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It's a lot, I'm not a counselor or anything, in my home it's 3 adults, we cook twice a week enough for a few days of food. Maybe some cold cuts on the side, I think we spend around $100 a week...nobody starves lol
Ouch, this is very tough-we lived on 50K a year when it was just the two of us and rent was $500 a month in Brooklyn, it was totally doable, we had money left to go out, 50K in Manhattan when the rent is triple the amount plus baby is tough-what's your job situation? On one hand, with one parent staying at home, you are cutting nanny expense which could easily be 2-3K per month after tax, on the other hand, maybe now is not the right time really? Wait till she wraps up her residency and receives full-time offer, this will pay about 250K, then you can think about the baby. Man, every time I read these posts, I get really depressed as my son wants to be a doctor, I told him-only if you go for dentistry, at least, they are not as dependent on the insurance reimbursements as regular doctors.
I'm with you. People think it's easy street, but for a couple who will have $350,000+ in student loans, plus not getting a real paycheck until the age of 34 (spouse started med school in mid 20s), it's not exactly easy street. We would wait on the baby, but my wife will be 30 when she starts residency, and we don't want to wait too long... Not that we are complaining, though, because, though we will have had to struggle through our 20s and 30s, there is light at the end of the tunnel. In the worst case scenario, doctors will work for $100k after 8 years of med school and residency -- but that can still support a family, and would be more than enough for us. Best case, something like $250k.
Not to get off topic, but the only issue with dentistry is that I have heard rumblings that there many be an oversupply of dentists coming down the pike, due to the proliferation of dental schools. Not that the same thing couldn't happen with medicine either -- but just that you can't predict a lot of these things. If your son likes medicine, though, he will be guaranteed a middle class (upper-middle, if he is lucky / things stay the same) life. And it may come down to just preferring other body parts to the mouth.
I work in a non-profit, but will have to leave my job when we move. We would both prefer that I don't work and take care of the baby, considering that I wouldn't make all that much anyways.
It's a lot, I'm not a counselor or anything, in my home it's 3 adults, we cook twice a week enough for a few days of food. Maybe some cold cuts on the side, I think we spend around $100 a week...nobody starves lol
Haha I was just curious. I suppose I could cut the food bill substantially. I currently try to only buy organic produce and meat from Whole Foods, which is the main reason the food bill is so high. And even though I cook a lot, the pricey groceries really add up.
I could really cut the bill by shopping in Chinatown. I just get really nervous about pesticides, etc, particularly because we eat such an incredible amount of veggie surface area every day!
But that could be one area of sacrifice. Or at least buy regular meat.
OP, grab the subsidized housing as soon as you can if your spouse has committed to that program. Nothing values more than time for beginning residents especially in the first year. And for that matter, you should time, at your best, to have your baby born after the first year to make the life easier for your spouse.
Yes, you can definitely manage to live on that budget in that studio and having a baby as long as you are willing to live in a crowded place for a short while. Don't forget that with a baby your spouse can always request the program to move you to a subsidized one-bedroom to have some more space, and the increased rent can be dealt with the money from tax credits and returns when you have an extra family member. Raising children are expensive in Manhattan only if 1) you need child care/schooling; 2) need housing in a reasonably good school zone which can be prohibitively expensive for a beginning MD's income. But neither is of any concern to you in the coming few years. The rest baby-related costs are roughly the same across the country.
It is a big plus that you came out of medical school with some savings instead of a debt. That will help you tremendously and also allows you the possibility of tapping into some personal loans if needed when the baby comes. You have to look at the bright side of your future living supported by a fairly stable and decent MD's income if you are not planning to become long-term NYC residents. So you should not live too cheaply when you are here and I would try to enjoy Manhattan as a life time opportunity. You can afford to have a good time here while taking on a bit of debt during your spouse residency training.
You cannot possibly give any better birth gift to your child than having a manhattan stamp printed on his or her birthday certificate. So do not sit around idle and wait to do it after you move away to make it "easy". Like mentioned above, baby expenses are not that different here from the rest of the country after you rule out your child care and housing expenses. But if you plan to settle here for good, it will require an acrobatics-like set of skills to balance between job location, budget, housing, school zone and other NYC-specific issues, which I do not recommend to you.
