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    Dub2322's Avatar
    Dub2322 Posts: 11, Reputation: 1
    New Member
    		  
    #1

    Jun 25, 2013, 09:28 AM
    To afford a family
    I am 20 years old with a wife and a 8 month old daughter.
    I have a truck payment and a house payment.
    How much would someone else need to make to be able to afford? I know everyone is different and has different interest on things to spend money on. But I was just trying to get a ballpark on where I stand financially with the society.
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
    		  
    #2

    Jun 25, 2013, 09:30 AM
    How much are your payments? Are you falling behind?

    Does your wife work?
    Dub2322's Avatar
    Dub2322 Posts: 11, Reputation: 1
    New Member
    		  
    #3

    Jun 25, 2013, 10:47 AM
    Quote Originally Posted by Wondergirl View Post
    How much are your payments? Are you falling behind?

    Does your wife work?
    She works and makes probably about a 1k a month.. Just something simple. We have ab 3k of bills a month.. And it's not that I'm falling behind, I just can't seem to get ahead.. And I was just wondering where I'm at financially..
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Jun 25, 2013, 11:11 AM
    Create a budget (maybe get a copy of Quicken to help). Analyze your expenses on a monthly basis against income. Do this for 3-6 months so that you get a good idea of your expenditures.

    If your income is more than your outlay, you are doing OK. If there is room, then you can start developing a savings plan. If its tight, then you can look at reducing expenses. Pay off high interest credit cards, refi your home, etc.
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