Anybody have kids AND money?

[PugnacAutMortem]

Or are these things mutually exclusive?

My wife and I seem to always be teetering on the edge of heading into financial ruin. I mean we make good money and we can pay all of our monthly bills, but that's about it. We can't seem to save any money up, and on the offhand chance we do build some savings the car/house/children break and we have to get them fixed. We can't make a dent in our student loan/CC debt, because of the same reason explained above. I don't want to come across as complaining, because I am very thankful that we can pay our monthly bills on time each month. But it seems like all it would take is one BIG thing to happen and we would get sent into a crazy tailspin financially. We're not getting any worse financially, but we just can't seem to do any better either.

Any advice from those who have come before me? Or anybody actually have both kids and money? It would be a real blessing to be able to do more than tread water.

[Snowman78]

No, I have 3 kids and no money. We sound a lot like you...

[Sixgun]

I thought this was the American dream.

[sellersm]

Nope, they're mutually exclusive! At least in my household they are. But I wouldn't trade 'em for anything!!!

[johngraves2]

DINKS: Double Income No Kids

[PugnacAutMortem]

Nope, they're mutually exclusive! At least in my household they are. But I wouldn't trade 'em for anything!!!

Oh neither would I. I'll take a small bank account and a happy family all day long over a big bank account and no family.

[thvigil11]

No, I have 3 kids and no money. We sound a lot like you...

"Why can I have 3 monies and no kids" - Homer Simpson

[Dave_L]

Wife and I are almost to that point. I want to accomplish a couple more things first because as discussed, once kids come, everything else goes on the back burner.

[sniper7]

kids definitely factor in a pretty good cost. Mine is 2 and I keep thinking it will get better but new things always come up. at first it is the massive cost of getting all the stuff you need. then diapers, forumla, clothes (constantly needing new ones), the list goes on.
now he is getting into activities....like swim lessons, then sports, then preschool to get him with more kids.

We have learned to be smarter with our money. look at what you can do to save 10-15-20 dollars a month. you might find several things that add up. now take that money and put it into a separate fund to start up a good backup fund.

look at how much you drive. gas is a significant expense today depending on your vehicle. we have all SUVs and trucks so MPG isn't great. With that, we make trips count. don't make a $12 in gas trip to go buy $5 in groceries or get fast food for dinner. all of a sudden your cheap fast food dinner cost a whole lot more than it would have to eat steak and potatoes at home.

food cost has gone up quite a bit. look at what you are buying, see if there is an equivalent that is cheaper. Is there something you can do without...like cookies, or pop, or instead of buying pop in cans, get them in 2 liter bottles.

If you have multiple credit cards with balances, pay off the smallest one first, focus on that with extra money, get the balance to 0 and cut the card up. that will save you money in interest every month as well as free up that payment to move on to the next bill.

Vehicles: do you have a 3rd car? Do you need it? if not, sell it. that saves maintenance, potential problems, theft, and insurance. are the cars paid off? If not, consider if you really need a car payment, is it worth it? do you need something that is pretty much completely reliable, or can you settle for something else that gets the job done?

vices: alcohol at dinner...cut it off. buy beer at home. tons of money can be saved depending on how much you go out. plus you reduce the risk for DUI. eating out a lot? eat at home. typically healthier and will save a good bit of money on food and gas. still get the wife out for a good time for both of you, but if you are going out a couple times a week, that can be cut down to once every couple weeks just fine.

go through the house and come up with things you don't need and sell them. do nothing with the money but put it into your backup fund. you would be surprised how much is lying around the house. probably $500 pretty easily.

if you are buying a lot of expensive kids clothes, think about salvation army. you get them cheap, the kids don't wear them hardly at all, then donate them when you are done with them and get the tax benefits making them even cheaper.

[Dave_L]

vices: alcohol at dinner...cut it off. buy beer at home. tons of money can be saved depending on how much you go out. plus you reduce the risk for DUI. eating out a lot? eat at home. typically healthier and will save a good bit of money on food and gas. still get the wife out for a good time for both of you, but if you are going out a couple times a week, that can be cut down to once every couple weeks just fine.

We just started really budgeting and checked how much we spent eating out and it was shocking. We cut our food bill by nearly 70% by eating at home. It also feels a lot more like a treat now when we do go out.

The wife also suggested something she had heard that we're going to try out. If you do go out to eat, don't go somewhere unless you have a coupon for it. It helps you try new places AND saves you money.