Balancing the Budget: The Struggle of Modern FamiliesIn todays economic climate, many families are grappling with the challenge of adhering to the twenty-eight/thirty-six rule, a financial guideline suggesting that no more than twenty-eight percent of gross income should go towards housing, and no more than thirty-six percent should cover housing, childcare, and all other debts combined. However, with average childcare costs nearing one thousand dollars per month and mortgage payments exceeding two thousand one hundred dollars, families are finding it increasingly difficult to stay within these recommended percentages. For a household earning the median income of just under seven thousand dollars a month, the average mortgage payment alone puts them over the twenty-eight percent housing limit. When childcare and other debts are factored in, total expenses can easily surpass seventy percent of their income, far exceeding the recommended thirty-six percent. This podcast episode explores the financial struggles of modern families and the reality of everyday costs that often outstrip traditional financial guidelines.

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