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cubsfan5150
Arkansas Fan
Member since Nov 2007
9145 posts

Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
All that I have left is grocery/gas/cable/internet and everything else is left over.

Family of 3, sometimes 4.

I'm figuring $1K/month for gas and groceries, $100/month for internet/cable for the first year.

That leaves around $1300 left for everything else (eating out, hair cuts, etc.)

What am I missing?

If you're looking for a story, I'm military, just moved to Spokane and there's no base housing available. I'm selling a house in Valdosta, GA, but obviously paying on it while it sells, so I'm short on cash while waiting. Married with 1 child in house and 1 in college.
This post was edited on 1/10 at 1:48 am


C
Atlanta Falcons Fan
Houston
Member since Dec 2007
25865 posts
 Online 

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
That would be a bit tight but not horrible as long as you have a bit in savings for emergencies. “Murphy’s law” is of course going to strike and you’ll be replace engine and all 4 tires next week...


Powerman
LSU Fan
Corpus Christi TX
Member since Jan 2004
142108 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
quote:

“Murphy’s law” is of course going to strike and you’ll be replace engine and all 4 tires next week...


That hit me about as hard as you can possibly imagine last October


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TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
681 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
Sounds doable if you just cut back and manage expenses a bit.

Do you contribute to TSP and/or Roth IRA?

If so, could put contributions on hold until house is sold then catch up later in year. (Assuming you aren't under new BRS with TSP match. If you're getting match dont pass it up.)

As a last ditch option if you find yourself in a real jam you could take a loan from TSP or pull previous Roth contributions out. I wouldn't advise it but that may give you some peace of mind that in a true emergency ou have assets available.
This post was edited on 1/10 at 2:15 pm


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castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
66174 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
How old is the "child in house"?


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Teddy1388
LSU Fan
I-10
Member since Aug 2017
383 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
Seems like it’s doable but like another poster said, something will come up. Always does


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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
68026 posts
 Online 

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
Would be a bit tight, but doable I would imagine.


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LSUcam7
FL
Member since Sep 2016
3059 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
quote:

$1K/month for gas and groceries


We suck at this part. Groceries alone always seem to be about 1200-1400 for us. Family of 4.


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
11506 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
If this is temporary until your old house sells, you will be fine. Just be smart and disciplined. Don't let anyone just run to target, walmart or costco without a specific list. Those random trips to those stores are fricking killer on a budget.


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
25828 posts
 Online 

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
Groceries. How often do you shop? Buying a lot at a time can be bad as you genereate a lot of wasted food. We've changed to purchasing for a few days and purchasing the right proprtion for meals. Eliminates throwing food away that you spent mney on.


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BallsEleven
LSU Fan
Member since Mar 2019
1439 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
quote:

We suck at this part. Groceries alone always seem to be about 1200-1400 for us. Family of 4.


I've always told my wife we needed to do better about spending money on groceries. I feel a little better now

Family of 4 and land anywhere between 600-800/mo. Of course it can vary greatly on where you live.

OP: It absolutely can be done, just takes some discipline. Hold off on getting cable, don't eat out. Like someone else said, don't just run to the store randomly throughout the week. We go once a week for everything we need for that week.

The small stuff adds up quick.


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Teddy1388
LSU Fan
I-10
Member since Aug 2017
383 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
I finally got my wife on board with this. Was constantly buying things for at least a weeks worth of meals and always seemed to throw too much away.


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LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
118501 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
quote:

What am I missing?
Various insurances (home, liability & auto, which are my second biggest annual expenses after estimated federal & state income taxes), cell phone, kids' school fees & expenses, HOA, & power utility

I couldn't break even monthly on $2,300/month without some serious cutbacks somewhere and I don't have a mortgage or kids school expenses. I'd have to subsidize my income via savings withdrawals if my after tax income was $2,300/month.


cubsfan5150
Arkansas Fan
Member since Nov 2007
9145 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
Pay is around $7700 a month before taxes... The $2300 is after all of the must pays. After I sell my house in South Georgia it should add around $1700 a month back in my pocket.


LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
118501 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
Do you have some savings which you could use if the Black Swan shows up??


cubsfan5150
Arkansas Fan
Member since Nov 2007
9145 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
After I'm paid for the move and file taxes, I should have around $10K roughly... that's after paying the ridiculous deposits and fees to get into a rental.


Y.A. Tittle
LSU Fan
Member since Sep 2003
77566 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
quote:

Do you have some savings which you could use if the Black Swan shows up??


I would have to think that would be hardly noticeable to a career military guy with minimal substantial assets or expenses, beyond what he's laid out here.


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TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
681 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
quote:

that's after paying the ridiculous deposits and fees to get into a rental.



You can take up to 3 months advance pay to cover unreimbursed PCS expenses (paid back interest free over 12 months.) If you DITY move all or a portion of your household you can make a bit of $ to offset carrying both rent and mortgage. Some local utilities may reduce or wave deposits for military and you may be able to negotiate reduced deposit w/ landlord.

Have you considered renting the house in GA?
This post was edited on 1/10 at 11:42 am


Mr.Perfect
LSU Fan
Louisiana
Member since Mar 2013
16898 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
quote:

Family of 3, sometimes 4.


interesting.....


Mr Perfect
Lamar Fan
Member since Mar 2010
11859 posts

re: Could you live off of $2300 a month after standard mortgage/utilities and car/insurance?
agreed


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