My husband and I just moved from a 2 br apt to a really nice 2 br house for a lot less than what we were paying for the apt. We want to start managing money better and being better about house hold chores since we're trying to have a baby. Any advice?
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Kitt-tastrophy
ANSWERS: 1
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Pay yourselves first. Out of every paycheck, immediately put away 10% in savings. Then pay your bills. If there is money left over, put half into a school fund for the future kids and consider spending the other half on whatever sounds like fun. Then you get a raise, put 1/2 of the raise PLUS the 10% into savings. Payy ALL your credit cards, totally, every month. Do not carry any credit card debt. When you get some money saved, consider investing in real estate. The ideal investment would be a rental property where you can make anough down payment that the rent payments will make the mortgage payments. Of course this will take time but then, you've got a lot of time to do it. Consider, when you make a purchase, whether it is a necessity or a luxury. Necessities are things like mortgage payments, insurance, med bills, work clothing, etc. Luxuries are everythng else. Try to divide everything into those two categories. Then look carefully at the "luxury" items you wnat to buy and ask if it/they are really necessary. Don't deny yourselves luxuries but recognize that's what your're spending money on. Good luck.
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