Is $34,060 enough money in a year to raise a family of five people?

lunch bags for kids sale image

Nicole

I'm the only spouse working and I have a husband and three kids. Is this enough money a year?

Answer
Depends on the cost of living where you are, and how well you budget. That's an awfully large family for so little income. You will have to strip your spending to the bone. Eliminate all but survival-essentials from your spending. Avoid any debt like Bubonic Plague. Do not use credit cards to eliminate fees & interest.

Cook wholesome, nutritious, cheap meals from scratch - no snacks or prepared foods, maybe one treat a month (popcorn for home-movie night some Saturday). Reduce power consumption, unplug appliances when not in use (not just turn off), turn down the thermostat in winter/up in summer, cook one-dish meals with lid on to reduce temp & cooking time, etc. Brown bag lunch to work. No fast food, coffees, and "little" splurges - they add up too fast to too much. No new clothes - if a critical need, then thrift shop for it.

Clean out the attic, basement, garage - have a garage sale to bring in some extra cash and SAVE it. It is crucial to your survival now that you put 10% of each paycheck into savings immediately. You will have dire need of reserves, so save up! Then pay bills in priority order. What's left is for food, gas to work, etc.

Why isn't hubby working? Hospitalized & totally incapacitated? Or laid off & looking? Unless he is totally incapacitated, he has to do something to start bringing in some income, even if he has gone back to school full-time to train for a better job.

Inflation is galloping away. Do not believe those doctored "official" statistics. You've seen the price of bread rising. That's just the beginnings of the big-time inflation that's gearing up even as you read this. Come spring, you must grow some of your own food. For now, start a windowsill garden of herbs, etc. You must be extremely frugal, and you must save money, and you must get more income. Sounds dire, but things are far worse than you imagine. We are beginning the 2nd wave down of the Greater Depression.

How has the recession affected your family?

Ruth G

So far we have stopped going out to eat, which we used to do often. My husband rides his bike to work, we now shop at garage sales for clothes for the kids, we started planting a vegetable garden in our backyard, and I am now going to start making my own baby food instead of buying it.....those are just some of the ways the recession has affected my family.

Answer
We are feeling a bit of pinch these days as well, here a some things we have done:

stop eating out

stop extra spending

find things that are free for entertainment

searched garage sales, and consignment stores to supplement the new school clothes (50% new 50% used)

for school supplies this year we salvages some of the unused things from last year and washed up old back packs and pencil bags and lunch bags

we have started making our own laundry soap and fabric softener, which is saving us over $400 per year, we are also making our own cleaning supplies, and the benifits is it's all safe and natural and soooooo much cheaper and very easy to do

we have stopped food waste, it all gets eaten, or it's put in the freezer to use at a later date or it's turned into another meal

we are dabbling with a home garden, will do much more next year as this was my first time and wasn't sure I could do it

we have started canning

basically cutting corners where we can, and saving as much as we can

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