View Full Version : How does your budget compare with this one (Income: $196,000)
catherine
6-18-13, 10:44am
Tooling around on Mr. Money Mustache, I was reading "Does Peak Happiness Really Come at $75,000 a Year?" (http://www.mrmoneymustache.com/2012/04/30/the-cost-of-living-is-too-high-these-days-waaah-waaah/)
Part of it quotes a budget from a family in Toronto who is just "scraping by" with an income of $196,000.
How does your budget compare with these line items? (My amounts are in brackets)
Mortgage : $2,500. [Same]
Utilities: $500. [Same]
Gas for their Jeep Commander and Ford F-150 truck: $440. [$80 budgeted for gas per month for Prius/Fit]
Street parking and two parking permits: $200. [$0]
Home and car insurance: $300. [Same]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food"]
Baby supplies and toiletries at drugstores: $75. [$0-NA]
Wine: $400–$500. [$50]
Eating out: $400. [$160]
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones)
Dry cleaning: $50. [$20]
Haircuts, nails and waxing: $170. [$25]
Gifts: $200. [same]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$0-NA]
House maintenance: $410. [$100 but it should be more]
Clothes: $250 [$50]
Savings: $0 [$400]
Anyone else want to share and compare?
iris lilies
6-18-13, 10:46am
I'm trying for a wine bill of $200 monthly. Not kidding, my wine bill is rather out of control. That would include a bottle 1.5 times per month to a party. I am the only drinker in the household, DH won't touch the stuff.
I starting to think about this bill in the context of retirement income, ummm. A bit much.
Otherwise we don't have a budget. We spend what we spend.
ApatheticNoMore
6-18-13, 11:23am
Mortgage $2,500. [Same]: a bit over 1k for rent on a 1 bedroom
Utilities $500. [Same]: about $100 a month, includes green power :)
Gas pay about $160 a month in gas - that's almost ALL commuting to work! The car is *plenty* fuel efficient, just not a super expensive hybrid is the only thing - maybe my next car will be a hybrid
Street parking and two parking permits: zero apartment has parking, work pays for work parking
Home and car insurance: $300. [Same] about $150 a month
Cleaning lady: zero
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food"] can I combine this with household and personal supplies and just say about $500 Too much being spent on food, do eat more than 50% organic food - sustainable, organic, grass fed
Baby supplies and toiletries at drugstores: $75. [$0-NA] see above
Wine: $400–$500. [$50] lets say $10, not a lot and cheapo stuff, though I could see *not* resorting to two buck chuck which is now $2.50 and buying something a little better .... I'm not that hard up really :)
Eating out: $400. [$160] about $40 a month
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones) about $35
Dry cleaning: $50. [$20] maybe $5 a month? only occasionally get dry cleaning
Haircuts, nails and waxing: $170. [$25] procrastinate this forever, so none really, though I really should
Gifts: $200. [same] $10
Daycare for both kids: $2,500. [$0-NA] none
Kids paid activites and lessons: $200. [$0-NA] none
House maintenance: $410. [$100 but it should be more] included in rent but I sometimes buy items for the place (furniture, decorations, appliances) so maybe $40 if you mean that (if it happens to be a year I make a BIG furniture purchase - can be even more - maybe $100)
Clothes: $250 [$50] $100
Savings: $0 [$400] $800-$1000 always seems like getting nowhere
Monthly budget
Mortgage : $2,500. ($600)
Utilities: $500. ($150, average)
Gas for their Jeep Commander and Ford F-150 truck: $440. (Compact car, $60)
Street parking and two parking permits: $200. ($15)
Home and car insurance: $300. ($70)
Cleaning lady: $160. ($0)
Groceries: $1,000. ($200)
Baby supplies and toiletries at drugstores: $75. ($0-NA)
Wine: $400–$500. ($0)
Eating out: $400. ($15, twice monthly breakfast with friends)
Home phone, cable, Internet and two cellphones: $280. ($20 Trakfone, $40 Internet)
Dry cleaning: $50. ($0)
Haircuts, nails and waxing: $170. ($0)
Gifts: $200. (Maybe $20, and I make just about every gift)
Daycare for both kids: $2,500. ($0-NA)
Kids paid activites and lessons: $200. ($0, free stuff with grandchildren)
House maintenance: $410. ($5, cleaning products, does that count?)
