– April Schultz and her husband Kevin make $130,000 a year but feel like they are living in poverty
– They have had to take on multiple jobs to make ends meet, cut back on expenses like cable and subscriptions, and limit spending on essentials like food
– Despite having some retirement plans in place, they worry they won’t be able to support their kids in the future economically
April Schultz, 40, and her husband Kevin, 45, have a combined gross income of $130,000 a year from their four jobs and side gigs. Despite this, Schultz feels like they are living in poverty, as they struggle to afford basic expenses and cannot enjoy simple luxuries like dining out or traveling. They used to have a more stable financial situation when Kevin was the sole breadwinner, but now they are considered part of the population known as ALICE — asset-limited, income-constrained, employed.
Schultz and her husband have to cut back on essential expenses to afford others, living paycheck to paycheck with no extra money for entertainment or vacations. They have downgraded their lifestyle by canceling subscriptions, shopping at discount stores, and buying secondhand items. Even though both are working multiple jobs, they are still paying off student loan debt and using credit cards for everyday purchases.
Schultz is worried about her children’s future and whether they will be able to afford college. She encourages her kids to find ways to make money independently and save for their education. While retirement is a concern, she is somewhat relieved by the fact that her job offers a mandatory 401(k) plan and her husband will receive retirement benefits from the government.
Despite their efforts to budget and save, Schultz fears they may not be able to provide much for their kids or retire comfortably in the future. They plan to downsize and move to a more affordable area once their children are grown, but the financial strain of their current situation weighs heavily on them. Schultz acknowledges that their current struggles are a reality for many families in similar circumstances and hopes to find solutions to improve their financial situation.