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The key to life, some say, is compromise. And nowhere is that more true than in New York. Unless you’re a zillionaire who can afford a four-bedroom co-op and tuition at Dalton, and still have wads left over for your retirement and your kids’ Ivy League education, every aspect of child-rearing poses financial conundrums. Do you swap your affordable rental for a pricier condo so that your children don’t have to share a room? Do you move out of a bad school district, or pop for private school? Do you stretch your budget to the max and hope for the best, or give yourself some wiggle room?
Time Out Kids talked to three families about the financial choices they face. Then we asked money experts Jean Chatzky, whose book Make Money, Not Excuses (Three Rivers, $14) is due out in paperback this month, and MP Dunleavey, author of Money Can Buy Happiness (Broadway, $19), to weigh in on the wisdom of each family’s reasoning and offer guidelines to those who are grappling with a similar spending tug-of-war. Since money’s such a touchy subject, we’ve changed the names of the middle class.
NEXT: WE CHOSE TO RENT INSTEAD OF BUY »
