Family of five shares budgeting strategies for living on one salary, prioritizing debt repayment and savings.

Katie and Marc, a family of five, share their budgeting strategies for living on a single income. With careful planning, discipline, and teamwork, they manage expenses while paying off debt and saving for the future. Their detailed approach includes tracking every dollar and prioritizing both debt repayment and savings goals.

Marc’s $6,500 paychecks form the backbone of the family’s $13,350 monthly budget. Katie manages the budget with a zero-based approach, ensuring every dollar has a purpose. The family allocates funds for fixed expenses like their $2,536 mortgage, utilities, groceries, eating out, and other essentials. Debt repayment is a top priority, with a total of $4,595 budgeted for debt payments monthly.

In addition to debt repayment, the family also prioritizes savings, setting aside funds for an emergency fund, annual school expenses, and variable expenses like home and car maintenance, holiday gifts, personal spending, and pet expenses. With a detailed spreadsheet and flexibility in their budgeting approach, Katie and Marc demonstrate that living on one income with a family of five is possible with careful planning and communication.

Read more at Yahoo Finance: We’re a Family of 5 Living on One Salary: Here’s Our Monthly Budget