Families of five, making under 150k, share your budget

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lol! We all make more than that

I agree with this (sadly).
No one I know making less than $150K would have had 3 kids.

The answer to this question is family money. They don’t save money (cause they are expecting inheritance), they get down payments and cars when they want, and private school tuition is a given. No amount of rice and beans or thrift stores could make a three kid family possible in this area. Maybe in Burke or Lorton or Anacostia or something, but nothing even remotely close in or in a good area.

You are so wrong. We are a family of 3 with two incomes making a combined 150k with limited growth potential living in NW DC (IB for Janney). Our PITI is 3500 a month (yes let everyone gasp), but it is 28% of our gross. We contribute 10% of our salaries to our TSP with a 5% match to give us 15% plus pension retirement savings. We contribute $250 a month to a 529. We have no car or student loans. For most people, those are really good numbers.

We can afford aftercare, camp, and a few activities for our child. We go on a moderately priced vacation every year. We eat out sometimes and have cable. There is not a lot left over, but it is doable. If we were a single earner family and not worried about comfortable not paying for college, things would be a lot easier.

OP: our budget is not going to help your budget. At that salary and with that many kids things will be tight and you are going to have to make personal choices. One earner vs two is a huge difference because of childcare costs. The need/desire for a car is a big one. Funding a 529 or not is also a big expense.

$250 a month for three kids? Or $250 for each kid? Sorry to tell you this, but 12 years at $250 a month will probably pay for half a semester for one kid by the time they get to college.

And OP's kids will be eligible for financial aid. OP is doing great, their house is probably worth a boatload, and they're living within their means. The DCUM mindset that if you can't pay full freight for a SLAC out of pocket, you're a failure as a parent, is not reality.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lol! We all make more than that

I agree with this (sadly).
No one I know making less than $150K would have had 3 kids.

The answer to this question is family money. They don’t save money (cause they are expecting inheritance), they get down payments and cars when they want, and private school tuition is a given. No amount of rice and beans or thrift stores could make a three kid family possible in this area. Maybe in Burke or Lorton or Anacostia or something, but nothing even remotely close in or in a good area.

You are so wrong. We are a family of 3 with two incomes making a combined 150k with limited growth potential living in NW DC (IB for Janney). Our PITI is 3500 a month (yes let everyone gasp), but it is 28% of our gross. We contribute 10% of our salaries to our TSP with a 5% match to give us 15% plus pension retirement savings. We contribute $250 a month to a 529. We have no car or student loans. For most people, those are really good numbers.

We can afford aftercare, camp, and a few activities for our child. We go on a moderately priced vacation every year. We eat out sometimes and have cable. There is not a lot left over, but it is doable. If we were a single earner family and not worried about comfortable not paying for college, things would be a lot easier.

OP: our budget is not going to help your budget. At that salary and with that many kids things will be tight and you are going to have to make personal choices. One earner vs two is a huge difference because of childcare costs. The need/desire for a car is a big one. Funding a 529 or not is also a big expense.

$250 a month for three kids? Or $250 for each kid? Sorry to tell you this, but 12 years at $250 a month will probably pay for half a semester for one kid by the time they get to college.

And PP's kids will be eligible for financial aid. OP is doing great, their house is probably worth a boatload, and they're living within their means. The DCUM mindset that if you can't pay full freight for a SLAC out of pocket, you're a failure as a parent, is not reality.

/correction

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lol! We all make more than that

I agree with this (sadly).
No one I know making less than $150K would have had 3 kids.

The answer to this question is family money. They don’t save money (cause they are expecting inheritance), they get down payments and cars when they want, and private school tuition is a given. No amount of rice and beans or thrift stores could make a three kid family possible in this area. Maybe in Burke or Lorton or Anacostia or something, but nothing even remotely close in or in a good area.

Anacostia is literally in DC, so it is "in this area."

My family of 3 has about. $90k hhi now, which will probably go up to 130 in the next year or two as we hope to become a family of 4...but we're not homeowners, which probably makes my budget useless for OP if you are one.

[Anonymous]

We are a family of just 4. $130K

monthly expenses:

1800 PITI (mortgage, taxes, insurance)
200 yard work
200 weekly house cleaner
400 water, sewer, electric, cable and phone
800 food and household expenses
200 meals out, takeout
200 gifts, Christmas
50 home, furniture
200 medical copays
400 other medical expenses (not covered by insurance)
200 vacation
200 clothing & personal care (adults)
300 car loan
125 monthly insurance on two cars
120 gas
500 kid expenses (clothing, activities, entertainment, sports, dues, pet, gifts)
600 health insurance
40 dental insurance
175 life insurance
250 pension
40 Union Dues
25 Long Term Disabilty Insurance

[Anonymous]

My sister and her husband make $150k and have 3 kids in this area. He works and she stays home. They bought a townhouse in a great area a long time ago and have been able to upgrade to a nice single family home. My sister is an amazing cook so their grocery bill is tiny yet they eat very well. She’s very thrifty and they use points/miles and get good deals to go on an international vacation once a year.

They live a great life and aren’t wanting for anything.

Not sure why people are saying it can’t be done. However it works for them because she stays home and they don’t have to pay for childcare.

When the kids are all in elementary school she’ll go back to teaching full-time so their income will go up.

[Anonymous]

Yes, I think if the salary is coming from one earner and the other parent stays home this is totally doable for 3 kids. Not having to pay for child care is a huge savings.

Especially if you can keep your mortgage/rent to under $2500/month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lol! We all make more than that

I agree with this (sadly).
No one I know making less than $150K would have had 3 kids.

The answer to this question is family money. They don’t save money (cause they are expecting inheritance), they get down payments and cars when they want, and private school tuition is a given. No amount of rice and beans or thrift stores could make a three kid family possible in this area. Maybe in Burke or Lorton or Anacostia or something, but nothing even remotely close in or in a good area.

