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Family of 3 (husband/wife/newborn) in mid-size city: what should our budget be?

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  • Random1
    replied
    we never had a budget , just spend less than you make.

    Make good decisions on the big items if you can

    1. rent
    2. car
    3. child care
    4. school loans

    dont nickel and dime, find ways to entertain yourself and wife inexpensively

    Leave a comment:


  • Turf Doc
    replied
    i like the idea of YNAB but found it really confusing and not intuitive. It also doesnt work well when youre living on loans but i guess that changes as a resident

    Leave a comment:


  • 8arclay
    replied
    Ive been a YNAB user for 9 or so years now. Im well passed the point of needing to budget, but the habits are well engrained at this point. Its essentially the envelope method wrapped in a nice app. I highly recommend.

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  • Lordosis
    replied
    Does your spouse work? Daycare? We had a baby in residency and that was by far our largest expense. But we still lived on less than 6 k a month. Probably between 4-5 but I honestly did not track back then.

    Leave a comment:


  • CordMcNally
    replied
    If you're not on the coast and not in a city like Chicago or Austin then your budget should probably be less unless your spouse works and makes pretty good money. Have you broken down your projected budget?

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  • Nysoz
    replied
    A general rule of thumb is 50/30/20 rule. 50% of income goes towards needs, 30% goes to wants, 20% goes to savings.

    Reasonable rent, cook in bulk/meal prep will help a lot to limit dining out expenses. If there's a Costco by you consider a membership as their rotisserie chickens are a cheap source of protein and most things in bulk are cheaper. Just don't get suckered into buying everything like I do.

    Leave a comment:


  • jhwkr542
    replied
    I used Mint in residency. You should be able to live comfortably on that amount. It's much easier to do if you keep the big things to reasonable levels (rent, car, babysitter).

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  • artemis
    replied
    Most American families get by on less than $6,000/month, so of course it's possible for your family to do so.

    As for budgeting apps/programs, I've not used it but I have heard good things about You Need A Budget.

    Leave a comment:


  • Family of 3 (husband/wife/newborn) in mid-size city: what should our budget be?

    I'm trying to set a good budget for our family throughout my residency (4 years). I want to live frugally but not go overboard. Is it possible to live comfortably on a $6,000/month budget between the three of us?

    Also, if anybody has any good budgeting apps, that would be great!
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