How much money is enough for you and your family? (2024)

FAQs

How much money is enough for a family? ›

A family of four needs to earn at least $106,903 a year to cover their necessities in most U.S. states, a recent SmartAsset study reveals. The findings are based on cost estimates for housing, child care, transportation, health care, taxes and other common expenses, as tracked by the MIT Living Wage calculator.

Share that you don't want to show favoritism and would prefer to be fair to other family members. Help them find the money elsewhere. Perhaps you can help this relative explore other means of financial assistance, such as financial programs or loans.

Based on this outline, Hawaii is by far the most expensive state for a family of four, but there are 12 states where a household would need to earn over $100,000 to get by: Hawaii: $182,900. Massachusetts: $142,341. California: $130,239.

Living as a family on $70,000 could be challenging. According to the Economic Policy Institute's Family Budget Calculator, the monthly household cost for two adults and two children living in Dayton, Ohio, for example, adds up to $7,658, including housing, food, childcare, transportation, healthcare, and taxes.

Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.

John D. Rockefeller, the world's first billionaire, answered the question, “How much is enough?” with “Just a little bit more!” He, unknowingly, made a profound statement about the human condition. Our minds are wired to want. We want more, we want less, we want things to be different, we want things to be better.

That means your monthly expenses must be much less than R2 lakh. You are in a good place if you do not pay for your home when you get there. The amount of R2 lakh per month should be enough for a comfortable middle-class life in a city in India. But then, our life does not stop at needs.

The cost of living comfortably: On average, Americans feel they'd need to earn over $186,000 to feel financially secure or comfortable, a 20 percent drop from 2023 but still more than two times what the average full-time, year-round worker earned in 2022 (about $79,000), according to Census Bureau data.

What is a good budget for a family? ›

Try to follow the 50-20-30 rule, which splits your after-tax, take-home pay into three subsets. Here's a breakdown to consider: 50 percent for needs including rent/mortgage, food, bills, minimum debt payments and other essentials. 20 percent for financial goals such as savings and investments.

If we're talking about just covering basic living expenses like housing, utilities, food, transportation, etc. for a typical family of four, most experts recommend budgeting around 5,000-6,000 Rs per month as a rough starting point.

Just say no, and stick to that one simple and final answer. DON'T EXPLAIN OR MAKE EXCUSES. When you say no, don't offer explanations or excuses. Doing so only opens the door to a discussion and prompts your friend or family member to try to overcome your objections.

The average personal income in the United States is $63,214, with the median income across the country being $44,225. Real wages averaged $67,521 in 2022, and average household incomes averaged to $87,864.

The real median household income in the U.S. is around $75,000, according to Census Bureau. In order to be in the top 20% of income, you'd need to earn nearly double that amount or an average of $130,545 per year. That's according to a SmartAsset study of income distributions in the 100 largest U.S. cities.

While California ranks third-most expensive for a single adult to live comfortably at $113,652, it only ranks fifth-most expensive for two working adults raising two children. The total family income should be at least $276,724 in the latter case.