You are so wrong. We are a family of 3 with two incomes making a combined 150k with limited growth potential living in NW DC (IB for Janney). Our PITI is 3500 a month (yes let everyone gasp), but it is 28% of our gross. We contribute 10% of our salaries to our TSP with a 5% match to give us 15% plus pension retirement savings. We contribute $250 a month to a 529. We have no car or student loans. For most people, those are really good numbers.

We can afford aftercare, camp, and a few activities for our child. We go on a moderately priced vacation every year. We eat out sometimes and have cable. There is not a lot left over, but it is doable. If we were a single earner family and not worried about comfortable not paying for college, things would be a lot easier.

OP: our budget is not going to help your budget. At that salary and with that many kids things will be tight and you are going to have to make personal choices. One earner vs two is a huge difference because of childcare costs. The need/desire for a car is a big one. Funding a 529 or not is also a big expense.

$250 a month for three kids? Or $250 for each kid? Sorry to tell you this, but 12 years at $250 a month will probably pay for half a semester for one kid by the time they get to college.

And OP's kids will be eligible for financial aid. OP is doing great, their house is probably worth a boatload, and they're living within their means. The DCUM mindset that if you can't pay full freight for a SLAC out of pocket, you're a failure as a parent, is not reality.

you aren't living within your means if you are getting financial aid. Donations are paying for your education. People who don't qualify for Financial aid are paying for your education.

[Anonymous]

Anonymous wrote:Yes, I think if the salary is coming from one earner and the other parent stays home this is totally doable for 3 kids. Not having to pay for child care is a huge savings.

Especially if you can keep your mortgage/rent to under $2500/month.

Agreed. If there is one person making the salary and the other person does the bulk of the childcare, it's doable.

[Anonymous]

Anonymous wrote:The only people I know making under that amount with both parents working are my teacher friends.

That would be us! Or was a few years ago. Down to one kid at home and one in law school. Up to $189k this year.

[Anonymous]

Anonymous wrote:Lol! We all make more than that

bitch

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lol! We all make more than that

I agree with this (sadly).
No one I know making less than $150K would have had 3 kids.

The answer to this question is family money. They don’t save money (cause they are expecting inheritance), they get down payments and cars when they want, and private school tuition is a given. No amount of rice and beans or thrift stores could make a three kid family possible in this area. Maybe in Burke or Lorton or Anacostia or something, but nothing even remotely close in or in a good area.

You are so wrong. We are a family of 3 with two incomes making a combined 150k with limited growth potential living in NW DC (IB for Janney). Our PITI is 3500 a month (yes let everyone gasp), but it is 28% of our gross. We contribute 10% of our salaries to our TSP with a 5% match to give us 15% plus pension retirement savings. We contribute $250 a month to a 529. We have no car or student loans. For most people, those are really good numbers.

We can afford aftercare, camp, and a few activities for our child. We go on a moderately priced vacation every year. We eat out sometimes and have cable. There is not a lot left over, but it is doable. If we were a single earner family and not worried about comfortable not paying for college, things would be a lot easier.

OP: our budget is not going to help your budget. At that salary and with that many kids things will be tight and you are going to have to make personal choices. One earner vs two is a huge difference because of childcare costs. The need/desire for a car is a big one. Funding a 529 or not is also a big expense.

$250 a month for three kids? Or $250 for each kid? Sorry to tell you this, but 12 years at $250 a month will probably pay for half a semester for one kid by the time they get to college.

And OP's kids will be eligible for financial aid. OP is doing great, their house is probably worth a boatload, and they're living within their means. The DCUM mindset that if you can't pay full freight for a SLAC out of pocket, you're a failure as a parent, is not reality.

you aren't living within your means if you are getting financial aid. Donations are paying for your education. People who don't qualify for Financial aid are paying for your education.

I'd be curious to see how many people in this country can pay out of pocket for an entire college education. It won't be that many people. But the ones that can, can probably pay for quite a few college educations so I am totally cool with accepting their money to fund my child's education. If college wasn't so outrageously priced, more people could afford to pay for it OOP. But there is nothing you could do to my income that would make it possible to pay OOP for anything more than community college courses. That's the plan for my DC but if he gets FA from any 4 year colleges and I can swing the rest, that might be the way to go. CCs don't have great graduation rates.

[Anonymous]

105k gross HHI (one parent/one child)

PITI - 1450
car payment - 225
summer camp/after care (divided to monthly amount) - 500
phones/internet/cable - 240 (need to look into cutting here)
utilities - 150
car ins - 60
medical co-pay - 120
grocery/restaurant - 500 estimate
misc - 500

I am probably forgetting something.....

[Anonymous]

Just an FYI that a solid student who can get into a 4 year school should be able to complete an AA or AS in two years w/o any problems.

CC have low graduation rates because they take everyone, even students who need lots of remedial, non-credit bearing classes. My sister with low IQ is starting her third year as a FT CC student and is only just now taking credit-bearing math and English classes.

[Anonymous]

Anonymous wrote:
you aren't living within your means if you are getting financial aid. Donations are paying for your education. People who don't qualify for Financial aid are paying for your education.

At college, usually income from an endowment pays for financial aid. The money for the endowment came from donations to the school. It isn't coming from current tuition payments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
you aren't living within your means if you are getting financial aid. Donations are paying for your education. People who don't qualify for Financial aid are paying for your education.

At college, usually income from an endowment pays for financial aid. The money for the endowment came from donations to the school. It isn't coming from current tuition payments.

Also when colleges solicit donations from alumni they usually highlight financial aid in their appeal, frequently including letters from current students who describe how much they have benefited from financial aid