Quote:
Originally Posted by schu_22
I agree with this....but still huge lol @ an early 30s couple with only two kids ever struggling to make ends meet with a household income of 120K. That sort of money management incapability is pretty unfathomable
It really depends on how much goes to student loans.
Daycare costs are going to be around 1k per month per kid so 2,000 for that
If they have advanced degrees then student loan payments could easily be 1,500 per month or more combined
Both will need reliable cars plus insurance + maintenance + gas. Even with cheaper, used but still reliable cars like a Honda purchased with 50k miles the total costs could be 500 per month per car
That's 4500 without buying groceries, diapers, doctor copays, clothes or mortgage.
One or both jobs might be in a field where professional dress is required in which case clothing can add up to a lot and not buying nice clothes could be actually affect their career potential (I think this would be case at a law firm or bank executive track position)
They are still getting it done without taking on a lot of debt, will be set in 5 years as daycare costs go away, and could make some sacrifices if necessary to lower expenses, but at the time it feels like their lifestyle is worse than their middle class childless friends who make significantly less so they would resent the upper middle class designation.