Both becoming Teachers.Will we live very comfortably if..?

Question

We live in New York(Downstate),have one baby on the way,he'll be making around $51,500 and I will be making around $45,000 ( or more since I wont be working till a few more years and salary increases every certain amount of time for Teachers).How can we maximize the quality of our life?

Answer 1

I think you will do just fine. Just keep your credit in good condition and be wise with your spending habits. I know people who make less than that who've done really well for themselves - they have houses, nice cars, and are able to go on yearly vacations.

Answer 2

You'll have to do what countless couples in this country do regardless of their profession/salary: BUDGET WELL.

Answer 3

My wife and I were both teachers (now retired). Even with the low salaries, we did OK. What helped was doing things together in the summer. We did a lot of camping, explored state parks etc., all on a minimal budget. We also planned for our retirement, we made sure there would be no financial problems. Our only times when finances became tight were when we sent our kids through college. We had to "buy" (refinance) our house three times to cover that.

Answer 4

That can be extra good, because in 25 years, you can both retire, move to a different area and resume teaching while collecting retirement from your previous job. I know a lot of teachers that have done that and have ended their careers making around 150 to 200 thousand a year.