Family of 6 Living on $55,000 in Virginia | Real Budget Breakdown
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- เผยแพร่เมื่อ 19 ก.ค. 2021
- Today I'm sharing a real budget breakdown from a family of 6 living on $55k in Virginia! Here's how they spend their money.
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The $850 mortgage absolutely killed me, that’s how they are making this budget work for a large family. If only if only…
My husband makes $58k a year and we have 4 kids as well that I homeschool. Our mortgage is $447 a month and I still find it hard sometimes to stick to our budget!
As a stay at home homeschooling mom of 3, I just want to throw out there that sometimes the mom has her hands full. Homeschooling is a full time job itself, then cleaning, cooking, driving kids to activities, and managing the home and kids on top of that doesn’t leave a whole lot of time for business. I’ve been trying to build a photography business to help us and in all honesty, it’s just created more problems for us. I’m too spread thin, always working, no time for family. So just wanted to throw out there that they may not want her working, detracting from raising the children. I wish I could focus solely on raising our children and managing the home, but we don’t make enough to cover living expenses either-and we don’t even have a mortgage! If we had a mortgage, not sure what we’d do.
Also, a note about babysitting or in-home child care. That’s not always a feasible option. If her kids are older like mine and involved in activities, you aren’t available to watch others’ children every day. It may be an option for moms with littles, though.
I will say kudos to the dad for being responsible and trying to make extra income with his content creation! I hope they are blessed through that!
Everything you said, YES! Fellow homemaker and homeschooling parent here. You said it all.
You did such a good job reviewing the budget. The grocery budget does look high- but it probably includes household goods and toiletries for everyone. This family may save a lot with meal planning and buying in bulk- with 6 people things likely won’t go to waste.
Yeah, I shop at Walmart and a lot of times I just combine it all into one category (food) if I have laundry detergent, office supplies, etc. $1,200 a month for all household items (probably some diapers or something on there) and groceries with no eating out is really awesome for 6 people IMO. I'm sure there's SOMETHING that they could be doing there, but yeah, adding more income and potentially looking at what all is being taken out of his check (47% of gross right now) feel like the biggest opportunities areas IMO. I spend $400-500/month on food and I'm just a single guy...
I think it would be fun to see you donate the adjusted budget template back to the family that submitted their info!
If she is already a SAHM, baby sitting 1-2 kids a week for someone else is a great way to make extra income depending on how old the kids are. My mom did that as a SAHM of 4 kids. It helped.
I do wish there was a better break down of what they spend, although i can see why they wouldn't want to give away to much information.
Anybody wonder if they're getting the new child care credit allowance that started last week now? That'd be $1,000 - $1,200 a month right there
Love the real life budget, so realistic. The food budget could be cut. I also wonder if he is contributing to retirement because his take home does seem low. I think for the wife if she could do online surveys maybe when the kids are sleep it could bring in an extra couple of hundred a month.
The take-home pay is very low on a 55K salary. Like $28,800 net. I also wonder if he's contributing to retirement, if they have expensive health insurance, or if he's having too much deducted...Something else to look at.
Love the series. As others have mentioned, additional income... Whether it's tutoring on the side (summer school?) or baby sitting other kids. Every little bit helps!
Family of 7 here. $60k in Northern Virginia. It's quite the impossible task but we manage. Moving soon, lol.
Really like this one because this can def show more relatable situations ppl are dealing with our there. See so many budget breakdowns over YT with ppl making over 6 figures in their income or SINK individuals that make higher income where I feel like there is more ppl out there than u think making 50k,60k,70k as a household with multiple kids so def keep these up. Also thank you to the people willing to share their finances as a learning process!
As a single guy making 6 figures, I want to take offense, but I can't...I invest more in a year than this family brings in in GROSS income. It's not lost on me how lucky I am.
I love watching these Real Life Budget series! It’s so interesting to see how others manage their finance because I always can learn something from them.
i got the same income except i support a family of 3. my budget is tight though. my wife works part time too so that definitely helps
Love these real-life scenarios and breakdowns!
