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

[Anonymous]

Thanks!

[Anonymous]

Lol! We all make more than that

[Anonymous]

Anonymous wrote:Lol! We all make more than that

[Anonymous]

OP, why don't you post your budget (or proposed budget) and ask for advice instead?

[Anonymous]

We're a family of two at 105k. Not sure that would be helpful. I definitely know families of five making under 150k. The other PP must live under a rock.

[Anonymous]

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

[Anonymous]

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.

[Anonymous]

Anonymous wrote:We're a family of two at 105k. Not sure that would be helpful. I definitely know families of five making under 150k. The other PP must live under a rock.

+1. We're a family of 3 making $110k.

[Anonymous]

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.

[Anonymous]

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.

Tell that to my BIL. Every sperm is sacred!!! Especially when the in laws pony up for cars, tuition and a down payment on a house in Arlington.

[Anonymous]

Anonymous wrote:Lol! We all make more than that

Not sure why the post is worthy of laughter. Jerk.

[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.

Um my doctor lives in Burke.

[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.

this kind of just shows how sheltered people are in this area. they honestly have no comprehension of how many others live.

[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.

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.

[Anonymous]

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.