I’m currently living with my mom and step dad, in a very tense living situation. I am trying to get out of here but struggling with a workable budget.
Im a 26yo F with two kids, ages 5 and 6 months, making about 63k/yr as an LPN in central PA, with potential to earn more. I took a pay cut for lower stress after some traumatic event in my personal life, but now ready to get back to making 75k a year. I currently bring home about $3,700 a month after taxes, but could be making $4400 + overtime elsewhere.
Daycare will be about $800-$1000 a month for one child the next 4-5 years unless I can somehow get assistance or family to help me. This is my biggest hurdle as a single mom who is not able to get child support (father doesn’t report income) and just over income limits for most assistance.
My dad passed away and after a lot of work I inherited 70k from the sale of his home currently in an estate account but I am able to take it out when I am ready and know what I want to do with it. I have about 10k in the bank as well. No debt right now, no retirement, and no benefits at my current job. I am a nurse and plan to go back to school for my BSN, then NP in the future, but I want to live way below my means to be able to afford to still do little fun things (cost sharing vacations with family/friends)
I feel like my best option to have something in my name is to buy a small plot of land, <50k, and finance a mobile home <100k altogether (doing some interior work myself), which would generate the most wealth over time and could be used as a rental.
Or option 2, buy a multi family home and live in half, taking the risk of someone not paying rent (which I am seriously terrified to do at this point in my life as I don’t have the disposable income)
Or three, buy a mobile home in a trailer park, where a decent home is 35k-80k and lot rent is 300-500 a month, sometimes including trash, sewer, and/or water. Deal with the depreciation of the home if I buy a more move in ready model. Have possibly better resale value if I do some work with it, but overall low profit.
I really would love to invest some money as well, highest reward with lowest risk (HYSA or CD?)
Basically- I am looking for any advice on what to do to make it by and do better, grow my generational wealth. Advice to live below my means, what a budget might look like. I am struggling so much right now and see no way out of this hole where my kids have a good life. My brain has been swirling with numbers, because I never was really taught good financial decisions. And at this point in my life I don’t see a relationship with someone else working out to help split household bills so I am trying to plan as the sole provider for my children, in general.
And yes- I already spend as little as possible on groceries, don’t eat out, don’t buy unnecessary purchases, get/trade hand me downs when possible. I am very frugal when it comes to daily living to be able to enjoy little pleasures when the budget allows. But this season of life has mostly been saving and growing, now I need to learn to budget a household on my own without financial assistance. This is a hard “transition” period for me making just over the amount for assistance, it really seems like it’s not worth it at times. I’m going to be in so much debt unless I make smart moves here and need some more experienced people leading me in the right direction.
Edited to add- if anyone has any suggestions on what nursing jobs have the best benefits/furthering education opportunities, I am more than interested in hearing you out. Thank you.
Single mom/2kids/no housing/70k inheritance
byu/Prestigious-Comb5962 inpersonalfinance
Posted by Prestigious-Comb5962
1 Comment
* [https://www.reddit.com/r/personalfinance/wiki/commontopics](https://www.reddit.com/r/personalfinance/wiki/commontopics)
* [https://www.reddit.com/r/personalfinance/wiki/windfall](https://www.reddit.com/r/personalfinance/wiki/windfall)