Giving 9% when you don't have a decent emergency fund is just tough. I'd lower that giving value until they are on surer footing. You need to put your own oxygen mask on before you can help others with theirs. Finding ways to increase income could also get the family on surer footing and allow them to increase their giving again when they are able to create more of an emergency fund/savings for their family's safety and future. Having the family volunteer time together to charitable causes could be a way to teach charity and care for community while they have to temporarily lower financial giving to their community.
I agree, they need to give less to balance the budget and pay off their debt. Then they can give even more.
I wonder where in Virginia that they live that their mortgage is 850/month! I live in Nova which is super high cost of living and my mortgage not counting my HOA is more than double that for a really small 2bed 2.5 bath condo. The fact that they lived in VA with a family of 6 really caught my eye but this is not realistic at all at least for my area of VA. Would love to see you do one on the northern VA area specifically!
That is very realistic for more southern rural areas of VA to have a mortgage of that amount plus we don’t know the background of their house (how much they put down initially and other factors that could help keep the payment low).
I live in southwest Virginia and this is usual for rent! Nova and Richmond is way higher than here 😀
That mortgage price seems pretty logical for homes more down south or out west.
I live in NoVa as well, but we are renting and it is $1900
Family of 3, and it is a 3 bed 3.5 bath with a finished basement.
We got very lucky with our place though, our landlord is amazing.
@@morghanscheufele8309 yes that is definitely very lucky!! That is alittle more than I paid for my 1br 1bath apartment afew years back before I bought my current place! My mortgage is 1875 and then I have an HOA fee on top of that. I'm currently house hunting and planning to stay in Nova but move a bit further out. With selling and then being slightly further out I could essentially double my space for about the same monthly payment. However my issue now is the crazy market haha. We're just starting to outgrow this place.
I live in SW Virginia and this a typical mortgage payment for modest home costing around $150,000 with good interest rates. I don't even want to know how much my house would be in NOVA 😱
Love this series. Patiently waiting for the next video.
stay at home mom here, we can't afford daycare, even if I worked a full time day job. I work evenings when I can at a local restaurant, my husband watches the littles while I do this. it makes a difference. hopes this helps you families out there.
thank you for doing these -- i hate the unrelatable ones
That teacher salary hits home…it’s basically what I make too for an entire month and I’ve been in the job 8 years. If I were this family I would try to get the teacher pay to cover everything so that the side hustle was all extra.
So proud to see the ‘giving’ category!
Love this series!
I have 4 kids and you don't really need to spend $75/month on clothing. Shopping used and using hand-me-downs goes a long way. We also only budget for clothes when a need comes up, not as a regular budget line item.
I agree! I have three boys and utilize hand me downs too. I wonder if this is more like a sinking fund; where you put a little bit to the side and let it build up and pull from it throughout the year.
I see low grocery numbers on YT & don't know how they do it! Groceries is hard to make less, especially with kids. We have a teenage son & spend several hundred per month. We also include soap, medicine, etc., in groceries.
These are SO helpful. Thank you!❤
Wow!!!! So inspiring!!!!! Keep on keeping on!!
Marissa, can you help with some advice for tightening up the food budget? I've gotten better, but still need to drastically cut back some more!! I'm not sure where or how when we eat a lot of fresh veggies and fruit.
Suuuuper close to relatable lol thanks.
Love this series!! I would say groceries budget needs to be cut but maybe there are dietary needs? We don’t know all.. They are really doing good for themselves with this budget! 😀
Also, love the thumbnail of Roanoke! 😍
Also, I believe teachers get annual raises? I pray they are in a better spot today if that is true. I love to hear someone found a place for $850 for that large of family!
Why is the take home so low? Family should be paying almost 0 taxes with 4 kids. Would be better to see more detail on what paying out of check (retirement, health care, HSA) and break out budget categories more (utilities, groceries/household, subscriptions).