Clothes: $250 ($0)
Savings: $0 (Varies by whatever is left at the end of the month)
Mortgage : $2,500. [Same] Zero. Condo fee $200
Utilities: $500. [Same] $194
Gas for their Jeep Commander and Ford F-150 truck: $440. [$80 budgeted for gas per month for Prius/Fit] No vehicles
Street parking and two parking permits: $200. [$0] N/A
Home and car insurance (http://www.simplelivingforum.net/#): $300. [Same] N/A
Cleaning lady: $160. [$0] Zero
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food"] $200 one person
Baby supplies and toiletries at drugstores: $75. [$0-NA] Grooming products $2
Wine: $400–$500. [$50] Zero
Eating out: $400. [$160] $30
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones) $46
Dry cleaning: $50. [$20] zero
Haircuts, nails and waxing: $170. [$25] zero
Gifts: $200. [same] $10
Daycare for both kids: $2,500. [$0-NA] N/A
Kids paid activities and lessons: $200. [$0-NA] N/A
House maintenance: $410. [$100 but it should be more] $20
Clothes: $250 [$50] Zero this year
Savings: $0 [$400] Zero
OTC meds supplements, etc $12
Dental Zero
Vision Zero
catherine
6-18-13, 12:08pm
This is cool! Very inspiring!
Now the second question should be, if you had to rate your economic quality of life on a 1-10 scale (i.e., not counting non-economic QoL factors like relationship status, etc.), what would it be?
I would say 7--I have everything I need and then some, but debt definitely weighs me down.
Tooling around on Mr. Money Mustache, I was reading "Does Peak Happiness Really Come at $75,000 a Year?" (http://www.mrmoneymustache.com/2012/04/30/the-cost-of-living-is-too-high-these-days-waaah-waaah/)
Part of it quotes a budget from a family in Toronto who is just "scraping by" with an income of $196,000.
How does your budget compare with these line items? (My amounts are in brackets)
Mortgage : $2,500. [Same]zero
Utilities: $500. [Same] 100
Gas for their Jeep Commander and Ford F-150 truck: $440. [$80 budgeted for gas per month for Prius/Fit] 200 for Vibe and F150
Street parking and two parking permits: $200. [$0] zero
Home and car insurance: $300. [Same] 250
Cleaning lady: $160. [$0] zero
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food"] 350
Baby supplies and toiletries at drugstores: $75. [$0-NA] zero
Wine: $400–$500. [$50] zero
Eating out: $400. [$160] 50
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones) 150 for satellite, landline/internet, cellphone
Dry cleaning: $50. [$20] zero
Haircuts, nails and waxing: $170. [$25] 30
Gifts: $200. [same] 20
Daycare for both kids: $2,500. [$0-NA] zero
Kids paid activites and lessons: $200. [$0-NA] DGS events when visiting me spread out monthly 40
House maintenance: $410. [$100 but it should be more]400
Clothes: $250 [$50] 10 maybe
Savings: $0 [$400] retired
Entertainment: theatre, ballet, opera, movies $200
Pet care and food: 60 with 40 budgeted for boarding
Anyone else want to share and compare?
This thread was interesting to read to get an idea of where spending in families is allocated. Scary though if one partner loses their job.
rodeosweetheart
6-18-13, 1:53pm
Something like this:
Mortgage : $2,500. [Same] Zero.
Utilities: $500. [Same] 200
Gas for their Jeep Commander and Ford F-150 truck: $440. [$80 budgeted for gas per month for Prius/Fit] 300
Street parking and two parking permits: $200. [$0] N/A
Home and car insurance: $300. [Same] 250
Cleaning lady: $160. [$0] Zero
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food"] $500
Baby supplies and toiletries at drugstores: $75. [$0-NA] Grooming products $10
Wine: $400–$500. [$50] Zero
Eating out: $400. [$160] 125
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones) $200
Dry cleaning: $50. [$20] zero
Haircuts, nails and waxing: $170. [$25] 10
Gifts: $200. [same] $100
Daycare for both kids: $2,500. [$0-NA] N/A
Kids paid activities and lessons: $200. [$0-NA] N/A
House maintenance: $410. [$100 but it should be more] $200
Clothes: $250 [$50] 50
Savings: $0 [$400] 500
OTC meds supplements, copaysetc $150
Dental 50
Vision 50
Pets-- 150
Mortgage : $2,500. [$0]
Utilities: $500. [$400]
Gas for their Jeep Commander and Ford F-150 truck: $440. [$100
Street parking and two parking permits: $200. [$0]
Home and car insurance: $300. [$500]
Cleaning lady: $160. [$320]
Groceries: $1,000. [$500]
Baby supplies and toiletries at drugstores: $75. [$0-NA]
Wine: $400–$500. [$0 if you don't count costs of running own vineyard/winery]
Eating out: $400. [$160]
Home phone, cable, Internet and two cellphones: $280. [$220: driven up with two self-employed adults with smartphones)
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$25]
Gifts: $200. [$0]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$120]
House maintenance: $410. [$500 but it should be more]
Clothes: $250 [$50]
Savings: $0 [$0]
Their chart left out my two biggest-ticket items though - property taxes and health insurance.
