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[quote=Anonymous]Hi,

I’m a 30 year old single mom of a preschooler with a yearly income of 85k looking to buy a home and wondering if a monthly mortgage payment of $1830 is considered too high for my income?

Here is a breakdown of my projected budget (based on my current budget and spending trends):
-pre-tax deductions: 15% for retirement, FSA for 3 days of preschool(split with DD’s dad. The other days she is cared for by family), and DD’s health insurance (mine is enployer paid) 
- only owe 12k student loan. No other debt. 
-$3353 are my total monthly expenses (mortgage payment $1880, utilities, car fuel, car insurance, DD fund to buy things she needs, student loan payment, groceries, cellphone, my allowance of $200). 
- monthly saving buckets: car service fund $100, Home Maintaince fund $350, Vacation fund $200. Additionally $350 I received in child support goes to savings. I also only budget with 24 of the 26 annual paychecks so the other 2 paychecks go to savings close to 4K total. And I have a 12k emergency fund.

This is my zero sum budget so nothing is left. I won’t deny that it’s a very modest living but I’m hoping that I’m checking all the boxes: retirement, emergency fund, home maintenance savings, etc. The only things is that I’m not saving extra to replace my 9 year old car in the future and I’m not saving for college yet but in a couple of years I hope to increase my income and do so. I just started saving more intentionally for retirement.

Thoughts ? Am I over extending myself or on the right track given the monthly mortgage? [/quote]

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