@@brroookkeee The person who commented about the take home pay being low isn't referring to the gross income of 55,000 they are referring to the monthly income that they are bring home out of that which was the 2,900 which would amount to way lower take home annually --as stated above there are various reasons as to why this could be the case.
Looks like $49k teacher salary (not including side hustle income) but only bringing home $29k of that. Seems to be missing information. 15% retirement would account for $7,000.
There could be a high percentage of the salary for union dues as a teacher. Furthermore, there could an additional retirement account (401k, IRA, or Roth etc).
This is great! I need one for living in California! Our rent is over triple their mortgage 😩
Love these!! Hope mine gets picked 🙏
Yes groceries! Its killing my budget I don’t know what to do
I’m sure it’s tough having 6 people living off one income. It’s got to be challenging for sure.
Ooh love this series. Maybe $1200 includes household supplies?
Thank you for this video! We live on 60k and need to pay off 32k in student loans. I appreciate this video! ❤
I’m loving this series! I need to submit our family’s budget soon. Also, based on your picture, it looks like this family is from Roanoke, VA?! I was born & raised there so that made me smile. 😁
Glad you like it! I had no idea where this was from. haha. I just typed "Virginia" into a free stock photo site and this is what came up. lol They didn't indicate which part of Virginia they're from!
@@TheBudgetingWife Haha well who knew my hometown was that popular! 🤣
***My version***
Giving $20. Honestly, this should be lower.
Mortgage $850
Utilities $315
Insurance $133
Groceries $900
Gas $120
Clothing $150. I don't even think this is enough. How do they manage $75?
Subscriptions $30. Honestly they could have it at $0 and use free apps. So I'm being nice.
Misc $100
*Family fun $50
*Activities for the kids $100. ($300/yr per kid. A rec league sport and scouts.)
*Debt: $50
*Save $22
*Spending money for each person $60 (That's $10 per person)
Total: $2900. The content creator parent needs to get a job while the kids are at school, or when the other parent is home.
Hi Marissa, I’m new to your channel & love your videos so much! You are such a sweet person! Have a quick question. I love your budget template, but was wondering, does your budget template work on an iPhone or is it better on a laptop? Thanks so much 🤗.
You are so kind! Thank you so much. I personally use it on my computer. If you have used Google sheets or excel on your phone, then you would be just fine using it there. But I prefer to use excel on my computer to see things easier.
@@TheBudgetingWife awesome! Thank you so much🤗
Haha, I have two teens and one is an athlete. Our grocery budget is more that $1200 a. I think fro a family of four.
Will you be doing more of these? Just found this
Yes!!
❤
How are they paying for a phone or wifi? No judgement here just curious!
Great! I'd love to see a medium budget with two incomes and real childcare expenses 😊👍
Love it!
I live in colonial heights Virginia
Definetly cut greocieries ...
I would look into extra job possiblity Caregiver
Well with four kids they should see their income increase 1000-1200/mo with the new child tax credit. That will help them tremendously with paying down their debt. They can do it in 4 months! Then use the subsequent months to beef up their emergency fund.
Very true!
They should also be getting a large "tax refund" through EIC, essentially a credit not a return as they shouldn't have income tax expenses on this income with the number of kids. Intentionally using that money should help a lot.
Hmmm, are they contributing 15% to retirement and getting taxed a lot? It seems like they aren't bringing home enough and may be getting too much of a tax refund. 4 kids is a lot in child tax credits with that income level.
They didn't indicate! But it does seem like the take home is a little low for his gross salary.
@@TheBudgetingWife yeah they have to be getting a large tax refund because I would think with 4 kids on that income the actual amount they tax is significantly lower
I don’t want to give more than I save.
Holy cow… 55k with 4 kids?!? I can’t even imagine that. Feels like you gotta wait before you have kids
That family knows the definition of compromise. Intimately
A lot would depend where they're at in VA. I lived there 3 years. Rosslyn would be impossible (but they're still not missing much, IMHO. ). Rural living they wouldn't feel it near as hard.
They had to eat the kids just to survive now...
Why do you keep having children?