SECURITY CENTER
COLUMNIST / BLOGS
TOOLS
PODCASTS/VIDEOS
Dave Says
Dave Ramsey is America's trusted voice on money and business, and CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. |
Dave explains to a stay-at-home mom that sacrifices have to be made to be able to afford living in a house that takes up too much of her family's income. Decisions and Sacrifices Dear Dave, We have two preschool kids, and I'm a stay-at-home mom. My husband brings home about $2,500 a month, and our mortgage payment is $1,000 a month. Recently, we've had to tap into our savings in order to pay the bills. Should I go back to work? There are a couple of reputable daycare centers near us, but I'm just not sure if this is the right thing to do. Tammy Dear Tammy, Being a full-time mom is a wonderful thing. And honestly, I can’t blame you for wanting to stay home with your children when they’re so young. The biggest problem I see is that 40 percent of your husband’s paycheck is going towards your mortgage. That’s way too much! A house payment should never be more than 25 percent of your take-home pay. I know trying to live on the $1,500 that’s left is hard, especially with two babies in the house. But it doesn’t sound like a lot of fat can be trimmed right now. One of you might consider taking on a part-time job, nights or weekends for a while, or he could look into enhancing his education. Either one of these would help get your income up. Selling the house is an option, too. But I’m not a fan of that one, except in the most extreme circumstances. Right now, I’m viewing this as a math problem with three components. The components are income, house payment, and lifestyle. You and your husband need to sit down, and have a serious heart-to-heart talk about things. There will have to be some sacrifices in order to make things better, but only the two of you together can determine exactly what’s best for your family. God bless you all. - Dave |
Archive |
|