10:32 - If I underestimated take home pay, you can add that to your house/downpayment savings account.

Estimated Take Home Pay - $6,000 per month

Housing - Rent $1850
Insurance (life and health plan through employer)- $400
Childcare. - $1000 (est. $200 per week for youngest, $130 for afterschool care)
Gas (& Metro) - $230
Food - $800
Utilities - $275
Car insurance - $100
_______________________
$4,655 Expenses

Savings - $445
College- $200
Retirement- $500
Vacation- $200
________________
$1345 Savings

Both parents teachers. HS - Math and Science - so in demand. Can move to any school district to teach, based on benefits, decent schools for our kids and housing (also, opportunities to tutor is also a consideration ). School breaks and summer is covered. MCPS benefits. 403 (minuscule contribution only). 120 K is take home, but need to contribute more for retirement and college from it.

Home ownership is a dream that can be deferred. Renting now. Nothing saved for down payment. Right now working to save at least 3 month salary.

College and retirement takes priority. Looking for 4 years of undergrad and 2 years of Masters for kids(at least!). State school more than ok.

1 Corolla, 1 Prius. Opposite sex kids. ( No more kids though!)

10:16 again - what I didn't account for was whether you need after care for your kid in KG, which you probably do if you work full time. In that case, I'd probably go with an even cheaper preschool with $250/week so that frees up another $120 a month for your KG's aftercare. If you all don't order take out often, you could probably scale back the 1k I budgeted for food and that would free up some more for aftercare.

I need to know your take home after taxes and health insurance. I see you listed insurance but health insurance usually is whatever it is at your employer, so I'm just going to assume that your take home is roughly the same as mine - 75% after taxes and health insurance premiums. So that gives you $7553 in cash to work with each month. Here's a reasonable monthly budget for that, I think:

Rent a 2 bedroom in Alexandria or MD: $1700-1800
[my brother & I shared until he was 8, so I'm going to assume you all keep it to 2 bd for your family til the little one is out of daycare]
Childcare for younger kid: $1200 at a full time daycare/preschool
Life insurance: $200 [depends on whether your work subsidies it, how old & healthy you are for LI on the market, etc]
Renter's insurance: $10/month
Car insurance: $170
Gas: $120
Food: $1000
Utilities: $200[internet, water, heat, no cable]

Savings: $500
College accounts: $1000 for both kids, a little more heavily weighter towards the older one if you were late in getting his account started
Retirement: $1000 total contributions for you & DH, but I'd up this if there's no matching from employer
Vacation: $300

Anonymous wrote:

Is this family doomed to be poor in this area. Barely survive?

What do you mean, poor or barely survive? Our family of 4 does very well! (HHI below 100K but no daycare costs)

same sex children or opposite?

Anonymous wrote:4 members.
Mom and Dad working. Both 30 yr old.
2 kids. 6yr and 4yr. 6yr will go the Kindergarten. 4yr needs day care for 2 more years.
2 cars. Paid off. 4 years old. No consumer debt. No student loan.

Tell me what they should spend on all categories you can think of, what options do they have?-
Housing
Insurance
Savings
College
Retirement
Vacation
Childcare.
Gas
Food
Utilities
Gas and car insurance

Is this family doomed to be poor in this area. Barely survive?

How much is saved for down payment?

What is you monthly take home? You can't have a budget without first knowing this.

Do parents work staggered schedules? Does the school aged kid need Before/ and or after care? Do parents drive to work or have subsidized transit through federal jobs? Family in the area to help out with child care for school breaks and summers? What kind of employee matching on retirement? Rent or buy? Are the cars gas guzzling clunkers or newly paid off Prius?
The answers to these questions will heavily impact the budget choices.
But, a family of 4 could be doing fine on 120 in this area, or not so good.

Or, could be they are in a 2br apartment in DC with free pk3

No you are not doomed! I'd say you are doing just fine for your age. You are already well ahead of the game with no debt, student loans, or car payments. Good job!

PG county, Frederick or prince William county

4 members.
Mom and Dad working. Both 30 yr old.
2 kids. 6yr and 4yr. 6yr will go the Kindergarten. 4yr needs day care for 2 more years.
2 cars. Paid off. 4 years old. No consumer debt. No student loan.

Tell me what they should spend on all categories you can think of, what options do they have?-
Housing
Insurance
Savings
College
Retirement
Vacation
Childcare.
Gas
Food
Utilities
Gas and car insurance

Is this family doomed to be poor in this area. Barely survive?