Anonymous
Post 07/05/2013 08:05     Subject: Re:If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:Our HHI is 160K. This isn't really our budget, but more like a balance sheet.

We have two in daycare at around $2800 per month and a 300K mortgage with payments of around 1900 per month. We have 75K in an emergency fund and around 200K in retirement, with 8K in each child's college savings.

I feel lucky and I feel secure. But the only way I am able to maintain this sens of security it to give up the idea of moving from our 400K TH to a 600K SFH any time soon. If I bought myself any more debt, I would have trouble sleeping.


How in the world do you have that much in retirement? Did you save a lot before you had kids? No school debt?
Anonymous
Post 07/04/2013 14:28     Subject: If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:That's us -- we're broke. But we have two in daycare right now and keep telling ourselves when they are out in a year we won't be as stretched!


I remember it was like night and day when our kids got out of daycare. Suddenly we had all this breathing room for savings, lawn care, vacations.


I can't tell you how happy I am to hear that -- I feel like people love to tell me that I'll just use that money for other things (school supplies, etc.) But my god I can't see us spending THAT MUCH every month on them!


Camp? aftercare? Is it still not as much as daycare?


I obviously can't speak to others but for us aftercare and camp won't come close to our daycare costs. Daycare over a grand more than our mortgage -- it's crazy.


This is true. Fairfax County SACC is just under $1,000 per month for two kids (before and after care) and one week (for Spring Break) of SACC camp for two kids is $445. Then add summer SACC camps at $467 per week for 8 weeks of summer. It totals out to roughly $15K.

Now of course not many people want to send their kids to summer SACC all summer. So then you can add in the cost of a "good" camp, for an additional $150-$250 per week in the summer (x 8 weeks) for another $1500 or so. Then add in camp costs for the weeks summer SACC is not open. But then you think "it would be cheaper to take a vacation" . . .

But then you have to find the camps that have openings, and that you can actually get to while also managing to get to work. And the "good" camps close at 3 pm, so then you have to figure out how to manage your work hours around the camp locations and drop-off/pick-up schedule.

And then you think to yourself, "It was so much easier when they were in daycare."



That's still waaaaaay less than a nanny. We pay $40,000 a year with tax costs.

I'll take your $400 a week anyday and twice on Sunday


Why do you have a nanny then?


Because daycare is basically the same cost anyway.
Anonymous
Post 07/04/2013 12:38     Subject: If your HHI is around $150k and you have 1-2 kids....
Single mom here with two kids and two pets at $155K (which includes child support). I pay for almost every service since I don't have the time (cleaning lady, lawn service, dog poop clean up). I save $800 a month for the kid's college funds (each have $12K saved), $2800 for my mortgage (15 yr loan with $250K in equity), $1500 for child care (offset by CS), no car payment (haven't had one in years), I max out my 401K contribution each year. I have $70K liquid savings and $390K in 401K already. I haven't really cut back spending from dual income to one income. I like to enjoy my life and spend as I'd like. Even though I do know I should cut back more and put more in liquid savings. I am always worried about the what ifs (job loss!), which is why I'm very dedicated at work.
Anonymous
Post 07/04/2013 09:41     Subject: If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:That's me. One income of $155, 1 child who is 7. I definitely don't feel broke. I do feel like I need to watch my spending, but in large part I think that's just how I am. I am not exactly frugal, but I try to save money where I can.
My son is in school -- public, but still needs before/after care and summer care. My "daycare" budget is $510/month, and is remarkably consistent across school year/summer.
Definitely better than when he was a baby, but still significant.
Mortgage/taxes/insurance is just under $2000/month. Other big expense is a car I just bought with a monthly payment of $350.



