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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]He is an attorney and lost his job when the legal market tanked.  Our mortgage is 2400 per month and day care is 1500(find me something cheaper I beg you.  Does not exist).  After saving for retirement and college and paying bills and groceries we have no discretionary money.  I am just sad at my reality.  I am fully aware it's fine but it's not at all what I imagined.  Disappointment[/quote]

I'm a little confused at your math. I'm a single mom. I'm making $120K. I'm paying about what you're paying for mortgage and daycare. [b]I'm saving $4K a year for son's college but much much less for my own retirement. [/b]When DS is 10, I plan to invert that and save more like $4K for my retirement and put aside more like $2K for his college, assuming things are still financially as they are now. Things are tight, but by no means terrible. We go out to eat about two times a week; I am able to have wonderful birthdays with him and buy him the presents I want to buy him; we are planning a vacation to Luray Caves and maybe another to Baltimore this summer... I don't seem to be as angry or resentful as you, and I just wonder what else is going on with your money. I drive an old late model cheapo but reliable car, so low insurance and no car payment. I don't have cable and have a boring cheapo phone ($35+ taxes a month). I keep our thermostat really low and buy some of my clothes at Goodwill.

I also have looked into the afterschool care and it's A LOT less, so I am optimistic in 2 years that maybe things will ease up (as I won't be paying for daycare.)

I'm honestly not trying to sound mean, but I am truly confused by why you'd be so upset at your finances...[/quote]

Do your kid a favor and save for your own retirement. Poor kid will have to support your old broke ass one day.[/quote]

It's a vicious cycle.  It's a no-win: kid either takes out (sometimes substantial) loans, or has to support parents in retirement.  Sometimes both.  So while you think you're doing your kids a favor, they're still paying up regardless, right?

I agree you should save for retirement, I just think parents are in a tough spot and there's no easy answer- my dad's industry took a big hit so his earning potential dipped over time, my mom was never a high earner.  They didn't save enough for either college or retirement.  They did the best they could, but now that my student loans are payed off I'm nervous about their retirement.[/quote]

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