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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]And to address the PP, across Virginia, cost of living varies widely.

My husband and I are struggling with this as well. We want to save and live a decent life, but it's hard -- we earn about $180,000 combined, have two children in daycare (about $2,000), pay $2950 in rent in NWDC in a good school district. We have very little savings outside our company retirement accounts.

I worry all the time; not saving enough for our chidlren's eduction, what if something happens to one of us.

We've made all the obvious cuts: only one car, no cable, take lunch, no Starbucks. We spend a lot on groceries, which we are working on trimming (easily $1,000 a month for 4), and booze. We go out to dinner or do takeout maybe three times a month, which isn't THE MOST FRUGAL, I know, but I don't think it's exorbitant. Any time we take a holiday it's to visit family on the east coast, we've flown once in the past, what, 6 years?

UGH.[/quote]

What are you spending on?  You make $180K, say about 23% for taxes, 10% for retirement, that's still $120K or about $10K take home a month.  Take out your $2950 and $2000 and even your $1K for groceries (I agree with others, how can you pay that much!?!? unless you have two teenage boys eating $200/wk of junk) maybe $400 for utilities, you still have $3600.  What do you spend $3600 a month on that you are scraping by with so little savings?  At your current incomes, you should be able to save $1000-2000 per month (at least).

You need to get counseling because someone(s) in your household have no concept of basic budgeting.  You need to reevaluate what needs vs wants are and learn to live within your means and not try to live up to the Jones who make more money than you do because you should not be straining financially the way you are on what you make. [/quote]

We make approx $180K and take home $8600 a month - we have enough for our expenses but not much to save. Here's a breakdown.

$2260 - mortgage
$2260 - child care for 2
$1000 - student loans (should go down to $800 next month)
$1000 - food (with coupons)
$ 500 - utilities (power, gas, cable/internet, cell phones)
$ 185 - life insurances
$ 135 - car insurance (2 cars)
$ 200 - gas/parking/metro (driving to/from downtown from SS daily)
$ 300 - housekeeper (my primary splurge but the stress she relives is priceless and marriage counseling would cost more)
$ 300 - charity
$ 100 - gym
$  50 - dr/prescriptions

So that leaves approx $500 for clothing, weekend activities, car repairs, vacation savings, shopping, etc.

I am NOT complaining. I actually think we have a great life and are very lucky to have the things we have, but money does go pretty quickly.

I know people who make it work on much lower salaries and I think its incredible.

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