Single - income household budget

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We’re a Family of 5 Living on One Salary: Here’s Our Monthly Budget
Yahoo Finance· 2025-10-11 14:22
Core Insights - The article discusses the challenges faced by a single-income household of five in managing finances amidst rising expenses [1] - It highlights the budgeting strategies employed by the family to pay off debt and save money [2] Family Background and Income - The family consists of five members, with the mother as a stay-at-home parent and the father as the sole income provider earning $6,500 per paycheck, totaling $13,350 monthly [3] - The family has reduced their debt to below six figures and employs a zero-based budgeting approach to allocate every dollar effectively [3] Monthly Expenses and Debt Payoff - The family's largest fixed expense is their mortgage at $2,536 per month, with additional essential expenses including $1,250 for groceries, $200 for dining out, and $300 for car gas [4] - A total of $4,595 is budgeted for debt payments, with a goal to eliminate significant debt by November 2025 [5] Savings, Revolving Funds and Kids' Needs - The family allocates $500 for their emergency fund while also preparing for annual school expenses by setting aside $1,500 for a school donation due in December [6]