Does your income allow you...
- 127 Replies
In some places 50k is enough, in other places it's paycheck to paycheck.
Currently my DH makes about 55k before taxes. Tack on my P/T income and we barely reach 60k. After taxes and med. insurance are taken out we don't have much. We pretty much live paycheck to paycheck, with very little expendable income.
I've read plenty of posts on here, where people claim they could live like royalty on 50k. Or people will say things like "its all about budgeting...blah blah blah". I'M smart enough to realize, this isn't always the case, as cost of living varies from place to place.
I've recently accepted a full time position that will increase our combined (pre-tax) income to a little over 85k.
We will finally be in a position that I consider to be more comfortable. We will be able to save more and be able to pay for classes and extracurriculars for our children. Our lifestyles will not change dramatically and we wont be indulging in any thing extravagant. We will still have to budget, and coupon and save for bigger purchases.We will still be a bit below average for our area, as we live in the (NYC Tri-state) area.
How much do you make? Are you at, below or above average income for your area? Are you (what you to consider to be) comfortable?
I'm not asking for any specific reasons beyond those of my own curiosity. Naturally you're under no obligations to answer my inquiries.
Keep it light! Have a good day ladies ;-).
*Please excuse any and all typos and/or grammatical errors. I suck at typing on my phone.*
We make around 50Kish a year, and honestly, I think we live well. I work VERY part time, to help with some of the extras, my husband works for his dad which affords him a lot of job flexibility, and he is doing something he loves. However, we have given up certain luxuries, but we knew that when we made that decision (I didn't go back to my full time job post-baby due to them, yeah. They were not the most honest about my maternity return). For us, it gives us a really great work/life dynamic.
We eat well, we are able to put our son in outside classes (like gymnastics at the Y, and a one day "preschool" at the rec center), but bigger expenses, like preschool, are not financially the most responsible decision (the cheapest in our area is $250 - the higher quality ones are $300-$350)
Our home is quite modest, we are able to put away a little in savings and take trips here and there (nothing grand but we are able to get away as a family via camping trips, and at least one family vacation a year).
So, to me I see many of these things as luxuries, and I see us as doing well, though I know we do not have "much" by other people's standards. We are happy, we could always use more money, but, well, meh.
We are going to have to make a new car purchase soon, and due to finances (we pay bils, then into our retirement and then into emergency savings, then we don't have much). I believe purchasing a new car will be our best option, so the monthly payment will be, bleh, but thankfully we will be able to make it work.
So yeah, Hi! 50k a year, that is us.
I will also add, that we live in San Diego, so cost of living isn't the cheapest.
Quoting Amber1208:
If 110,000 is not enough for family vacations in IL then you're doing something wrong... Wow. Unless you have tons of kids.
Quoting Anonymous:
We make 110k and live OK, not enough for family vacations. At 50k we would be in trouble. We live in IL
Lol, I know right! I don't get it either. We live in Naperville, so The cost of living is high. I only have two kids.
I think my husband's a sociopath