Their chart left out my two biggest-ticket items though - property taxes and health insurance.
Yeah, that wasn't in the original article--my health insurance is a biggie, too: $1355.
And not only are my property taxes high, living in the #1 worst state to live in for property taxes--as a self-employed person I also pay significant Federal, State, Self-employment taxes.
rodeosweetheart
6-18-13, 2:11pm
Catherine, do you pay 1355 per month for your health insurance? What does that cover?
Catherine, do you pay 1355 per month for your health insurance? What does that cover?
Yes, that's for two adults 60-ish, one smoker (definitely not me). It's a high deductible PPO plan. Covers medical, Rx, mental health, but not vision or dental.
Gardenarian
6-18-13, 6:34pm
Mortgage : $2,500. [$0]
Utilities: $500. [$175, including water and sewage]
Gas for their Jeep Commander and Ford F-150 truck: $440. [~$120]
Street parking and two parking permits: $200. [$0]
Home and car insurance: $300. [about the same, I think]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$250, though varies a lot]
Baby supplies and toiletries at drugstores: $75. [$0-NA]
Wine: $400–$500. [$0, but around $15 for beer]
Eating out: $400. [$0]
Home phone, cable, Internet and two cellphones: $280. [$80 land line, DSL, 2 tracfones]
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$0]
Gifts: $200. [$0]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$350, including all homeschooling expenses and summer camps]
House maintenance: $410. [$500 for house and cabin]
Clothes: $250 [$30]
Savings: $0 [$800 but again varies month to month - that's just my savings, dh is separate]
Health insurance: $1650 (2 mid-50 adults and one 14 year old)
Forgot to add -
HOA for cabin: $270
Property taxes: $750 (I know, I know.)
Just had my hair professionally cut for the first time in 4 years - $50 divided by 48 months comes to around $1 per month for salons :~)
I see a lot of waste in their budget, but I'm not sure what their tax rates are. :)
We spend very little. If we were making $196k/annum, we'd be swimming. :D
Scaping by on 196,000 a year is ridiculous in my way of thinking. Sounds like to me they are chained to a life that they have to work too darn hard to attain. They may make a heck of a lot more money that we do but I much prefer my life with the freedom from debt, the joyfulness of being debtless and a life that we live as we please with no bosses or work schedules. We earn money doing things we love and if we don't want to work then we don't.
Mortgage : $2,500. [NONE, we paid cash for our house and live on 80 acres]
Utilities: $500. [$125 for elec, $0 for water cuz we have a well]
Gas for their Jeep Commander and Ford F-150 truck: $440. [$100 for 3 vehicles, 2- 4wheelers and 2 tractors]
Street parking and two parking permits: $200. [$0]
Home and car insurance: $300. [$125 a month for 3 vehicles]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$200]
Baby supplies and toiletries at drugstores: $75. [$0]
Wine: $400–$500. [$0]
Eating out: $400. [$25]
Home phone, cable, Internet and two cellphones: $280. [$60 for 2 cell phones and internet)
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$0]
Gifts: $200. [$0]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$0-NA]
House maintenance: $410. [$0 , hubby does it all]
Clothes: $250 [$25]
Savings: $0 [$varies]
rodeosweetheart
6-19-13, 7:40am
These numbers are really interesting, because they point out costs of different lifestyles in different places. AS to the 500 dollar utility bill and the original family, when we lived in a 900 sq foot bungalow in a very upscale suburb of Chicago, that was our utility bill--the monthly water/garbage bill was $151, for Pete's sake-- taxes were 4500 a year, and we lived in the second cheapest house in the MLS-- I know because I got divorced and I bought it to stay in my son's school through high school. $185000 for 900 square feet.
