Anonymous wrote: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.

Anonymous wrote:Not without some type of govt assistance - reduced fee daycare, food stamps, housing assistance, disability income,etc

Anonymous wrote: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.

Anonymous wrote:

Anonymous wrote:you are all nuts who think you can do this in Metro DC for $55k. We do $225k as a couple and have 2 kids and I think it's not enough for where we are (childcare is a mortgage in itself)! The problem here is HOUSING. You are so screwed with the money you shell out on housing here. Have you seen prices in Arlington? Anything that is metro accessible is going to cost you. That is the biggest problem. And the metro is crazy expensive and 1/2 the time tracks are closed on the weekends - WTF! I'm from Chicago and do business in NYC - public transportation should not work that way esp. for how expensive metro is!

On $55k at about $3500/month net - you are looking at min 1/2 of that on a place to live. My husband has a rental property in Reston we rent at $1800/month - for the sake of keeping the same tennants month/month - we have not raised rent in like 2 years and won't - we barely break even on the investment but at least don't worry about it. Let me tell you I will not let us live there. It's a 3BR with a finished basement - actually very nice house but terrible neighborhood with in Reston as we all know, there is no metro. But it's pretty safe and centrally located.

So we're down to $1800/mo. I don't know I suppose you can say $600/mo in groceries for a family of 4 (assuming you aren't eating all starch/fast food every meal and sneaking some nutrition in). Probably at least $200 on utilities and $200 on bus transportation when possible or say you have to have a car/gas - that hikes it up to at least $400/month. Some money for clothing, insurance, etc. You know in life you have to bank a little for emergencies - so um, isn't that all your money? It's the housing here that does you in I'm convinced of it. Anywhere else in the US you can afford something ok for not as much - but not here!

WELCOME TO REAL LIFE....ladies (and gentleman as to not offend anyone).

Are you in such a bubble that you don't realize that many people actually NEED ALL of their salary for basic life expenses? Yes, there are many people who don't have tons of money to save for emergencies, no money to save for retirement, college, plastic surgery, or whatever else you feel is necessary.

Food, shelter, clothing, utilities, transportation, and health insurance if your company has good rates. That's life.

Stop being so ignorant and for heavens sakes, stop complaining about your six figure salaries. Enjoy it, live your life, but stop whining about how you "need" more to survive.

Anonymous wrote:

Anonymous wrote:you are all nuts who think you can do this in Metro DC for $55k. We do $225k as a couple and have 2 kids and I think it's not enough for where we are (childcare is a mortgage in itself)! The problem here is HOUSING. You are so screwed with the money you shell out on housing here. Have you seen prices in Arlington? Anything that is metro accessible is going to cost you. That is the biggest problem. And the metro is crazy expensive and 1/2 the time tracks are closed on the weekends - WTF! I'm from Chicago and do business in NYC - public transportation should not work that way esp. for how expensive metro is!

Some of you people are so out of touch with reality. According to the census bureau, the median household income in Washington DC from 2006-2010 was $58,526. For Fairfax it was $97,900. For the entire state of Virginia? $61,400. And the average household was roughly 3 persons. Yes, $55K is tight, but it is doable for many families out there. There are a lot of families that make it on median or below median incomes.

Anonymous wrote:I have a good friend whose husband made 64k a year (GS 11 clerkship) and they had 3 kids in silver spring. Their rent was 1400 a month for a three bedroom. One car, metro/bus subsidized. And they had enough to eat, pay utilities, cheap phones, no cable, etc. It's doable and I'm pretty sure they didn't go into any additional debt (although they deferred student loans and I think were getting WIC). They were generally happy and had a fun year however there was a light at the end of the tunnel--the 6 figure salary moving west with a lower cost of living. I think if you are prepared to be super frugal with no extras and that sacrifice is worth it to stay home v. work than go for it. For me (both DH and I make 75k live in Falls Church in 2100 rented 4 bedroom townhouse with 2 kids, pay about 2500 a month for a nanny and 600 a month for student loans) I don't think I will be prepared to stay home until my husband makes around 100k. At that point we could maintain the same standard of living we have now (we have to budget but we do ok and can eat out, occasional short trip, save a bit, etc) one once income when you take into account the lack of childcare expense. But I've lived with money stress and it's not worth it to me right now. If you are motivated and can restrain spending it can totally be done.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

We have all that except just one car and two metro stations within a mile on less than $90k a year. And also save about 20 percent of our income.

Wow, that's terrific! Just curious, do you have childcare expenses?

No, my husband looks after our son full time and I work full time. (Actually we have had some expenses for a co-op pre school but it's less than $200 a month). We do have a relatively low mortgage and when I said we save 20 percent that was retirement, college and regular savings combined. No debts. I feel like we're pretty extravagant at times (especially compared to when I was younger) so I can't imagine how people with $200k plus combined can find it tough!

Well, I'm no math genius but.... 90K is about 35K more a year that 55K isn't it? After taxes, that can easily be $1,500 more a month. At that income level an extra $1500/month is HUGE.

Yeah it is great to save 20% of your income, but I don't think it could be done on 55K a year. This is the perspective of someone who was a SAHM when her DH was earning 70K a year, just one child, one bedroom apartment. Doable, but TIGHT.