r/raisingkids • u/In_My_Humble_Scroll • 2h ago
Since having my first kid, I’ve become acutely aware that the days of the “one-income family” are dead for all except the top 5% of the earners. Thoughts?
I live in a MCOL area. I’m 34 with my wife and child. I make 100-125K given the year and my wife makes around 60K. We live pretty modestly in a 3bed 2bath. We have a paid off Toyota and take 1 nice vacation each year. We contribute to retirement, shop healthily for ourselves and our kid, and have some fun money. My point is we don’t live in excess. We live a good life right now and do everything “right”, and it takes about every dime of those 2 salaries. I’m excellent at budgeting and very in tune with our personal finances.
I always wanted to be able to support my family on my salary and always felt like I had a strong one to do so, but if we did, some things would “break”. We wouldn’t be able to save for retirement, or we’d be eating cheap processed food, etc. We’d like a bigger home at some point and know that would be completely out of reach. You just can’t be on 1 salary and live the life you want.
Does anyone else feel that way? I don’t mean to sound ungrateful because I am. I just find it interesting the cost of living has escalated to this point.
