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S/O- could you live off of $60,000 a year? *edited with another question*

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I keep hearing people say that's a lot of money, but it's actually not. Not when you're paying out of pocket for your children's educations & health insurance, plus what insurance doesn't cover. $60,000 doesn't stretch far at all.

Starting point $60,000

Our monthly bills are roughly $3,000 a month, and we don't have a mortgage, rent or car payment. That averages $36,000 a year.

That leaves you with $24,000 a year, or $2,000 a month for food, clothing, necessities & savings.

So say you spend $700 a month in food for a family of 4. $8,400 is what just food equals out to, leaving you with $17,600 a year, & $1,466 a month to divide into 3 college educations, clothes, shoes, savings, toiletries & "fun".

It just doesn't go far.

******* What, to you, is a necessity? I'm seeing many comments about a "lifestyle" being too expensive for what you're making, and wants being considered as priorities. So, what to you is necessary?

To me:

College education is a priority for my children. TOP priority. We will pay 100% of it (Unless they get a scholarship). I very strongly believe that it's our responsibility as parents to provide that for them, and that they should not have to start out their adult lives in debt. 

Retirement planning is a top priority, as well, especially being self employed. I very strongly believe that we should not become burdens, financially, to our children. We also can't count on social security, medicare, etc., still being here once we reach retirement age so we plan accordingly.

Savings is a top priority, also. IMO, it's insanely moronic not to have money put aside for emergencies and such. You never know when your car will break down, a pipe will bust in your home, you'll have to take off of work for a significant amount of time due to injury, sickness, layoff, death in the family, etc.. You just never know, and it's best to be prepared. It's a good rule of thumb to have at least 3 months worth of living expenses saved at all times.

Anyhoo, these are the things that *I* feel are necessities, and our responsibilities. To others, they may seem like "wants", but to us they are not.

by on Apr. 19, 2012 at 12:21 PM
Replies (11-20):
by on Apr. 19, 2012 at 12:29 PM
Not with the current life we have.
by on Apr. 19, 2012 at 12:29 PM
No..we could not!
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by Bronze Member on Apr. 19, 2012 at 12:29 PM

If we made $60,000 per year we would have plenty of money to afford our own home and we wouldn't have to worry about where the money would come from to pay off the new truck and both our college loan debt. 

We live off about $45,000 after taxes and we are struggling a bit, but we make it work.  We are only struggling because we have no savings at the moment.   Once we get our taxes back and move out of our current place we will have enough for a down payment on a house! 

by on Apr. 19, 2012 at 12:30 PM
I could, but I sure wouldn't want to.
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by on Apr. 19, 2012 at 12:30 PM

No way.  If we only had $60k a year, we wouldn't make it.  Hell, $80k is pushing it.

by Leanne on Apr. 19, 2012 at 12:31 PM

60k after taxes?   No problem!   Taxes are our biggest bill!  

And who spends $700/mo on food unless they have extra money to spend?

Lilypie Pregnancy tickers
by Member on Apr. 19, 2012 at 12:31 PM
1 mom liked this

Quoting Euphoric:

 We live off a little over 30,000 so 60,000 would be the bomb diggity.

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by on Apr. 19, 2012 at 12:32 PM
1 mom liked this

Quoting Arroree:

Considering that's about $20,000 more a year than we already live on i'd say yes, yes we could easily live on $60,000 a year, in fact we'd LOVE to have that extra money. With that extra $20,000 a year we could afford to start buying a house and not have to scrimp so much.

Oh the things we could do with an extra $20,000 a year.

My husbands salary went from 40k a year to 65k a year. We eat out more than we used to and we have 2 kids. Our spending habits havent changed but our ability to add value to our home and vacation has increased. We are also able to save more. We have also contributed more toward our retirement.

by Member on Apr. 19, 2012 at 12:32 PM

I doubt it.  We live in a very expensive area though.  If we were to move then I'm sure we'd make it work.

by Silver Member on Apr. 19, 2012 at 12:32 PM

i think the problem lies with the relativity of the question. could i live off it? yes, yes i could. its actually more than my husband and i bring at at the time and i consider ourselves quite fortunate. but it would be great to have other things that we currently cant afford. we set aside money for our son's future. we'd love to be setting aside more. we'd love to buy plane tickets to visit my sister in michigan. its not in the budget this month. so yeah, we're looking forward to promotions and bonuses and moving up and on, but we're doing a whole lot more than just living on 60,000 (and actually less). so being able to 'live' on any amount certainly needs to be more specifically defined when people are including 'fun' and having three kids that you provide college educations for, or having three kids in general. 

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