I Live Comfortably on Less than $70K After-Tax in DC Area
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Anonymous
What will you do when your car needs repair/replacement? I don't see a line item for saving to replace or repair. |
Anonymous
I earn a fair bit more, and my net is actually more. The point is that all I'm spending is $70k, including retirement savings. But if I have to guess, I'd think that's a salary of around $85k. |
Anonymous
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How on earth are you vacationing for $250 a year? I can't even get a plane ticket to visit my parents for less than $500 each, and there are 4 of us. A hotel is a minimum of $100 a night, and that's not even a vacation.
Kids are expensive. They need all new clothes each season for many years. Diapers and wipes are expensive. Childcare is expensive. It all adds up. |
Anonymous
+100. I understand, and share, the desire to spend more money to have a more comfortable life and the best opportunities for my children. I just don't understand why people don't realize that the extra 100 or 200k in spending is a notable upgrade in one's lifestyle and range of choices. |
Anonymous
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Here are some other expenses I don't see listed that many people have:
- Student loans -- this is a HUGE killer for most people - Gifts (maybe this comes out of entertainment/eating out, but our Christmas budget is at least $800) - Life and/or Disability Insurance (assume you don't need it since you're single or your employer provides a small policy that is enough, but many married/parents need more life insurance) - Gym Membership or other physical fitness expenses (maybe work provides, you don't work out, or you have a home routine with no cost) |
Anonymous
Fail. Daycare alone would cost you at least 250-300/week (and that's being generous) in this area. |
Anonymous
I'm planning to take a Home Equity loan. Or, I could take from my regular savings, but I'd rather keep that invested.) |
Anonymous
+1. This poster gets it. |
Anonymous
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OP, you're ridiculous- living on $70k post-tax should be easy for someone who doesn't have children. Heck I lived comfortably on a lot less here when I was single.
I still don't understand everyone else crying poor, though. We have a HHI of $200k with two kids and are still comfortable. |
Anonymous
We make $230K and live on about $60K (not in DC), so I agree with your points. But honestly - the fact that you can't see that being single makes a HUGE difference is remarkable. |
Anonymous
So once that day comes around, your annual expenses will go up by at least 5%. Just saying, you're leaving a lot out when you break it down monthly like this without a long-term view. |
Anonymous
| So you live in a $350k condo and make almost $100k (NET $70k). Yeah I see why it's doable. And when your job changes and you can't carpool and fuel costs triple? |
Anonymous
| How much do you have in retirement, OP? Since you had to put it mostly on hold to save for your condo? |
Anonymous
- I transferred from CC, and won an 1/2 tuition academic scholarship to the four-year university. I also worked part-time. Parents made up the small difference (for which I am grateful). - Yes, gifts come out of the entertainment line, - Employer provides life/disability - Great clubhouse at my condo community, with pool and work-out room. They give yoga classes there, too. |
Anonymous
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OP spends $250 a year, YEAR!, on vacations.
Sad life. That's not even a hotel room for one night. |