Frugal Village Forums banner

1 - 20 of 59 Posts

·
Moderator
Joined
·
8,714 Posts
Discussion Starter #1
~It had to happen! There's a "High" and a "Low" and now there's "Middle"! I'll go by the definitions of the previous posters and say that "Middle Income" is between $30,000 and $75,000 a year. Personally, we're a one-income household and on the low end of middle. DH's base salary is $33,500 a year but he works alot of OT. He's hoping to gross $40K this year. I'm happy to say that we contribute 12% of our gross pay to our retirement fund and we're on track to spend just $26,000 of our net pay this year. The car loan is $3500 of that. The rest goes to additional debt reduction(car loan and mortgage) and personal savings. We have 4 months of living expenses saved plus our $1K emergency fund. We also have $1000 in a starter fund to help the kids with college costs. It's interesting to read the different income levels and see that we're all working toward similar things. Our challenges are unique but the goal is the same.~
 

·
Registered
Joined
·
579 Posts
Well dang it I posted on high income and low income....I shoulda posted at middle income. I am so confused and give up.......lololol.
 

·
Technical Support Sleuth
Joined
·
6,481 Posts
We're sitting happily towards the higher end of the middle income kith...pretty good considering our age.
 

·
Registered
Joined
·
488 Posts
Another middle income here. I would be able to make it really well on my salary if I didn't have all this debt.

I'm on the low end of Middle Income though. I'm thinking seriously I need to try and make more money. I'm thinking maybe a part time job at least until I get this debt paid down. But then I'd have to give up my free time, I'm not sure that's worth it.
 

·
Registered
Joined
·
1,680 Posts
Dh made $35,000 this year so I guess we are in this bracket, even though because of the size of our family we are still considered low income.

Right now we are living off of $20,000 and the rest goes towards debt(regular and snowball pymts). We hope to be debt free by the end of 2008 and then all the extra will go towards a house and retirement.
 

·
Registered
Joined
·
3,244 Posts
I guess we fall here ;) We are somewhere in the middle for our area. We're living on about 1/2 our income, snowballing the debt to get ahead in life. We are hoping to have all the consumer debt done by next spring. THen really work on the college funds, retirement and mortgage.
 

·
Registered
Joined
·
306 Posts
We are also in middle income in the lower end.
 

·
Registered
Joined
·
2,168 Posts
We are in the middle of the middle income :D But we live in California where the COL is high so technically we're low income LOL
 

·
Registered
Joined
·
460 Posts
I supposed we are considered middle income. DH makes about 45K a year. I work very part time, only 4-5 hours on Sundays and make about $400 per month. Sometimes I make more, but $400 is the norm. I work for a church and organize child care for them. So if they need child care for something other than Sunday services I will work more.

We used to be very low income. When DH was going to school we made about $12-15K a year. It was tough! We sold pretty much everything we had to pay for his school. He even sold his guitars and amps. If anyone has a guitar playing guy, you will know how hard that was for him. lol He finished school and became a police officer in 2000 and has been going up since then. Starting salary was around 25K so I think he is doing great. He has been promoted many times. I am very proud of him. :)

Of course, a sizable chunk of DH's paycheck goes towards retirment, insurance, and some other stuff. It is about $400-500 per paycheck. Our insurances (health, life, dental, etc) comes to about $150 per check so the rest is retirement.
 

·
Registered
Joined
·
300 Posts
We are in the middle income kith :) Together we make about $60,000 a year. Which is actually high income for the area we live in.
 

·
Registered
Joined
·
191 Posts
We fall in here. DH makes about 45 a year. Though he does have yet another job interview today where they are required (company policy) to give him at least a 7% raise. So that will be nice if he likes the job.
 

·
Registered
Joined
·
580 Posts
Yay finally a kith for our income, lol. We make about $75K a year (my portion of it is very small), $80K+ last year but I would never consider us as high income. We're neck deep in debt and don't even have a mortgage so our spending on groceries etc. is more like low income. It really stinks that most of the money we make goes towards rent ($1750) and different bills and paying off debt but our situation is getting better. :) DH has huge student loans to pay off and since he was unemploeys for 2 years after 9/11 we maxed out a lot of credit cards just to survive. It's been a great life lesson though, we don't take money for granted anymore.
 
1 - 20 of 59 Posts
Top