I'm in a very similar situation in terms of income, child's age, and afterschool/camp costs. Mortgage etc is higher though - about $2600. However we are fortunate in that my parents invested a large lump son in our son's college account back in 2008 near the bottom of the market. It's now doubled in value and there is more than enough to pay for 4 years at a state school (assuming returns and inflation balance one another out). So while we'd like to continue to save to give him additional options, we don't feel as much pressure as we would otherwise.
Anonymous
Post 07/04/2013 09:11     Subject: If your HHI is around $150k and you have 1-2 kids....
That's me. One income of $155, 1 child who is 7. I definitely don't feel broke. I do feel like I need to watch my spending, but in large part I think that's just how I am. I am not exactly frugal, but I try to save money where I can.
My son is in school -- public, but still needs before/after care and summer care. My "daycare" budget is $510/month, and is remarkably consistent across school year/summer.
Definitely better than when he was a baby, but still significant.
Mortgage/taxes/insurance is just under $2000/month. Other big expense is a car I just bought with a monthly payment of $350.

Anonymous
Post 07/04/2013 08:46     Subject: If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:That's us -- we're broke. But we have two in daycare right now and keep telling ourselves when they are out in a year we won't be as stretched!


I remember it was like night and day when our kids got out of daycare. Suddenly we had all this breathing room for savings, lawn care, vacations.


I can't tell you how happy I am to hear that -- I feel like people love to tell me that I'll just use that money for other things (school supplies, etc.) But my god I can't see us spending THAT MUCH every month on them!


Camp? aftercare? Is it still not as much as daycare?


I obviously can't speak to others but for us aftercare and camp won't come close to our daycare costs. Daycare over a grand more than our mortgage -- it's crazy.


This is true. Fairfax County SACC is just under $1,000 per month for two kids (before and after care) and one week (for Spring Break) of SACC camp for two kids is $445. Then add summer SACC camps at $467 per week for 8 weeks of summer. It totals out to roughly $15K.

Now of course not many people want to send their kids to summer SACC all summer. So then you can add in the cost of a "good" camp, for an additional $150-$250 per week in the summer (x 8 weeks) for another $1500 or so. Then add in camp costs for the weeks summer SACC is not open. But then you think "it would be cheaper to take a vacation" . . .

But then you have to find the camps that have openings, and that you can actually get to while also managing to get to work. And the "good" camps close at 3 pm, so then you have to figure out how to manage your work hours around the camp locations and drop-off/pick-up schedule.

And then you think to yourself, "It was so much easier when they were in daycare."



That's still waaaaaay less than a nanny. We pay $40,000 a year with tax costs.

I'll take your $400 a week anyday and twice on Sunday


Why do you have a nanny then?
Anonymous
Post 07/04/2013 08:06     Subject: If your HHI is around $150k and you have 1-2 kids....
110k hhi gross
1 toddler and 1 baby on the way due in 6 mos.

Monthly expenses:
Rent 1900
Home Daycare 700
Groceries toiletries diapers 800
Car 1 paid off
Car 2 500
Utilities 200
Storage 100
Credit cards paid off
Cell phones 120
Car insurance 140
Gas commuting 200
Clothes/misc expenses 300

We live comforrably and dont want for the basica. Of course we could always use more money but we are appreciative of our comfortable middle class lifestyle
Anonymous
Post 07/03/2013 21:36     Subject: If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:
Anonymous wrote:180K HHI, 2 kids in daycare
Daycare = 3,000 per month
Mortgage = $1,900
Groceries/Eating Out = $1,000
Cable/Phone/Internet = $300
College Savings = $200
Other Savings= $500
Cars/Commuting = $400
Insurance = $250
Church = $150
Not much left over... Money feels tight, which seems ridiculous at our income.
We both contribute about 7% to retirement accounts.


It's hard PP, I know how you feel. but there are so many line items in my budget that I don't see here! Utilities? clothes? Gifts?


Ah, yes, forgot about those! Utilities are about $200 a month, clothes are as needed - maybe $50-$100 a month?, and gifts probably over $2K a year, so $200ish a month.
Anonymous
Post 07/03/2013 21:02     Subject: If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:^that should say mortgage 930. Typing on tablet in turbulence in plane.


That's an awesome mortgage. I feel great about my $2200 one (w/ taxes), but yours is awesome
Anonymous
Post 07/03/2013 20:39     Subject: If your HHI is around $150k and you have 1-2 kids....
^that should say mortgage 930. Typing on tablet in turbulence in plane.
Anonymous
Post 07/03/2013 20:38     Subject: If your HHI is around $150k and you have 1-2 kids....
140k and 2 kids

Mortgage 990
tuition 1440
groceries and household 1900
eating out 500
elec 300
Phones 180
gas 450
sitter 200
other = whatever's left.

