Reply to Support a family of 4 on $55k/year

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[quote=Anonymous]I make just over $47K with one child.

My monthly breakdown:
$230 Insurance (for me and DC, includes dental, health, life, LTD)
$185 Retirement (401K, matched at 100%)
$250 Savings
$1550 Rent (2bd in a transitional neighborhood in DC, Metro-accessible with W&D in unit)
$300 Afterschool care
$300 Groceries
$140 Utilities (Electric, internet and water)
$40 Metro (I get $125/mo in transportation benefits)
$10 Cell phone (share a family plan with my parents, no smartphone)
$120 Debt payments (one medical bill and student loans)
$100 Fun money, for going out, babysitters, clothing, etc.

This leaves me with a cushion of about $50/mo, which I add to savings for unexpected things like Dr visits and school fees. 
I have $6000 in retirement, $1500 in savings. Just finished paying off about $15K worth of debt. No credit cards, no car.
I'm supposed to get child support and medical support of $500/mo, but see that about 50% of the time. That goes straight to savings, it previously went to debt (which was from the marriage anyway).

We have a pretty good quality of life. DC and I don't lack for anything, we splurge occasionally and fly down to FL to see family 2x/yr or so. It's tight, but it works.

If I made $60K, I'd be ecstatic. Actually, if I saw child support on a regular basis, I'd be thrilled. I'd bump up my savings and be able to enroll DC in something fun on the weekends![/quote]

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