Question

Live on 3000 with mortgage of 1500. Any pointers?  

Answer 1

Meal plan and cook all meals at home. That is what we did when this happened to us. We had to do it for a year before my husband got his scheduled raise. We cut other extras out too but food had the largest impact.  

Comments

I second food. I have to find the grocery store with the best prices. for me, that's 11 minutes away and worth the drive (Winco Grocery). My $40 per year sams club membership is worth every penny (I get my fuel there, occasionally I save money on other household needs- cooking oil, clothing, etc). When you're a new customer, you often get $40 off your first $40 purchase so the membership is basically free.  

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In addition to this, eat less meat & more rice and beans. If you cook dried beans, it's dirt cheap and seriously flavorful. When you do eat meat, START at the grocery store ad. It's pretty common that the store will have one or 2 really good deals on meat. Set a dollar per pound goal, such as $2 per lb. Select tough cuts like shoulder roasts, and crock pot them while you're at work

Answer 2

If the 1500 is a fixed cost, budget the other 1500 well. I agree with @cheshvan83, don't eat it, plan every dollar. Save to have a good night out once a month or so. I budget 700 to feed a fam of 4, 100 for cell, 80 for internet, 20 for streaming, and 400 for other things (kids sports, etc). On your budget, this would give me 200 breathing room a month. 700 is also high because I eat keto. It can be cheaper with more beans and pastas.  

Answer 3

Rent out a room (if it’s more than one) for some extra income.  

Answer 4

I mean 50% of your budget towards your mortgage is pretty insane. If your long term goal is to build any sort of wealth that percentage is unsustainable. Probably need to think about selling the house?  

Comments

@iconostasis23 that or find another source of income. I lived in San Francisco where almost everyone pays 40-50% of their income to their mortgage or rent. People do it but they crawl to wealth. @keister23232 find some way to get it to 25-35% over the next year. Very doable

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@iconostasis23 trying to build wealth on $3k a month is also unsustainable. But if you raise that up to $6k a month then both problems kinda go away.  

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Agreed on both counts.