You can save a lot and spend a lot. That’s the lifestyle in USA.
Following question was posted by a reader.
I am new in US, Indian citizen, working in MA on L1 visa, have 8+ yrs of experience. I am not like rich/extravagant person. For good, medium average life style and you know as an Indian culture how we are living,
How much one should save atleast in a month, if you have say 2 kids, single earner and planning to buy average house in US? Is that figure $1000 or $2000 in MA or equivalent State?
Chandana Dinesh posted the following reply
It totally depends on your family. If your kids are going to public school it’s very cheap . But if you go to private schools its way more costly. And also as your on L1 , your Spouse can work on ( L2 has to apply for EAD, Which can be done in 1 or 2 months). And also place where you live, you can’t expect much to save in Metros. But I think MA is lot better than SFO or NJ.
Salary for H1B and L1 Visa Holders in USA
Life is designed to get you in debt here in USA, unless you know the following
- How much you earn
- How much you spend
- Where you spend
- How much you actually want to save
As you know saving money is tough unless you have a budget and plan. With 2 kids, your school expenses will be high (if they are not in public school or day care expense).
It would cost over $800 per month for sending a kid to day care. Single income with 2 kids and buying a home is possible, but it depends on your income and cost of living.
Other questions for you :
- Do you have money saved for down payment
- Initial home expenses
- Would yo be cash strapped after you buy a home?
- Do you have emergency savings for 3 to 6 months?
While you find answers to above questions, Let’s ask the same question folks who ate in students visa status and waiting for H1B approval. Here’s question for you folks :
- How much do you – Earn, Spend and Save with your salary?
- What other financial challenges do you have?
See the answers below in the comments.