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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 (41-50):
Nina.h
by Member on Apr. 19, 2012 at 12:40 PM
$700 a month for food is ALOT!! We don't even spend that much for food & we have a family of 6 & a newborn, but even if you add in diapers, pull ups for the two and a half year old, toilet ppr, detergent & cleaning supplies & etc it still doesn't add up to $700 monthly...
Are you buying organic?
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Veni.Vidi.Vici.
by on Apr. 19, 2012 at 12:40 PM


Quoting SewingMamaLele:


Quoting Veni.Vidi.Vici.:


Quoting SewingMamaLele:

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

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

for the 4 of us I can easily spend $700 month on food. We don't skimp on the grocery bill.

I could too... you just don't need to.   And I don't buy junk food either, so it's not even like you need to sacrifice healthy food in order to spend less.

A huge chunk of our grocery bill is produce, fresh breads and meats. I bake. You won't find a package of cookies in this house, or any kind of prepared junk food.

ETA:I lied! We do keep dum dum's and dark chocolate, but that's it.

RelaxedMom2-3
by on Apr. 19, 2012 at 12:40 PM

That's about 20,000 more, so hell yeah I could. Lol

haileys_mommy06
by on Apr. 19, 2012 at 12:41 PM

We most certainly could! We live comfortably at just under 40k. 60k would be awesome!

Caitlinsmom09
by Member on Apr. 19, 2012 at 12:41 PM
2 moms liked this
I really don't understand how you (a general you not directed at op) could not...i would feel like a millionaire if we made close to that.
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notjstanothrmom
by Bronze Member on Apr. 19, 2012 at 12:41 PM
1 mom liked this

It's easy to live off $60K a year but you might not be able to afford the latest and greatest and paying for your kids education. We could live a happy, comfortable life off 60K a year. It's called prioritizing. Do you NEED a 5,000 sq. ft. home? No. For me 1,800 for a three/four bedroom home is more then enough.

Not to mention $700 a MONTH for a family of 4 for groceries?! We eat really well, I mean filet mignon and NY strip are the only steak we buy and we spend LESS then $200 a month on food for a family of 4.

Cake.Lady
by on Apr. 19, 2012 at 12:42 PM

I live in a rural mountain area that is heavy in the oil industry. Things like gas, diesel and groceries are high priced. Actually, everything is high priced. If we buy anything substantial, we usually look out in the city to get a better price. $700 a month is not including toiletries, detergents, cleaners, etc.. That's just food.

Quoting Nina.h:

$700 a month for food is ALOT!! We don't even spend that much for food & we have a family of 6 & a newborn, but even if you add in diapers, pull ups for the two and a half year old, toilet ppr, detergent & cleaning supplies & etc it still doesn't add up to $700 monthly...
Are you buying organic?


Arroree
by Ruby Member on Apr. 19, 2012 at 12:42 PM


Quoting Veni.Vidi.Vici.:


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.

That sounds like paradise right now. As it is we have to figure out a way to afford a second car before school starts in the fall since we live too close for the bus to pick up my guy for kinder and i'm not walking both kids in sub zero temps to school each morning and then back with one of them. That's torture on them AND on me. Especially with my younger boys bad reaction to cold temps. It's just not gonna happen.

kirstina
by on Apr. 19, 2012 at 12:42 PM
1 mom liked this

We make $35,000 a year with hubby fixing cars and his full time job. WE have a 700 a month house payment no car payment. We live with in our means and dont have much in saving however we live a good life.

krysstizzle
by DeepThought on Apr. 19, 2012 at 12:43 PM
I have to say my perspective is skewed as far as living expenses go. It's pretty cheap where I live. We live in a nice neighborhood in a 3 bedroom 2 bath for 800 a month. There's a place for rent close by, gorgeous house, pretty big, with a pool, landscaped, all that, for 1,900 a month. So I think that's a big difference in answering this question.
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