We left after son graduated from high school because that town was completely unsustainable for us.
And if you have to pay the horrendous health insurance costs people are quoting, then yeah, you need an enormous monthly income. And if you have no job, then you are sc$rwd as far as both income and health insurance.
Until we have sustainable health care like Canada and England, I think we are all a nation of paupers.
Income approx. $18,000/ year ($1500/month) and out go with a paid for house with shared expenses, and no debt, approx. $500 - $800/month for basic expenses like taxes, insurance, utilities, food, pet food, car reg and insur., medical. More if there are needed repairs on house or car, vet visits, dental, etc... Almost 99% of my activies are free or very low cost.
Hmm. Rounding a little for math...
Mortgage and property taxes : $2,500. [$850]
Utilities: $500. [$150]
Gas/diesel for their Jeep Commander and Ford F-150 truck: $440. [$100 for 2 vehicles and a snowblower]
Street parking and two parking permits: $200. [$0 (same)]
Home and car insurance: $300. [$150 a month for home and two vehicles; includes umbrella policy]
Cleaning lady: $160. [$0 (same)]
Groceries: $1,000. [$320]
Baby supplies and toiletries at drugstores: $75. [$10]
Wine: $400–$500. [$5]
Eating out: $400. [$90; DW often treats her mom on weekends]
Home phone, cable, Internet and two cellphones: $280. [$185 for 2 cell phones, Internet service, and Web hosting)
Dry cleaning: $50. [$0 (same)]
Haircuts, nails and waxing: $170. [$40]
Gifts: $200. [$75; varies]
Daycare for both kids: $2,500. [$0-NA (same)]
Kids paid activites and lessons: $200. [$0-NA (same)]
House maintenance: $410. [$150; some months really high and other months near zero; also includes appliance replacement, etc.]
Clothes: $250 [$20]
Savings: $0 [$varies (same)]
This is cool! Very inspiring!
Now the second question should be, if you had to rate your economic quality of life on a 1-10 scale (i.e., not counting non-economic QoL factors like relationship status, etc.), what would it be?
I would say 7--I have everything I need and then some, but debt definitely weighs me down.
I'm in the 10 plus category. Wouldn't really change anything financially even if I had a lot more income or savings. Besides my $18k annual income from pensions (of which approx. $7k is tax free) I have around $250k in savings to supplement my income if needed. Plus $30k in an emergency fund that is very liquid - the other savings is in tax deferred stuff like IRA's, bonds, 457, etc...
To the list we must add another large expense, property tax: ($575) ouch!!
Mortgage : $2,500. [$750]
Utilities: $500. [$125 for elec, water and gas]
Gas for their Jeep Commander and Ford F-150 truck: $440. [$60]
Street parking and two parking permits: $200. [$12]
Home and car insurance: $300. [$67]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$400]
Baby supplies and toiletries at drugstores: $75. [$0]
Wine: $400–$500. [$100]
Eating out: $400. [$125]
Home phone, cable, Internet and two cellphones: $280. [$80)
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$45 every six weeks]
Gifts: $200. [$25 avg]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$0-NA]
House maintenance: $410. [$0]
Clothes: $250 [$25]
Savings: $0 [$2500]
Health Insurance: (about $35 for each of us deducted from paychecks)
iris lilies
6-19-13, 9:00pm
To the list we must add another large expense, property tax: ($575) ouch!!
woah. Your property tax is around $6,000+ annually?!!!!!
That's a great savings rate though, good for you!
jennipurrr
6-19-13, 9:08pm
We haven't tracked our spending in 2013 but last year we did and spent $51,111.46. I considered many areas of our spending extravagant and it racked me with a lot of guilt. At the same time, I didn't think much was going to change...DH thought the number was perfectly acceptable. So, I decided to stop tracking and see how that went. We have still been saving the same amounts, so I imagine we are spending in the same ball park.
This year we are buying a new home, so some costs will go up, but nothing close to $196,000! No savings on that kind of salary pains me! DH and I save more than 50% of our income and so I am content with that.
