Saul Goodman wrote:
Under $20k a year, are you able to:
-Provide adequate food, shelter for yourself and child(ren)?
-Live in a safe neighborhood?
-Provide healthcare (medical, dental) for at least your child(ren) (maybe yourself as well)?
-Save enough for emergencies?
Rent in a good neighborhood: $600-800/month
Food: $1000-1500/yr (diverse, not rice and water, does require cooking)
That leaves about $10,000 left over.
Entertainment: an Xbox costs $200ish, Hulu free, kids should be asleep by 8 or 9 anyway. Internet? (no kid had internet 15 years ago). Local library has free internet. But internet doesn't cost that much anyway if you really want it.
Cellphone:$50-$300 per year depending on the plan and network
Bike:$30
Musical Instruments:$50-$200
Transportation: public transportation is good and inexpensive, bike, walk, carpool.
Camping/hiking vacation:$100-$200
That's not even another $1000.
So, that's another $8000-9000ish dollars leftover for a family vacation, some going out, some whatever, insurance, savings.
I and plenty of people (in families) I know have lived like this. It was not hard. We had plenty of fun and never felt like we were missing out on anything. We didn't take 10 family vacations to foreign countries every year, but we did take 2-3 family vacations per year.
Taking government assistance for elderly care isn't a bad thing. They've been paying for it their whole lives through taxes. This is like withdrawing your savings from a bank. I don't know why people are so ashamed of this and things like food stamps. You've already paid for it (if you're old enough).
Saving for college is not that hard. When you turn 14/15, start working and save money. Work for a year or two before you start college. Or, you can make thousands of dollars during college summer break. There are scholarships and financial aid. And there are cheap student loans. Or you can go to school part time and work part time.
Lots of people do these things and do well and without struggling. It's really not hard or miserable. They have a great time.