Do you have Photoshop CC?
Elements is consumer grade software and is not part of the Creative Cloud (CC).
LR can also be purchased outside the Creative Cloud.
Adobe Photoshop CC is professional grade software so $120 is actually really cheap and the $120 includes LR 5.
I had been upgrading every 18 months to 2 years since 1998 (Photoshop 5) at $199 per upgrade.
Photoshop CS was $699 retail and Photoshop CS Extended was $999 retail.
Photoshop CC (Photoshop 14.2) is CS and Extended
By having the $9.99 a month Photoshop Photography Program I get updates as soon as they are available and don't have to wait 18 to 24 months for the next release.
If you have LR 4 (ACR 7.x) Adobe stopped updating it as soon as they released LR 5 (currently ACR 8.3).
Lightroom (2007), LR 2, and LR 3 were $299 retail and upgrades were $99. So with upgrading Photoshop and LR I was spending $298 every 18 to 24 months.
So according to my math I'm actually saving at least $58 every 2 years using Adobe's subscription plan.
By the way. $9.99 a month is like 3 less coffees a month at Starbucks.