What's a comfortable income?

I live in Lexington Kentucky and am a single mother of a 2 year old. What kind of income should I need to bring in to provide my son and I with a comfortable lifestyle, minus lots of the frills...I need to know the baseline please. Please site how you allocated certain funds and why.

I am in the medical field, I am a phlebotomist but have experience and training for an uncertified CMA position. I have been in the healthcare related industries since 1996 with the experience and knowledge to back that up. I plan on going to college eventually and obtain a Bachelor's in Nursing with extended studies in Obstetrics and Neonatology...just haven't had the time with a busy 2 year old and supporting himself and I.

You can figure this out yourself. It's called a spending plan (or budget) and you really need to have one.

First list your income (including child support only IF it's coming in regularly). Then list necessary expenses - shelter (rent/mortgage, utilities), food, transportation (auto loan, insurance, gas), clothing, and savings (yes, this is necessary and I'll explain why in a minute). These are the things you NEED to live.

Next, list other expenses you want -life insurance for YOU (not your child), basic household needs (stamps, etc.) auto repairs (including things like oil changes and registration), home repairs (if you own), blow money (budget it or you will find you DO spend it from somewhere else), cable TV, internet service.

Last, list your debts (if you have any). This is the order things will get paid. If you get to debts and have no money left, you need to look into making more money to get rid of the debts - have a garage/yard sale, sell stuff on eBay, sell the car with the loan and get something cheaper with the cash (pay off the loan first, of course).

You DEFINITELY need an emergency fund (savings) because things WILL happen. They're a whole lot easier to handle when you have the cash to take care of them.

Life insurance is at the top of the want list, because it's something your child will NEED if anything happens to you. Make sure you have a will. I can't stress this enough.

Go to the library and check out one of Dave Ramsey's books (Financial Peace or Your Total Money Makeover). They both have sample spending plans and he goes through more detailed explanations for each item, plus stuff about handling debt, retirement, college savings. It's the only money guide you'll need.

Best of luck. It sounds like your son has a pretty wise mom and with that, he'll be just fine! If you have more questions, feel free to contact me.

I think if you bring home above 34000 a year you should be able to pay for housing/utilities, transportation, and food. This should give you some inflation buffer. You may be able to do with less but I think that this would be a safe answer

Good luck and God Bless!!

you cant put a price on the lifestyle for youself and baby, its different for everyone, there are to many variables ie location, personality, upbringing to name a few, to be honest money wont give your child what he/she needs, the baby wuld rather have a loving mother than one that has a comfortable life

50,000$
Think about future college studies and medical care too. They're pretty expensive.

Comfortable income is that, which really comforts your heart. The yard stick for comfortable income for for different persons is quite different, as it all depends upon their personal and social needs.

Impossible to directly answer without a lot more details. Best for you to figure it out yourself.

Start by creating a list of what you need and go from there when finished add up the totals account for taxes and you have your answer.

For example: (all numbers are annual)
Rent: $8400
Food: $3600
Clothing for you: $1200
Supplies for child clothes toys, books etc: $2400
Medical: $5000
Car payment/maintenance/savings for new car: $6500
Other purchases/ entertainment can't live on bread alone: $2400
Utilities: $2500
Rainy day fund: $1200
College fund: $2400
Mortgage fund $1200
Retirement $3000
That comes to $38,700 take home
Assuming you pay 20% in taxes (with child most likely lower)
Then you are looking at $42,850 as a baseline comfortable living.

But this is only and example do the math for yourself based on your life