How much money should a 26 year old married couple with 1 child have?

We're a military family, on just 1 income. We live paycheck by paycheck and have no savings. Is there an average amount of money we should have for our age group? I know that sounds crazy, but I read somewhere that there's a way to figure out what you should have in savings. FYI- - we make about 4,000/month.How much money should a 26 year old married couple with 1 child have?
Read Dave Ramsey's ';Total Money Makeover.'; He will outline how to get out of debt and begin a savings for retirement in ways that are so easy to live by. Its not based on age at all, but you cant accomplish these goals in just a few months to a couple of years depending on how willing you are.How much money should a 26 year old married couple with 1 child have?
If you make about $4,000 a month and are still living payday to payday, then you should take a look at what you spend your money on. There isnt a rule or law that says a 26yr old couple with one child should have a certain amount in savings. You can start putting a certain amt. away each payday and before you know it you will have a great savings acct. accumulated. If you can manage saving $1,000 a month, by one years time you'd have $12,000. In ten yrs that would grow to $120,000. And if you stick it in an interest drawing acct. it would be even more than that. Try cutting back on how you spend. My husband and I are both 29 with 2 kids, 4 dogs, an acre of land, we own our home, and have 3 vehicles. We live comfortable and only make about $2400-$2600 a month. We also live in AZ. I guess if you live in CA or NY I could see why $4,000 a month wouldnt be enough..lol..
Wow there's so much to say to you, but I'll try to keep it short.





Honestly, $4,000/month is great income for your household. Take a serious look at your expenses and re-budget what you're spending your money on. $48,000/year is a lot of money that's being withered away.





There isn't a definite formula out there that determines how much someone should have in their savings (at least none that I know of). But don't base your savings off of formulas and statistics, because if you're living to paycheck to paycheck, then that gives me the impression that you have limited savings and you would be disappointed with whatever formulas results you receive. Focus on your own individual family, not the basis of something else.





Lastly, I see a married couple with one income. Most times in this situation, one parent stays home with the child, completely understandable, but there's nothing that say that the other parent doesn't have to contribute.





Here's my advice. While one parent is bringing home the $4,000/month. Let the other parent handle the financials during the free time. Do the budgeting, sacrificing, but always, always, ALWAYS communicate with your spouse on financing and proposals. Also, I want you to visit:http://www.helpmycashgrow.com/2008/05/13/avoiding-financial-setbacks-5-create-a-second-income/





I selected this blog post because while one parent is at work, the other can also bring in a little bit of green with these 20 ways to produce an small income with little time and effort. Hope this helps.
I do not know your expenses but a great way to see where you are is to track your spending. Record your exery purchase and at the end of the month analyze where you can cut out purchases.