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Top Triplet Talk Triplet Connection Multiple Questions topic #487993
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Subject: "Can you live on 55k per year?" Previous topic | Next topic
TripletsRuleSat Apr-28-12 09:07 AM
Member since Sep 06th 2008
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#487993, "Can you live on 55k per year?"


          

I am considering leaving my job and am just wondering if this even possible for a family of 6? I just feel like I have no time with my kids and can not keep up with all the laundry and household chores there are to do. He does not help at all with laundry and is not supportive of any suggestions I give to make this daily task easier. I do not feel my kids are getting what they need from me.

Thanks,

Jennifer

  

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Replies to this topic
RE: Can you live on 55k per year?, sheila mcmahan, Apr 28th 2012, #1
RE: Can you live on 55k per year?, LvTriplets, Apr 29th 2012, #2
RE: Can you live on 55k per year?, TripletsRule, Apr 29th 2012, #3
RE: Can you live on 55k per year?, MaryM, Apr 29th 2012, #4
RE: Can you live on 55k per year?, rhmaxx, Apr 30th 2012, #5
RE: Can you live on 55k per year?, Amy5, May 02nd 2012, #6

sheila mcmahanSat Apr-28-12 10:05 PM
Member since Nov 23rd 2008
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#487999, "RE: Can you live on 55k per year?"
In response to Reply # 0


          

I think it is possible, but difficult. Also, it depends on where you live and the cost of living associated there.

Sheila
GGB 10/29/06 (33 weeks)

  

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LvTripletsSun Apr-29-12 01:01 AM
Member since Nov 05th 2007
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#488000, "RE: Can you live on 55k per year?"
In response to Reply # 0


          

We do, but it is check to check here, no long term plan and that is SCARY! Make a budget. Car payment, mortgage, groceries, gas, insurance, utilities, cc payments, baby food, diapers, etc. Can you cover it? Do you have any savings in case extra stuff like the car broke down, or unforseen medical, etc?

Maybe save a little and in the mean time get a nanny or maybe just a house keeper to take some of the stress off. Maybe then your time home could be be more time with the babies instead of doing crap around the house.
Good luck!

Laura & Don
BBB 5/05
www.ourbighappy.blogspot.com

"

  

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TripletsRuleSun Apr-29-12 11:51 AM
Member since Sep 06th 2008
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#488003, "RE: Can you live on 55k per year?"
In response to Reply # 0


          

Thank you! It is tough to tell. We are not making it now with both our incomes and I make more than my spouse. By the time we pay day care, it is almost not beneficial for me to work. We just found out they have been accepted into Head Start for the fall, which will help some as our day care cost will lower. We don't have any savings now with us both working and are racking up bills just trying to keep above water because of our diaper and child care costs. We pay $1800 per month for day care.

  

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MaryMSun Apr-29-12 08:26 PM
Member since Nov 05th 2007
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#488009, "RE: Can you live on 55k per year?"
In response to Reply # 0


          

I think that the answer to this question greatly depends on the financial situation you're already gotten yourself into--mainly, how much debt you have and how much you've saved. (Also, on the cost of living where you are).

My husband and I have been doing some analysis of our finances lately, thinking about long-term savings for college and retirement, and we've recently been looking over how much we spend/live on. I don't work, and we live on less than 45k a year. My husband makes more than that... I'm just saying that this is what we spend (not including giving and saving), but we don't have a house payment and have no other debt (no school loans, no car payments, etc.) I have my husband to thank for this, since we got married when he was in his early 30's and he'd spent the previous 11 years living frugally and saving a big portion of his income. And right now I'd say we live fairly modestly, in an older home, with vehicles that are an '00 and an '02. NOT that I feel deprived, we take vacations and eat out and buy the kids nice things. But it seems to me that you have to get on top of things first, getting out of debt and not spending more than you can afford.

Good luck, I have been a SAHM since my oldest was born, 7 years ago, and it's been wonderful for me and our family.

Mary (41) happily married to Case (45) since 7/2000

Stay-at-home mom to Madelyn Anne, born 10/31/04

and GBG triplets: Laura Catherine (4 lb 8 oz), Andrew William (4 lb 9 oz) and Elise Nicole (4 lb 7 oz) born 3/15/07 at 34w 1d

  

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rhmaxxMon Apr-30-12 04:34 AM
Member since Sep 20th 2009
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#488013, "RE: Can you live on 55k per year?"
In response to Reply # 0


          

You can but it depends on where you live and how much your debt is. We live on about 20K- 30K a year. It depends on how much my husband works. Before babies we were bringing in about 45K. We have no debt other then the house and our house payment is subsidies from the government. We get food stamps and medicaid for the kids. If I worked all of my paycheck and then some would go for daycare. I would look at what you make and what it cost you to work (daycare, gas to and from work). If you really want to stay at home see what you can do without to stay at home. I had a car that I used for work and we sold it. I still had the van and my husband has a company truck (we have later bought a Jimmy for him to drive). We don't have a savings account. I also do daycare in my home for extra income. This is something that you might want to consider or something that you can do at home with the babies to bring in extra cash, if you need it.

  

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Amy5Wed May-02-12 03:13 PM
Member since Nov 05th 2007
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#488022, "RE: Can you live on 55k per year?"
In response to Reply # 0


          

We are a family of 7 and have done so for many years now! We cut a lot of corner and make a lot of sacrifices but it is working.

Amy
Mom to:
G 00
B 01
BBB 02

  

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