Can you raise a child on $50,000 a year?

Question

I understand things will be tight and tough, but i am trying to decide if i should switch jobs, which doesn't offer a ladder to climb. Or stick with the job I have, where i could work my way up in 10 years. Any advice would be greatly appreciated.

Thank You!

Answer 1

pick the job you like the most and will give you more time with your child. You can raise a child on $50,000/year but they need your time, too.
good luck

Answer 2

I am a single mom of 2 children. I have a full time job making just over 30,000 a year. I do not receive child support. I am proud to say that I am doing quite well raising my children without any state or government assistance of any kind. I own my own home, drive a decent car and have 2 happy children who for the most part are fairly normal (whatever that means by todays standards) Anyways, yes you can do it.
Remember a couple of things...
1. the government just released a report saying that it takes (on average) $1000 a month to raise a child. That is 12,000 a year (just for the kids expenses; however, that does include their portion of rent, utlities, etc...)
2. in deciding which job to choose, ask yourself a few questions:
a. will I be happy here in 5 years
b. what will my hours be? will I have plenty of quality time for my growing family
c. do either job offer other incentives (like child care assistance, on-site child care, how many sick days do you get and can you use them should your child be ill?)
these kinds of questions will help you put a better perspective on your carrer and allow you to look past the right now but what the overall effect will be in 1, 3, and 5 year intervals.
I wish you the best of luck and you are in my prayers... But remember you can do anything you put your mind to.

Answer 3

I am a stay at home mother of 3 kids. We are living on my husbands income of $45,000, so I would say you would be way better off than I am! Things will be tight, but you just have to decide if you can live without all the "extras". We don't go on vacations, we don't make frivolous purchases, don't eat out much more than 1 a month if we are lucky, and so on. It is tough, but you can do it! Good luck with your decision.

Answer 4

I am glad that you are thinking it through first. But in all reality more people raise children on less than 20,000 a year and do just fine. You just have to live within your means, and not go and buy everything you want. That means a used car for 3,000 dollars instead of a new car. You budget your money and live within that budget. I raised 2 boys on 10,000 to 15,000 a year. We couldn't afford the clothes from the mall but we did get stuff from Wal-mart, K-mart and Target. We bought generic food instead of name brand, and my kids did not get every new game system that came out. But they had shoes on their feet, a roof over their head, and were clean, healthy and happy. Material things are not the most important.

Answer 5

if you have been raising "yourself" all this time on that money, then there is no reason why you can't add one more to the equation. and like everyone has been saying, shop wisely when you go out and get the things that the baby needs. shop at your local wholesale store like Costco for things in bulk that you are sure to need like diapers and wipes, and maybe snack food for the baby when they get older.

there are so many ways to save money in this day and age. you just have to really bear down and think smart from here on out since it's budget that is weighing so heavy on your mind. and in the end, if you make a few a mistakes, don't stress over it, just know not to do it next time around.

Answer 6

Raising child is quite expensive in those days. Because it's not just about feeding, education. They want what they see from their friends etc. And also for college universtiy you need some money. So you must prefer a job which guarantee your life ans also your child's future. When your child will grow up you'll need more money than before.

Answer 7

My husband and I have two girls,and make right at that amount.Sometimes it gets tight,depending of course on your monthly living expenses,and any "extras" like vacations,dining out,etc.Just my opinion,of course,but it would be a better decision to stick with a job that will benefit you and your families future.Think of it this way,would you like to look back 10 years from now and think "If only I'd stayed,I could be making x amount of money by now,instead of being stuck here."Good luck in whatever decision you make,and congratulations on the new member of you family!

Answer 8

It depends where you live. Cost of housing would be the main issue. In some big cities people who make that much are near homeless. However if you're in a small town somewhere, that wouldnt be too bad although daycare would take a big chunk. Make sure you get into a pre-tax spending account for daycare, that can help ALOT.

Answer 9

My husband and I make less then that and we have an 8 month old. Yeah its hard but if your trying to wait until you are financially ready you'll never have kids. You have to ask yourself what job will you be happiest at? Just because you have a baby doesn't mean you cant get a new job.

Answer 10

I certainly hope so. However, I guess this depends on what standard of spending you have set for yourself. There are probably 50% of people in America who are raising more children than this on less money. They do not live in a Park Avenue Condo, nor do they have 300 pairs of Manolo Blonek shoes, but they get by. Incidentally, their children are happier too.

Answer 11

I'm sure a lot of people would be happy if they could earn $50,000 a year. You don't say what kind of education you have or what kind of future you have at your present job. If there isn't much future at your present and you are young, maybe you should look for another job with a good future. Good luck with your decision.