning ahead of time for every little thing makes it possible for me to stay at home, which is great since none of the kids are in school yet!!

Hannah - posted on 07/17/2010

Im a SAHM, & have been for 2 years. The way we save money is cook at home, not buying pointless things, just saving money all together. I think its all worth it!

Erika - posted on 07/14/2010

We try to only buy things we need. We try not to eat out that much. I think you're doing great. It's all worth it if you're able to be home with your daughter.

Hope this helps a bit.

Erika
http://www.ErikaCarrillo.com

Julie - posted on 07/14/2010

I have a 3 ring binder with dividers. Each Divider is a month, and on a piece of paper on the top I put our pay dates, then I make columns Due Date, The type of bill, and the amount, so like our first pay date I pay the house payment, and allow 70 dollars for my husband and 40 for me for gas, and whats left I buy grocerys. Then on the second pay date of the month I pay all other bills and allow the same amount for gas. Whats left we put into savings. Its a FUN challenge when you buy your grocerys or other things becuase you only have a limited amount of money and I like to see it stretch and I become a real bargain shopper! My husband likes it when I show him how much I have saved when I bargain shop. Also the special things we do is always planned, that way we wont be broke. And keeping a binder I always have everything organized!

Louise - posted on 07/14/2010

I keep a monthly accounts book so I know where every penny is going. It is surprising how much money you spend on junk when you look at it. I also cook most meals from fresh as it is cheaper and to be honest more tasty. We are lucky we do not struggle for money but I hate to see money thrown away.

I suppose when we were first married 20 years ago we really did struggle and had to watch every penny.Then the boys came along and things got worse but eventually you learn to budget and cut back. Even today I make a shopping list and stick to it and I organise the months food in advance and do one bulk shop to be delivered.

Even though we are considered well off we still have no money left at the end of the month to put away, as no matter how much you earn it seems to vanish. You just learn to live to your means.

Using cash is an excellent idea as it does make you think do I really need this and is not just a lump of plastic in your hand.

If you are waiting to have enough money to have another baby that day will never come. The money pot will never be full enough. If you want another baby go ahead and have one believe me you will cope. Us women are very good at adapting!

Good Day! - posted on 07/13/2010

It sounds like you are doing great on your income. =)

There is nothing wrong with older cars and small houses and second hand items and living without. Your kid won't care if you live in a cardboard box if it is filled with love.

I use coupons and shop sales for groceries. That helps tremendously.

One little tip I have. I do everything on a cash basis, because it is visual. With a card you can estimate how much you have left in the budget for groceries, etc. but with cash, when it's gone....it's gone! You can't spend what you don't have. It's amazing how my priorities change when I open my wallet to see I only have $20 left for 4 days. I'll skip McD's because I know diapers are more important! That sounds obvious, but when you spend on a card you won't necessarily know that you only have $20 left to spend, because it's not visual.

This is how I manage my cash. On payday, I withdraw a set amount that I've already pre-determined based on our needs for those two weeks. I put a set amount in three envelopes labeled "groceries," "eating out," and "fun". At this point, when I buy clothes, it comes from the "fun" envelope. And in all honesty, the amount of money I put in the last two envelopes is very small. But it's something, and I feel fortunate that we can afford a little fun now and again. =)

Anyway, that's how I manage our money and it works fabulously for us. And it keeps the husband in check too. =) He has a greater tendency than I do to overspend, but he's gotten a lot better since we starting spending with cash.

Ricky - posted on 07/13/2010

We live on a little over 30k a year. I compare prices on all the groceries we buy and usually only buy things on sale. I also bake our breads and snacks. We did choose to pay a little more on rent so we can live closer to his work so we save on gas and parking (we live dt vancouver where there is no such thing as free parking). And I save up laundry if I know Im going to go visit my mom, she owns her house so has her own w/d while I have a token laundry room in my building. I also put away any little left over money in a savings account in case of emergencies. It also helps that my son is the first grandchild on both mine and his fathers side of the family and is spoiled by our parents.

Jennifer - posted on 07/13/2010

Growing up my mom use to me tell that I was old enough for my wants not to hurt me. I never understood what she was talking about until I was older. My husband and I live within our means. When we have the extra money, that's when we treat ourselves with something special. Otherwise, we buy what we can afford and don't waste money on silly things. He packs his lunch instead of going out and I gave up Starbucks. Little things add up. I also clip coupons and shop sales. I buy my meat at Costco which has saved us a lot of money. I wrap it in smaller portions and throw it in the freezer. I also buy generic brands which can also save a lot. Staying home is a blessing, but definitely requires some changes when you are down to one salary.

Lika - posted on 07/13/2010

i do the same i fix up my junk car when its broke shop the clearence sections whenever possible it helps that im not into lables and my kids learned the value of a dollar so they have to earn high priced items if they want them pay as you go cell basically cut whatever corners i can save what i can and splurge when i can bargin shoppin is great i can not believe the prices of things now days its sick

Jacqueline - posted on 07/13/2010

Sometimes its a struggle since my husband is in construction and his job is weather based. I use cloth diapers to save money. I also cook from scratch as much as I can and buy in bulk. I make my own bread and baby food which helps tons. We do without the finer things but we are happy and I love staying home with my daughter. I couldn't bear to put her in daycare. Plus she has severe food allergies and Im not comfortable leaving her with strangers in case something would happen.

Amanda - posted on 07/13/2010

Very carefully lol. We have 2 kids and make about 10k less than your family, so I have to disagree with your mom. Of course where you live makes a difference since the cost of living varies. I like Dave Ramseys advice for budgeting and managing debt. We buy used cars and clothing, live in a home that fits our budget and try to avoid debt. Saving up six months worth of income is a good idea as well as an emergency fund of a couple thousand. We are still working toward those goals since our funds were used for medical and home emergencies. I also have a Sams club membership for items that we use frequently and can buy in bulk or that we can split with other families so we pay less without having a closet full of something that won't get used. There is nothing wrong with doing without on non-essential items.You are doing well so far it seems. If your life works for your family, that is what's important.