If I were bringing in $196,000 (as a pole dancer maybe http://www.kolobok.us/smiles/big_madhouse/sarcastic.gif) I'd live on nothing for as many years as it would take to sock away enough to retire on. I certainly wouldn't be pi$$ing it away.
ApatheticNoMore
6-19-13, 9:51pm
Well I suspect the amount you'd see after taxes would be more like 120k, especially if you figure in high state income taxes. If I earned that I'd probably buy a house just for the tax deduction. Still it's a lot of money.
[QUOTE]woah. Your property tax is around $6,000+ annually?!!!!!
Yep, real conundrum. For 2013, it will be $6700 for this dinky 2 br house. We could buy a cheaper house out in the sticks but then we'd be commuting all the time, have to buy a newer car, etc. Our logic for staying is that the house appreciates at least half of that amount if not more every year we live here. And our quality of life is much better in town where everything is close by. So we'll suck it up two more years til I retire and then skedaddle.
Life satisfaction is in the 9-10 range. I have all I need or want and enjoy great health and services. I am planning for changes to living space in five years but again, my choice and the options are good.
Truly I count my blessings every day
Left two good paying jobs in southern Ontario for a mortgage and child free lifestyle in Northern Ontario (on Lake Superior). Work is sporadic so we keep things simple.
Mortgage : $2,500. $0!! Paid cash for the house but we live in the middle of nowhere.
Utilities: $500. $125 (electricity, water and sewer).
Gas for their Jeep Commander and Ford F-150 truck: $440. $80 for full tank, Volvo station wagon. Used rarely. Fill up tank every 6 or 7 weeks.
Street parking and two parking permits: $200. [$0] N.A.
Home and car insurance: $300. [Same] $148
Cleaning lady: $160. [$0] I wish!
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food"] $300 for two adults.
Baby supplies and toiletries at drugstores: $75. [$0-NA] N.A.
Wine: $400–$500. [$50] $30
Eating out: $400. [$160] $50
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones) $77: internet and Vonage
Dry cleaning: $50. [$20] N.A.
Haircuts, nails and waxing: $170. [$25] N.A. Haircuts for year: $90
Gifts: $200. [same] N.A.
Daycare for both kids: $2,500. [$0-NA] N.A.
Kids paid activites and lessons: $200. [$0-NA] N.A.
House maintenance: $410. [$100 but it should be more] $50
Clothes: $250 [$50] $40
Savings: $0 [$400] $80 into retirement savings.
Property tax: $1140 for year
Heating oil: $600 for year
Wood: $1000
Pet food: $170 a year for two cats as we do not buy crap for them.
cindycindy
6-21-13, 9:52pm
Mortgage : $2,500. [$0) yeah
Property Tax: 550 (welcome to NYS)
Utilities: $275 for us. [$115 for elec, no water bill and balance oil/wood
Gas for their Jeep Commander and Ford F-150 truck: $440. [$300 for two hondas; long visits to family]
Street parking and two parking permits: $200. [$o]
Home and car insurance: $300. [$300 that includes college aged kids almost off our ins]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$600]
Baby supplies and toiletries at drugstores: $75. [$100 toiletries, no babies]
Wine: $400–$500. [$30mo includes beer]
Eating out: $400. [$50)
Home phone, cable, Internet and two cellphones: $280. [$450 this is ridiculous; have to revisit this; will drop when college aged kids off our plan)
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$50 for 2 people/mo. just haircuts)
Gifts: $200. [$50 avg]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$0-NA]
House maintenance: $410. [$0]
Clothes: $250 [$25]
Savings: $0 [Retirement savings $3800]
Health Insurance: (about $140 deducted from paycheck)
Their monthly spending is only $10,000 a month. $2500 of that is day care. Food and drink look high at $1900, other than that their spending doesn't look to bad. Cut back on the fancy meals and booze and once the kids get out of daycare they should be able to start saving $3000 or more a month.
militaryman
7-10-13, 3:23pm
Mortgage : $2,500. [$ZERO]
Utilities: $500. [$330 for elec, water and gas]
Gas for their Jeep Commander and Ford F-150 truck: $440. [SAV $500 per mo towards "next car fund"]
Street parking and two parking permits: $200. [$ZERO]
Home and car insurance: $300. [$350]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$500]
Baby supplies and toiletries at drugstores: $75. [$0]
Wine: $400–$500. [$0]
Eating out: $400. [$225]
Home phone, cable, Internet and two cellphones: $280. [$240)
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$60]
Gifts: $200. [$1200 avg. church and gifts per/mo]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$0-NA]
House maintenance: $410. [$100]
Clothes: $250 [$25]
Savings: $0 [$1700]
Health Insurance: ($320 per mo)
Their monthly spending is only $10,000 a month. . Ha Ha! I must be living in a cave where spending $10,000 a month gets an "only" in front of it :-)! Just teasing. I know what you meant - that out of their high income they should have some left over for savings.
