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How does a family do it financially
Posted on 6/5/22 at 5:30 pm
Posted on 6/5/22 at 5:30 pm
Me and my wife bring in 133k a year. We have no kids. We both bought our dream cars ten years ago so no car payments. No credit card debt. No student loan debt. Our mortgage is 18% of our monthly income. We both max out our 401k’s. One bad thing is we do eat out 3ish times a week. But we try to save 1500 a month.
Was just thinking the average middle class income is 80k a year for a family of 4-5. How do they afford life?
Was just thinking the average middle class income is 80k a year for a family of 4-5. How do they afford life?
63
Posted on 6/5/22 at 5:32 pm to tigerbacon
No extras
Posted on 6/5/22 at 5:33 pm to tigerbacon
Spend less than they make.
Posted on 6/5/22 at 5:34 pm to tigerbacon
We don't make way more than you and had kids in daycare, private school etc. We don't anymore but we didn't really struggle either. The average American thinks luxury items are necessities.
Posted on 6/5/22 at 5:34 pm to tigerbacon
credit card debt and obesity
Posted on 6/5/22 at 5:35 pm to tigerbacon
quote:
How does a family do it financially
Apparently credit card and equity loans. There is a thread on the MB that 1/3 of people making $250K a year are living paycheck to paycheck. No idea how that is remotely possible.
Posted on 6/5/22 at 5:36 pm to tigerbacon
I need to sit down and make a list of all my expenses. Currently make $150+ between wife and I house is paid but two car notes and a tractor note and sometimes I wonder where all the money goes. Not setting the world on fire savings wise.
Posted on 6/5/22 at 5:38 pm to tigerbacon
Run up their Discover card and hope they go out of business
Posted on 6/5/22 at 5:39 pm to tigerbacon
We’re a one income family of 6 because my wife homeschools our kids. Therefore we fall under the average you mentioned. We certainly have to be careful but I feel like we live a pretty comfortable life. We are certainly feeling the inflation squeeze but besides that I can’t complain. It’s about priorities.
Posted on 6/5/22 at 5:39 pm to GreatLakesTiger24
Bunch of people in the country living in homes 4x their annual income and making 75k driving 50k SUVs
Posted on 6/5/22 at 5:39 pm to tigerbacon
Most people aren’t stashing 41k a year pretax away. I wouldn’t be surprised if they aren’t even contributing the minimum to max out the match. That, cc debt, HELOCs, etc.
Posted on 6/5/22 at 5:40 pm to tigerbacon
quote:Curious, what are these makes & models.
We both bought our dream cars ten years ago so no car payments.
Plus, pics of her. We have rules here.
Posted on 6/5/22 at 5:40 pm to tigerbacon
quote:
80k a year for a family of 4-5
Don’t teachers make 40k? I am guessing two teachers really can’t raise a family unless they live in a very rural area
Posted on 6/5/22 at 5:40 pm to arktiger28
quote:
We’re a one income family of 6 because my wife homeschools our kids. Therefore we fall under the average you mentioned. We certainly have to be careful but I feel like we live a pretty comfortable life. We are certainly feeling the inflation squeeze but besides that I can’t complain. It’s about priorities.
Exactly - my husband makes pretty good, I homeschool 5 of the 6 kids (oldest is in college) - so it’s one income - but we don’t miss out on anything and we aren’t extravagant spenders - no cc debt either
Posted on 6/5/22 at 5:41 pm to tigerbacon
quote:
Our mortgage is 18% of our monthly income. We both max out our 401k’s. One bad thing is we do eat out 3ish times a week. But we try to save 1500 a month.
Families don’t do these things.
Posted on 6/5/22 at 5:41 pm to tigerbacon
18% of income on mortgage is kinda high imo, unless you bought recently where you have no choice but to get ripped off.
Posted on 6/5/22 at 5:43 pm to StringedInstruments
quote:
Families don’t do these things.
Agreed. I think you should still find a way to max out your 401k match but much of the rest isn't necessary.
Posted on 6/5/22 at 5:44 pm to tigerbacon
Posted on 6/5/22 at 5:45 pm to deeprig9
quote:18% of take home pay seems really low to me
18% of income on mortgage is kinda high imo
Let’s take someone making 175-200k a year. Their take home monthly pay is roughly10k. You telling me a mortgage of $1,800 would be high? That’s like a 275k house….
This post was edited on 6/5/22 at 5:46 pm
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