How much to get by for a family of four? (Boston: real estate, coupons)

[Parsec]

Originally Posted by Beachcomber4

Interesting thread. I can't imagine getting by on 60K for a family of 4. Beyond the regular living expenses are those opportunities that you want (and honestly to keep them engaged as teens really need) to provide for your kids. Think about the cost of preschool, sports and other activities. I am not talking about the travel and elite programs either- just the regular town andsports and activities. That would take a big bite out of a families budget. Glad I don't have daughters who wanted to dance. Even just the cost of a group lesson and end of the year recital is staggering.

I think that depends on each person's definition of "getting by". I didn't include expenses such as extra curricular activities in my definition because those are not necessities. I know families who make well over 6-figures and get by on just 1 car while living in the suburbs, so I consider a 2nd car to be a luxury too. I also budgeted only $1400-1500/mo for a 2-bedroom apartment for a family of 4 because I've been there and done that.

[Boston_Burbs]

Are we talking Massachusetts or Boston?

I know people in western, MA that do just fine with lower incomes, but wouldn't have a pot to **** in if they lived in Boston.

Ironically, their salaries are not that much lower for the same type of work in downtown Boston. Best advice I could give people is try to find a job and housing outside of 495 and visit Boston on the weekends. Makes life a lot easier.

[kingeorge]

Originally Posted by Morris Wanchuk

Are we talking Massachusetts or Boston?

I know people in western, MA that do just fine with lower incomes, but wouldn't have a pot to **** in if they lived in Boston.

Ironically, their salaries are not that much lower for the same type of work in downtown Boston. Best advice I could give people is try to find a job and housing outside of 495 and visit Boston on the weekends. Makes life a lot easier.

Those are indeed lucky people.

[kingeorge]

Originally Posted by Parsec

I think that depends on each person's definition of "getting by". I didn't include expenses such as extra curricular activities in my definition because those are not necessities. I know families who make well over 6-figures and get by on just 1 car while living in the suburbs, so I consider a 2nd car to be a luxury too. I also budgeted only $1400-1500/mo for a 2-bedroom apartment for a family of 4 because I've been there and done that.

Agreed. Getting by is truly just having necessities to survive.However, I do feel blessed that I can afford to let my kids explore some of their interests. As we all know, here in Eastern MA, kids are very expensive to have. I would not trade mine for anything, but it is much tougher than in some other parts of the USA. I am not sure why?

[Parsec]

Originally Posted by kingeorge

Agreed. Getting by is truly just having necessities to survive.However, I do feel blessed that I can afford to let my kids explore some of their interests. As we all know, here in Eastern MA, kids are very expensive to have. I would not trade mine for anything, but it is much tougher than in some other parts of the USA. I am not sure why?

Now let's talk about how much money I feel a family of 4 needs to do all the things that college-educated couples feel entitled to. This includes buying a 4 bedroom colonial in an above-average school system (i.e. Natick, Ashland, Westborough), enjoy a couple vacations per year, eat out as a family twice a week, swim/tennis club membership, gymnastics, horseback riding and piano lessons, and 2 new cars every 5 years. I'd say you need to make about $175k per year if you don't save anything or about $200k/year if you save for college/retirement

One big reason for the higher cost of living is the fact that Boston is an older established city on the coast. All the most expensive metro areas in the US are either on the East or West Coast.

[Jimbo21]

Originally Posted by Parsec

Now let's talk about how much money I feel a family of 4 needs to do all the things that college-educated couples feel entitled to. This includes buying a 4 bedroom colonial in an above-average school system (i.e. Natick, Ashland, Westborough), enjoy a couple vacations per year, eat out as a family twice a week, swim/tennis club membership, gymnastics, horseback riding and piano lessons, and 2 new cars every 5 years. I'd say you need to make about $175k per year if you don't save anything or about $200k/year if you save for college/retirement

IMO, you're overestimating the spending power of a $200K salary. My wife and I make $195K together and we can't afford what you've listed. At least not if the house is in a good school district inside 128 (figure a 4 bed 2 bath at around 2,000 SF is probably >= $750K). We just took a trip to Europe to visit family & vacation for the 1st time in 3 years. 10 nights away cost $4K (including flights, including free lodging for 4 nights, and the dollar is strong right now). Granted, we put away $25-30K/year for retirement. But we also have no kids, just yet. Life around here is insanely expensive.

On second reading, I have to assume you're being a bit sarcastic.

[Parsec]

Originally Posted by Jimbo21

IMO, you're overestimating the spending power of a $200K salary. My wife and I make $195K together and we can't afford what you've listed. At least not if the house is in a good school district inside 128 (figure a 4 bed 2 bath at around 2,000 SF is probably >= $750K). We just took a trip to Europe to visit family & vacation for the 1st time in 3 years. 10 nights away cost $4K (including flights, including free lodging for 4 nights, and the dollar is strong right now). Granted, we put away $25-30K/year for retirement. But we also have no kids, just yet. Life around here is insanely expensive.

On second reading, I have to assume you're being a bit sarcastic.

Lol yeah, I was just throwing some numbers out there without really doing the math. I was just describing a typical lifestyle that 2 college-educated couples with an average desk job can enjoy mostly anywhere in the country, but not in the Boston area. In Boston, one of the couples would have to be a "high-performer" and make well over 6 figures to enjoy that type of life.

[jet4624]

Yes, this thread is very interesting. We (family of 4) live in a rural central florida town and live quite well on around $24K.

We run 2 vehicles daily, so pay ins. on them; own our own modest home, (ins. on that); have many things that aren't "necessities".

Didn't realize how much money a person in the Boston area needs.

I guess there isn't much time in your off-time for relaxing is there?

jet

[G-fused]

Originally Posted by mainelydank

No eating out, smart phones with data plans, cable, etc.

What are we communists!? I'd be happier in N Korea with the Dear Leader.

[Parsec]

Originally Posted by jet4624

Yes, this thread is very interesting. We (family of 4) live in a rural central florida town and live quite well on around $24K.

We run 2 vehicles daily, so pay ins. on them; own our own modest home, (ins. on that); have many things that aren't "necessities".

Didn't realize how much money a person in the Boston area needs.

I guess there isn't much time in your off-time for relaxing is there?

jet

No, we do relax, but you need money to do that too. For example, lawn care for a modest 20,000 sf lot runs about $2000 per growing season (6 months). To plow a 2-car length driveway in the winter costs $65 for a 3" snow storm plus $30 for every 3" of snow fall after the first plow. Plumbers charge $100 for a 30-minute service call around here. You don't have to do house work during your time off, but you have to pony up some big bucks to have someone else do it for you.