How much of a monthly financial cushion to be a SAHM??

I know everyone's situation is different, but I'm trying to see what the "norm" is or a reasonable amount of money to have in order to be able to stay home after the babies are born.

After ALL your bills and expenses are covered, how much are you comfortable having each month left over? (I guess for spending money, copayments, car repairs, etc.).

If any of you have done it, or are planning to, any advice would be great. We don't have credit card bills, have some money in the bank for emergencies, but I am having trouble figuring out what we should have as a cushion. Oh, and we don't go out much, either (we're homebodies! )

Re: How much of a monthly financial cushion to be a SAHM??

I've tried to figure this one out a thousand times and I can never come up with an accurate number!! I think we'll be ok with $1-2k after bills are paid. It's just so hard to say because some months we spend like crazy and other months we barely spend much at all. I'll be going back PT after a few months so I am hoping to be able to use that as a cushion if we need it. We also have a decent amount in savings that we have been working at as our emergency/baby fund.

Re: How much of a monthly financial cushion to be a SAHM??

Wow! 1-2K per month extra? That's really great! I am nowhere near that! I think I would have that if I went BACK to work (minus daycare). Oh boy.....

Re: How much of a monthly financial cushion to be a SAHM??

Re: How much of a monthly financial cushion to be a SAHM??

When I was on maternity leave after DS was born, I had saved about $2500 to use for incidentals, as we called them, and it lasted until I went back to work after 3 1/2 months.

Re: How much of a monthly financial cushion to be a SAHM??

so far this year we're averaging about 1200/mo extra.

this is after all bills, groceries, & leisurely spending(credit card charges)...so in other words this is what we are saving

Message edited 8/26/2008 4:40:11 PM.

Re: How much of a monthly financial cushion to be a SAHM??

Okay if i read correctly, you want to know how much you need after all the necessities are paid (mortgage, oil, electric etc) right?

If thats the case I do think 1-2K a month is accurate. with that said, I work PT but we dont save that much a month anymore.

You need to caculate
Spending money
Gas money
formula, diapers, wipes
Clothes for all
Insurance co pays
Car/home repairs
groceries
Gift money

Re: How much of a monthly financial cushion to be a SAHM??

We do money so differently than most people that I can't even figure it out. We have seperate accounts(linked though) and joint savings. I hand my DH a check over each month to help cover expenses. Since I make a little less, its usually less than what my DH contributes. I know we are strange.

Basically I will be contributing about 1000 less each month than I usually do. I saved up enough to cover me for about 6 months after my leave runs out. Then back to work again

Re: How much of a monthly financial cushion to be a SAHM??

Re: How much of a monthly financial cushion to be a SAHM??

Re: How much of a monthly financial cushion to be a SAHM??

This is my second month as a SAHM and what we did before making our decision was keep track fo two months of everything we spent to the penny. We figured out our costs that don't really change like mortgage, LIPA, cable etc and after all of that we have about $1600 extra for the month. This is for going out, spending $$ during the week, golf, mani pedis, babysitters etc. So far we have been under our allotment.