One last piece of advice is that you should find some part time job to do before the baby is due. This helps you to kill time and to experience real NYC life more than being an extended visitation. There is a high demand of nannies in manhattan who earn more than medical residents on an hourly scale. I think that will suit you well in terms of budget needs and also you will obtain hands-on experience in taking care of kids before your own is due. If you are lucky, you can even break into the manhattan upper social clubs through being a good nanny... You have unlimited potential to enjoy an interesting and rewarding life here in NYC in the coming few years if you are willing to comprise and explore.
It's doable, I did $65k in Manhattan in 2014 and I'm still here in 2015 albeit making a good bit more. My rent is around what those residency programs offer, so that's not too bad. You will be feeding two people though, and while having a baby is a personal decision, financially I wouldn't recommend it.
^ i agree. you cannot afford a baby. you need to find a job and help out your husband. if he's working 80hrs a week for 50 weeks he's making $12.50/hr. mcdonalds employees make more then your husband per hr...this statement should bring things into perspective. on top of that he has to support you and the baby. it aint happening
I'm with you. People think it's easy street, but for a couple who will have $350,000+ in student loans, plus not getting a real paycheck until the age of 34 (spouse started med school in mid 20s), it's not exactly easy street. We would wait on the baby, but my wife will be 30 when she starts residency, and we don't want to wait too long... Not that we are complaining, though, because, though we will have had to struggle through our 20s and 30s, there is light at the end of the tunnel. In the worst case scenario, doctors will work for $100k after 8 years of med school and residency -- but that can still support a family, and would be more than enough for us. Best case, something like $250k.
Not to get off topic, but the only issue with dentistry is that I have heard rumblings that there many be an oversupply of dentists coming down the pike, due to the proliferation of dental schools. Not that the same thing couldn't happen with medicine either -- but just that you can't predict a lot of these things. If your son likes medicine, though, he will be guaranteed a middle class (upper-middle, if he is lucky / things stay the same) life. And it may come down to just preferring other body parts to the mouth.
I work in a non-profit, but will have to leave my job when we move. We would both prefer that I don't work and take care of the baby, considering that I wouldn't make all that much anyways.
So you are the husband and in that case I should reconsider my suggestions above. In my experience women are more flexible in the job market and are naturally more competent in raising children while playing a supportive role at home. But it is physically challenging to bear children during residency. Your debt was not revealed early on either. I would definitely avoid the entire NYC area for that reason if she has options in other low cost-of-living areas.
I think if it were just two adults, and you adjust your grocery budget, you can make it work on your wife's salary, plus whatever work you are able to get, plus savings. You won't be very financially secure, especially once those loans come due, and you'll find it very hard to enjoy life (but that could also be more of a factor of the residency).
Unfortunately, I don't think you can afford a baby right now under these circumstances. Babies are crazy expensive, between diapers, clothes, food, special formula, etc. Plus all of their stuff takes up a lot of room - I was at a friend's house yesterday and the baby gear is everywhere. You can try to keep it neat which makes it better but the stuff needs to go somewhere, which is limited in a Manhattan apartment.
I say go for it. You won't be living the high life, but who cares. Even if it only lasts for a year, you can still look back and say you did it.
If one of you will be living at home, that'll help with the baby since you won't need childcare.
A studio for a couple with a baby is going to be tough, but it's possible. My fiance is pregnant right now and we have a one bedroom. It'll be fine for a bit, but it's going to get pretty cramped pretty quick.
Quote:
Originally Posted by homeboi
95% NYers don't live in Manhattan.
Why don't you take a look in the trendiest hoods of Brooklyn (Park Slope, Williamsburg, etc)?
I'm single and I wouldn't live in Manhattan on less than 150K a year.
If safety isn't an issue for you, then that's a different story.
lol what.
About 20% of NYC residents live in Manhattan.
And you're single, but wouldn't live in Manhattan on anything under 150k? Do you have insane debts, or are you just the world's worst budgeter? Hell, you almost don't have to even budget if you're pulling in $150k and are single.
You cannot possibly give any better birth gift to your child than having a manhattan stamp printed on his or her birthday certificate...
leoliu, what do you mean by that? Just wondering. Unless it's a choice between being born into some unfortunate circumstances in a developing nation or in NYC.
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You have unlimited potential to enjoy an interesting and rewarding life here in NYC in the coming few years if you are willing to comprise and explore.
