Can you survive with 7,000 monthly income after taxes ?

[Anonymous]

Yes, because it would probably mean that I wasn't working and we'd no longer need to pay for childcare. With daycare for 1 plus aftercare/summer camps for the other we pay nearly $30k per year for childcare. That's even more than our mortgage. We'd have to be more careful with our spending, but we could cut back on other things that we outsource with two working parents too (e.g., biweekly cleaning).

[Anonymous]

I survive on $5000 after taxes so I would be jumping for joy on $7000.

[Anonymous]

That’s what I made at my first job out of college.

[Anonymous]

Anonymous wrote:America is a place where it's awesome to be rich and awesome to be poor thanks to all the free government goodies. 7k per month is the zone where life really sucks. Too wealthy to get college tuition support, refundable tax credits and free breakfast and lunch and subsidized daycare for your kids, and too poor to eat decent food, live in a semi respectable house, and take decent vacations

Seriously, if being poor were awesome everyone would try it. Living in poor conditions, worried about how to make food last, constantly working for minimum wage is hard.

[Anonymous]

I could survive but it would not cover my bills.

[Anonymous]

Anonymous wrote:I survive on $5000 after taxes so I would be jumping for joy on $7000.

Me too!

[Anonymous]

I bring home about $7500/month after taxes and after maxing 401(k) and HSA. Wife is a SAHM (does some part time work). We have two kids in public HS. Life is similar to what a lot of people have mentioned...enough to be OK but NICE vacations are scarce, going out to eat is rare, upgrading clothing/furniture is rare (thank goodness for tele working), etc. We do put $750/month into each of their 529s so $1500/month for both. So that leaves about $6000K to live, pay bills, save for vacations and all of life's unexpected twists and turns, etc. We have no mortgage and two paid off cars. Some of those things are $700/month for utilities (Gas, Electric, Water, sewer, trash, and cable). One kid plays a top level club sport on national level. That's at least $1,000/month on average. $1750/month on groceries and ordering in. Try to save $1500/month for repairs, insurance, property taxes, car taxes, etc. So that leaves about $1000 for everything else for the month. Out of that is what we have for date night, birthdays, vacation savings, doing whatever. I know people have it much worse but it's not living in luxury.

[Anonymous]

Anonymous wrote:I bring home about $7500/month after taxes and after maxing 401(k) and HSA. Wife is a SAHM (does some part time work). We have two kids in public HS. Life is similar to what a lot of people have mentioned...enough to be OK but NICE vacations are scarce, going out to eat is rare, upgrading clothing/furniture is rare (thank goodness for tele working), etc. We do put $750/month into each of their 529s so $1500/month for both. So that leaves about $6000K to live, pay bills, save for vacations and all of life's unexpected twists and turns, etc. We have no mortgage and two paid off cars. Some of those things are $700/month for utilities (Gas, Electric, Water, sewer, trash, and cable). One kid plays a top level club sport on national level. That's at least $1,000/month on average. $1750/month on groceries and ordering in. Try to save $1500/month for repairs, insurance, property taxes, car taxes, etc. So that leaves about $1000 for everything else for the month. Out of that is what we have for date night, birthdays, vacation savings, doing whatever. I know people have it much worse but it's not living in luxury.

You spend a grand a month on a kids sport - that is a lux spend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I bring home about $7500/month after taxes and after maxing 401(k) and HSA. Wife is a SAHM (does some part time work). We have two kids in public HS. Life is similar to what a lot of people have mentioned...enough to be OK but NICE vacations are scarce, going out to eat is rare, upgrading clothing/furniture is rare (thank goodness for tele working), etc. We do put $750/month into each of their 529s so $1500/month for both. So that leaves about $6000K to live, pay bills, save for vacations and all of life's unexpected twists and turns, etc. We have no mortgage and two paid off cars. Some of those things are $700/month for utilities (Gas, Electric, Water, sewer, trash, and cable). One kid plays a top level club sport on national level. That's at least $1,000/month on average. $1750/month on groceries and ordering in. Try to save $1500/month for repairs, insurance, property taxes, car taxes, etc. So that leaves about $1000 for everything else for the month. Out of that is what we have for date night, birthdays, vacation savings, doing whatever. I know people have it much worse but it's not living in luxury.

You spend a grand a month on a kids sport - that is a lux spend.

At least $1,000...on average when you factor in travel expenses. This is for soccer. It's like $3000 for regular fees per year and then $750 for team fees per year. Our league consists of MD, VA, and NC so we travel to NC a few times a year for league games so there are hotels, food, gas, etc. for that. We did showcases in SC and FL this year so flights to FL and hotels. Last Summer, we were in San Diego for almost a week. Flights and hotels and food. This is a big expense and it's a luxury for the kid but it takes away from other things of course. Prior posters have said that they would have to give up travel sports for their kids if their income was $7000/month. If we had a mortgage and/or car payments, we wouldn't be able to afford it. Or if the other kid played sports at this level.

[Anonymous]

Our monthly take home is double that, after tax advantaged accounts, etc, so for us it would be a drastic lifestyle change. I honestly don’t think we could do it.

[Anonymous]

Stupid.

[Anonymous]

Anonymous wrote:No you cannot survive. How are you going to send you kid to private school? How are you going to afford a home in Arlington?
What a poor life.

Don't forget the payments for the Rolls Royce and the private yacht.

[Anonymous]

We survive on 5000 a month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I survive on $5000 after taxes so I would be jumping for joy on $7000.

Me too!

+1 We do it as a family of 4 in the DMV and we're okay.

[Anonymous]

I net around $2800/month and I think that’s pretty good. This post must be a joke.