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If you want a really simple lifestyle you can probably get by on $50,000/year. Personally I don't want to cut my budget so much that we never eat out or go to the movies etc. I consider myself pretty frugal but would find it hard to get by on that much.
As someone else said, the state tax rate here is pretty high -- I think you'll be surprised at how much of a hit your paycheck takes. And don't forget you get taxed on food, clothing, personal property etc. And I know maybe you won't pay tax on yuor car up front but if you're on a budget then getting that couple-hundred-dollar bill can be quite a hit. Also, with 4 kids in public school you'd be surprised at how much the fees for things like athletics, band, chorus can add up . Property taxes may be low but you'll be paying for everything in many other ways
Only you can decide what type of lifestyle you want -- living paycheck to paycheck frugality or maybe have more of a cusion to eat out, go to the movies, concerts, etc. I just don't think the COL is THAT much lower here than other areas (aside from your initial cost of housing).
I just don't think the COL is THAT much lower here than other areas (aside from your initial cost of housing).
I agree. Housing and heating costs are different, but everything else is about the same as where we moved from. If you are making it on $50,000 wherever you are, you'll probably be able to make it on that here.
That family of four budget with $400/month for food seemed tight to me. Our food bill is at least twice that and we garden so have blueberries, raspberries, lettuce, herbs, peppers, eggplants, and tomatoes six months out of the year. We rarely eat out, and when we do it is with Groupon or Living Social coupon.
We rent movies from Redbox instead of going out to the movies. A family outing is a hike through Bond Park or Umstead. However, we do pay for cable tv, internet, and cell phones.
And there are plenty of affordable places to live in Cary.
There are a lot of variables in this equation however, it can it be done and is easier than you would think. That being said, the real key is being debt free other than a mortgage and careful planning/managing of your finances!!!
I agree with this to a point - but it's worth doing the math. It's 20 miles from Clayton to Cary - gas is probably 5 cents per gallon cheaper in Clayton........so do the math. If you are going to pay $200 per month more to live in Cary v. Clayton - figure the gas, and make your decision
It's not just a difference in gas. Consider additional maintenance and faster depreciation for that extra 40 miles per day you're putting on the car.
I appreciate everyone's opinions and input. After reading all the posts thus far, it seems that the ability to live on $50k per year is split down the middle between all the posters. About half think it's doable and the other half thinks it would be rough going. I can only conclude that $50k must be a borderline salary for the Raleigh/Cary area. This makes the decision very tough. One thing I forgot to mention is that we would be renting for the first year. So, depending on rental prices, that may make a difference. My family and I are living paycheck to paycheck now. I wouldn't want to move to Raleigh and we're in the same boat we are now....just in a different location.
I have a friend (family of four) that is the only one working and they survive with that income range. They own a house in Cary too. You can just do it just have to be smart. Didn't read the whole thread but if you've done it before you can do it here.
They also grew up here so they have a good support system here.
The federal government, using a formula developed nearly 50 years ago, defines poverty as pretax annual income of $23,050 for a family of four, and $11,170 for a single person. Imagine living by those numbers. Imagine living on $10,000 more per year, or even $5,000 more. American poverty might not constitute Third World poverty — our poor have microwave ovens and some own cars — but it's poor. ... Michael Reisch, a professor at the University of Maryland School of Social Work, sends his students out each year to calculate a subsistence family budget based on the costs of food, rent, household energy and other basics, and they always come back with numbers much higher than the government's poverty threshold: $30,000 to $50,000 a year for a family of four.
It all depends. We are a family of 6 and at one point lived off of DH's salary of under 35K. We lived paycheck to paycheck at that time, it wasnt fun, but it didnt kill us and I think it taught us to be wiser with our money. I think 50k is doable and you could even be putting money away(savings). But it really all depends on how you spend your money. We dont pay for cable TV, anything I want to watch I can watch online. We dont have an outrageous cell phone plan(prepaid). No credit cards, or debts such as car payments-our Honda works just fine(we also only have 1 car). I didnt/dont feel like I was giving up anything, but thats me, I dont need the latest gadgets/clothing or eat out multiple times a month.
Ditto to everything the last person said....no debt, no cable and minimal phone expenses is key...limited dining out and recreation at home. We live on 36k one income...family of three... Dh retired at age 41 living below our means and surviving with 10 yr old pd off vehicles....and paying off mortgage early.
We eat out maybe 1-2x per month and vacation once a year....usually under $1000 ...beach, mountains or Florida keys off season.
So it is possible...just depends on how much u r willing to give up and/or not give in to.
So plenty of families are living on that or, since we're talking median income here, less.
As others have stated, you won't be living high off the hog, but you'll be able to eat, stay warm, put gas in the car.
Good luck.
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