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Do you think a combined income of $100,000 a year will be enough to raise 5 kids.

I'm afraid that I'm pushing it a little bit. But ever since I was young, I always wanted to raise a big family, being an only child. Do you all think that this is enough to raise 5 children, and still be able to go to vacations and travel, be able to afford a nice place to stay, and just be able to live a comfortable lifestyle?
F.Y.I. - I live in Alabama

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Anonymous

Asked by Anonymous at 5:59 PM on Jul. 8, 2009 in Money & Work

Answers (6)
  • To put things in perspective my husband and I combined make about 155,000 a year and we only have 1 kid and it's tight! Or maybe we just dont budget well! Our mortgage is only 1300.00 so I have to ask myself why? I mean we arent struggleing by any means just not much room for extras.
    Anonymous

    Answer by Anonymous at 6:02 PM on Jul. 8, 2009

  • It might be tough, but I think it depends on where you live and what type of lifestyle you live. If you are pretty minimalist, you might be able to make it work.
    jjamom

    Answer by jjamom at 6:06 PM on Jul. 8, 2009

  • We're raising 4 on considerably less... BUT it's not a combined income (so no daycare expenses), we live in a mobile home (not sure if that would qualify as "nice" to you), and we don't travel/take family vacations. Our cars are not new, we don't have flat-screen TVs, basic phone service, one computer w/ a dial-up connection, etc.

    On the upside, we have 3 mobile homes & 3 acres of land completely paid for ---- so we have no worries of being homeless regardless of the economy.

    If you're wanting to "keep up with the Jones'" and visit Disney every year.... it might be tight.
    Laura1229

    Answer by Laura1229 at 6:11 PM on Jul. 8, 2009

  • i know plenty ppl with 5 kids and do not make nearly that much and make it just fine.
    babycakes254

    Answer by babycakes254 at 7:20 PM on Jul. 8, 2009

  • We've got 5 kids and we make under $40K a year. We have 4 vehicles (all paid for), a house with 10 acres and 2 barns, horses, a pool.....

    It's all in how you plan things out. When we want to go somewhere or buy something we plan for it and save ahead of time.
    michiganmom116

    Answer by michiganmom116 at 7:58 PM on Jul. 8, 2009

  • Only you can answer this question. Make a budget that you can live with and try it out for a few months. Be sure that you are saving money for retirement and college. Try to have 6 months of income in reserve for emergencies, job loss, putting a new roof on your house, etc.
    rkoloms

    Answer by rkoloms at 8:27 PM on Jul. 8, 2009

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