Average Annual Household Income

Tamiri ↓

Fri, Aug 22 2008, 8:06 am

amother wrote:

We make about $115K between DH & my fulltimes jobs plus DH does some freelancing on the side. This is for us and one child in NY. We are making ends meet but have no "extra" to put in savings which is frustrating because we have no family who can help us so at this rate we'll never be able to afford a house especially because once I have the baby I am expecting now I plan to take some time off or at least go part time.

Can you share where the money goes? How much is childcare etc? We made much less than this until after we had four kids... Is it because of NY living?

↑ amother ↓

Fri, Aug 22 2008, 11:29 am

amother wrote:

Roughly $115K - outside of the greater NY area
2 adults, 2 children
One self-employed, one employed elsewhere - with benefits
Still not making ends meet Sad

Tamiri wrote:

amother wrote:

Can you share where the money goes? How much is childcare etc? We made much less than this until after we had four kids... Is it because of NY living?

I am the amother that wrote the first quote. I'm happy to give you an idea where it goes:
Our earned approximate of $115K is $9583.33/month (because of self-employment, that can of course fluctuate plus or minus). After taxes, insurance, and 2% into 401(k), our take home is roughly $6100/month.
We do not live in NY and do not live extravagantly. We do own and run 2 cars, but living in a city with very little/effectively no public transportation, it's a necessity. Expenses break out as:

1400 - housing - mortgage, insurance, r.e. taxes
450 - utilities - power, water, home phone
1100 - car - payments for 1 car, gas, tolls, insurance, routine maintenance, aaa
600 - groceries (with very little entertaining on shabbos)
1500 - day care for 2 children
250 - baby necessities - formula, food, diapers, etc.
300 - student loan repayment
200 - unexpected repairs for house or cars (obviously an average, but $2400/yr may even be low)
125 - two cell phone subscriptions
140 - cleaning lady once every other week
100 - average medical expenses - includes maintenance meds, co-pays, otc meds, etc.

For a grand total of expenses at $6165/month. This says nothing of things that naturally come up in the scheme of life and are sometimes unavoidable - gift giving, unexpected medical expenses, etc. We have not had a vacation in over 3 years because we cannot afford it - not even a long weekend. We haven't eaten out in almost 2 years unless family is taking us out though the food figure does include for a bit of shabbos take out for weeks when I just can't get it together - maybe once every two months.

↑ amother ↓

Fri, Aug 22 2008, 11:54 am

amother wrote:

Roughly $115K - outside of the greater NY area
2 adults, 2 children
One self-employed, one employed elsewhere - with benefits
Still not making ends meet Sad

Tamiri wrote:

amother wrote:

Can you share where the money goes? How much is childcare etc? We made much less than this until after we had four kids... Is it because of NY living?

How do you manage on $600 a month for groceries?

↑ amother ↓

Fri, Aug 22 2008, 12:00 pm

Tamiri wrote:

The day care takes out a huge chunk. Thanks for the breakdown - not everyone can do that!

Yes it does. Unfortunately, the way we're looking at it is that we're just starting to pay tuition a little early. Once they start "real" school, it will only go up from there. And then of course, the baby expenses will be replaced by school supplies, school uniforms, field trips, etc., etc. Sad

The only reprieve we'll ever get is once the student loans get paid off. On the other hand, by then we'll need a new car!

↑ amother

Fri, Aug 22 2008, 12:18 pm

amother wrote:

How do you manage on $600 a month for groceries?

$150 a week? It's doable for three eaters (I put the baby food separate under baby necessities). We unfortunately almost never have guests anymore (maybe once every other month and a couple of times each yom tov). We eat next to no red meat. It's in the chulent on shabbos and DH occasionally buys ground meat to make himself hamburgers. Chicken is on Friday night and a couple of times a week. Beyond that, it's parve or dairy. Oh, and not too much cheese either (man, cheese is expensive!).