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Is $220k enough for a family in NYC?
(lemmy.world)
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this post was submitted on 21 Nov 2024
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The single biggest expense is going to be housing so if you’re smart with your choices and find something that both accommodates your family and your generous income, you should be fine. As with anything in life, you just have to manage the money and understand where to spend and we’re not to spend. Great thing about a place like New York City is that there a lot of things you can do for free with the little ones.
Totally get that, and from our side that's at least somewhat clear - if somewhere costs $4k to rent we'll be paying $4k a month with deposit, bills, etc (assume $5k). Where we're a little lost is where the "hidden costs" might be. Will health insurance for three people be prohibitively expensive? How much should we budget for my wife and daughter to enjoy their time in NY?
Regarding health insurance, this will likely come from your employer and costs vary wildly. Ask to see the Healthcare plan costs (which you'll pay per month just to have the insurance) and explanation of benefits. Most Healthcare plans have a deductible, and you'll need to pay that entire amount out of pocket before the insurance pays anything. Then you'll have a copay or coinsurance until you reach your maximum out of pocket. As a best practice, always assume that you'll reach your maximum out of pocket amount each year when budgeting.