I just bought our dream house, but we only have 200 dollars/month after our monthly bills. What do we do?

Picture This: A young couple has just closed in their dream home. They are without debt and have a savings of $ 80,000. The wife is on maternity leave and, after pouring the numbers, realize that only 200 dollars are left each month after paying their bills.

It’s a classic case of being slum – A financial situation in which mortgage payments leave little room for anything else.

This hypothetical family is not really so hypothetical. According to the Office of Labor StatisticsNorth -American households spent an average of 32.9% of their revenue in housing in 2023. This is an important, but still manageable piece.

But if this number approaches 40%, especially with a adjusted cash flow and limited income, it is time to evaluate it.

Here are four ways that this couple could stay economically underway.

When your financial margin is thin from the knife, every dollar counts. The first step? Creates a Strict budget When each dollar has work and no money is lost.

The couple should:

• Break up fixed expenses such as mortgages, insurance and public services.

• Track variable costs, including groceries, gas, babies supplies and subscriptions.

• Eliminate non -essentials such as transmission, streaming services or unused members.

Budget applications can help visualize spending and find areas to cut out. Even cut $ 50 here or $ 100 can extend $ 200 on something more sustainable.

Their $ 80,000 to savings It is a huge asset, but it must be used wisely.

Here is a potential breakdown:

• Emergency Fund of $ 10,000: Leave it aside and do not touch it unless it is a real emergency, such as loss of work or significant medical spending.

• $ 20,000 $ – $ 30,000 from maternity leave pillow: Use -as a buffer for the next six months. It is approximately $ 3,300 to $ 5,000 per month to help fill the gaps while living with income.

• $ 40,000+ long -term savings: Keep intact for future goals such as investing, education or improvements. Do not enter, unless it is absolutely necessary.

Assigning a purpose to each dollar can help the partner safely pass without jeopardizing their long -term financial stability.