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

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[quote=Anonymous]Yes, it can be done -- but it takes effort and some sacrifices.  We've been supporting our family of 5 on two part-time incomes amounting to the low $50s since I lost my full-time job a few years ago during the recession.  We were well-positioned to start with because our Hyattsville house was cheap and already paid off, and we had no car payments on our two cars.

I negotiated with utilities to cut our Internet, landline and cell phone bills by more than half.  We get financial aid at our parochial school.  We both work from home and so incur no commuting or daycare/after-care costs.  We eat out when we're treated by friends or get gift cards.  We converted a good part of our backyard into a vegetable garden.  We vacation by staying with friends who live out-of-state.  We buy nearly all our clothes at thrift stores.  Our income is low enough that we pay no income tax.

It's actually not a bad lifestyle.  We aren't saving for retirement, but haven't dipped into our previous savings at all.  And we have more time for our families and meaningful volunteer work, and less job-related stress.  I know a lot of people making a lot more money who are not as happy.[/quote]

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