It’s hard to say. The cost of living varies from place to place, and you have to take into account expenses like health insurance, childcare, and taxes.
If you’re living in an expensive part of the country, 60k might not be enough to cover all your expenses. In a cheaper area, however, it should be fine.
The best way to know for sure is to look at what other people are earning in your area and compare that with your expenses.
In today’s blog I will discuss whether 60k a year is a good salary for a family. If you have been trying to decide how much money you need to make, this article can help.
A lot of people think that 60k is the average or median salary for a family. If you believe this to be accurate then you would probably also believe there are a lot of families earning in the $40k-$60k range. Let’s find out if this is true!
60k a year is a pretty decent salary for a family of three especially in cities like New York, Chicago or Los Angeles. But is it enough? Let’s do the math.
It’s all a matter of perspective, and the person who needs to make that judgement is you, not me. But if you want to know whether your salary is good or not, it may help to know what a salary of $60k per year should get you.
Is 60k a good salary for a family
60,000 is a lot of money per year. You could buy a lot of things with that kind of salary. 60,000 isn’t bad. However, as a family (and depending on the number of family members), you may still need to work harder than ever in order to meet your financial needs.
When people talk about job wages, they often refer to the monthly salary. In practical terms this is a bit misleading. A few figures will show you why. Take a guy who earns 60k per annum and sends half of that to his parents in China. His outgoings are therefore 40k per month or 480k per year (of course depending on where he lives). In China an expat living in a good area can live well on $200-$300 a week. That gives us an solid annual figure of around $40k to play with, so not much room there.
60k is a good salary for a family, but it should be enough to support your lifestyle. If you have dependents, then the amount of money you need to live on will increase. You should also consider how much of your paycheck will go towards taxes, insurance and other expenses before deciding whether or not 60k is enough.
It is important to remember that there are many factors that affect your net income after taxes are taken out. These include the cost of living in different cities around the country as well as any deductions you may incur from having children or paying for health insurance premiums. If you have dependents, then consider how much money they will cost you every month as well (as this could add up quickly).