Dh contributes 11% to 401k. Other than that we spend everything we make.
Anonymous
Post 07/03/2013 20:03     Subject: If your HHI is around $150k and you have 1-2 kids....
$150 HHI here with three kids who are older. I'd feel fine if we didn't have one in college and another headed there soon. So it goes...
Anonymous
Post 07/03/2013 19:57     Subject: If your HHI is around $150k and you have 1-2 kids....
I make a little under $150 and feel fine. Fed job, been in over 20 years. One kid in daycare (only one more check and I'm done!!!). The issue is that I have no debt except my mortgage, which I kept to about $375k. Car paid for. No fancy vacations. Won't get a smartphone until daycare expenses stop. I max out my Thrift plan, which for me is around 14%. Put around $250 a month towards college. Have emergency fund. I haven't had much cushion of extra funds to do other stuff with, so I don't do those other things.

Anonymous
Post 07/03/2013 18:36     Subject: If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:That's us -- we're broke. But we have two in daycare right now and keep telling ourselves when they are out in a year we won't be as stretched!


I remember it was like night and day when our kids got out of daycare. Suddenly we had all this breathing room for savings, lawn care, vacations.


I can't tell you how happy I am to hear that -- I feel like people love to tell me that I'll just use that money for other things (school supplies, etc.) But my god I can't see us spending THAT MUCH every month on them!


Camp? aftercare? Is it still not as much as daycare?


I obviously can't speak to others but for us aftercare and camp won't come close to our daycare costs. Daycare over a grand more than our mortgage -- it's crazy.


This is true. Fairfax County SACC is just under $1,000 per month for two kids (before and after care) and one week (for Spring Break) of SACC camp for two kids is $445. Then add summer SACC camps at $467 per week for 8 weeks of summer. It totals out to roughly $15K.

Now of course not many people want to send their kids to summer SACC all summer. So then you can add in the cost of a "good" camp, for an additional $150-$250 per week in the summer (x 8 weeks) for another $1500 or so. Then add in camp costs for the weeks summer SACC is not open. But then you think "it would be cheaper to take a vacation" . . .

But then you have to find the camps that have openings, and that you can actually get to while also managing to get to work. And the "good" camps close at 3 pm, so then you have to figure out how to manage your work hours around the camp locations and drop-off/pick-up schedule.

And then you think to yourself, "It was so much easier when they were in daycare."



That's still waaaaaay less than a nanny. We pay $40,000 a year with tax costs.

I'll take your $400 a week anyday and twice on Sunday
Anonymous
Post 07/03/2013 15:01     Subject: If your HHI is around $150k and you have 1-2 kids....
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:That's us -- we're broke. But we have two in daycare right now and keep telling ourselves when they are out in a year we won't be as stretched!


I remember it was like night and day when our kids got out of daycare. Suddenly we had all this breathing room for savings, lawn care, vacations.


I can't tell you how happy I am to hear that -- I feel like people love to tell me that I'll just use that money for other things (school supplies, etc.) But my god I can't see us spending THAT MUCH every month on them!


Camp? aftercare? Is it still not as much as daycare?


I obviously can't speak to others but for us aftercare and camp won't come close to our daycare costs. Daycare over a grand more than our mortgage -- it's crazy.


This is true. Fairfax County SACC is just under $1,000 per month for two kids (before and after care) and one week (for Spring Break) of SACC camp for two kids is $445. Then add summer SACC camps at $467 per week for 8 weeks of summer. It totals out to roughly $15K.

Now of course not many people want to send their kids to summer SACC all summer. So then you can add in the cost of a "good" camp, for an additional $150-$250 per week in the summer (x 8 weeks) for another $1500 or so. Then add in camp costs for the weeks summer SACC is not open. But then you think "it would be cheaper to take a vacation" . . .

But then you have to find the camps that have openings, and that you can actually get to while also managing to get to work. And the "good" camps close at 3 pm, so then you have to figure out how to manage your work hours around the camp locations and drop-off/pick-up schedule.

And then you think to yourself, "It was so much easier when they were in daycare."