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

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[quote=Anonymous]It would be extremely challenging but there are plenty of people that do it everyday.  Housing is the biggest expense but if you look at the HUD qualification tables, this area has a much higher qualification limit.  So if you were able to get qualified for housing assistance (and yes, the tables go higher than 55K for a family of 4), that would help tremendously.  Limiting eating out to special occasions or once a month, having assistance with childcare or no need for childcare because one parent stays home would also help.

Health insurance might be an issue but there are programs to help with that.  In VA, FAMIS select helps cover the costs of dependent coverage under an employer-sponsored plan for qulaifying applicants.  I just did a quick search and the regular FAMIS program (this is CHIP), gross income caps out for a family of 4 at 46K and change. This program appears to bridge a ga for those above that threshold/not able to pay for family coverage under an employer plan.

It might be challenging to contribute to a retirement account, save large amounts for education, etc. but even at 55K a family would be able to save a little.  I was raised in a very low-income family.  I am very fortunate to currently live in a much different situation but I am always amazed at how my mom did it.  We didn't have new or fancy clothes, never ate out except for inexpensive buffets, she cooked everything at home and lived very modestly.  We managed to move into a better neighborhood for elementary school but lived in the least expensive townhomes in that neighborhood.  I was aware of it but at the end of the day, my mom did an amazing job because she never let on to what our financial situation was like. Ever.

But in this area there is so much wealth.  I think many of us tend to forget just how fortunate we really are.[/quote]

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