My budget is so different it's hardly worth a line item comparison. I could not enjoy living like that.
Some differences...my home is paid for, but an older fixer upper that probably has averaged $500 a month for maintenance and upgrades. For example, the new roof and windows, but those should be amortized over several years. Decent craft beer, $30. My part of medical supplemented by previous employer provided insurance, $100. No kids, so no corresponding expense. I would count car depreciation as an expense. No cell phone or cable tv. Probably around $100./month for recreation toys (I have a tent problem). I don't see any provisions for travel such as air fares and motels. Restaurant meals are not significant in my budget. I have some charitable organizations I give money to. I do not wax.
I get by on an after tax income less than $30,000 a year. I'd put my economic quality of life at maybe a nine. There are few things I can think of I would buy if I had more money.
Maxamillion
7-13-13, 6:27pm
Only $10,000 a month! I don't even get that much in a year.
Mortgage : $2,500. [$107--Rent]
Utilities: $500. [$85 in summer, a little higher in winter]
Gas for their Jeep Commander and Ford F-150 truck: $440. [$100, less if I can swing it]
Street parking and two parking permits: $200. [$0]
Home and car insurance: $300. [$29]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$200]
Baby supplies and toiletries at drugstores: $75. [$0 baby supplies, $15 toiletries]
Wine: $400–$500. [$0]
Eating out: $400. [$25]
Home phone, cable, Internet and two cellphones: $280. [$45--one cellphone, internet, no cable, no landline)
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$0]
Gifts: $200. [$5/month as necessary]
Daycare for both kids: $2,500. [$0-no kids]
Kids paid activites and lessons: $200. [$0-no kids]
House maintenance: $410. [$5 for garden]
Clothes: $250 [$5]
Savings: $0 [$10]
Health Insurance: [$0]
Pets: [$15]
Misc: [$100--includes car maintenance, craft stuff, collectibles, meds, etc.]
Back in my working days we spent more than $10,000 per month when the kids were home. But we made more than the $196,000 listed. But we also were able to put enough away to quit working at 50. And paid for the kids college along the way. And we had a very enjoyable life, still do.
We currently spend $1000 a month at the Country Club, very enjoyable, and $2,000 a month on the plane, I love it. We travel and go where and when we want, probably spend $1000 a month on this. We haven't had a mortgage in years, but still probably spend $1500 a month on taxes, insurance, and utilities. Cars cost about $1000 a month in fuel, taxes, insurance. I'm guessing but $1000 a month on food, both in and out is probably in the ballpark. I'm guessing again but the wife likes to do things with her friends and she probably spends $500-$1000 a month out with the girls. Throw in $500 for TV, internet and misc montly's . And we spent $1,200 a month for health insurance.
So that puts us close to the $10,000 a month mark, and thats just off the top of my head. If the kids were still at home it would be higher. Could we live on less, no problem, but why? I still pay plenty of taxes and don't get anything from the government yet. But may structure it so I get subsidies for the Health insurance.
What good is it to have made a lot of money and not enjoy it?
To be honest i am not good on managing my money and i am impress that you have a nice list of your payment and other stuff which reminds me of my friend in Finland where he is working in a accounting firm in espoo or tilitoimisto espoo (http://www.accountdata.fi) where he as a lot of list on his financial stuff including week saving for everyday finances isn't pretty amazing on having that list right?
clara, may I be bold enough to ask why almost single post I've seen you write has a link to some Finnish financial firm?
Mortgage : $2,500. [$550 plus $200 for taxes]
Utilities: $500. [$140]
Gas for their Jeep Commander and Ford F-150 truck: $440. [$200]
Street parking and two parking permits: $200. [$0]
Home and car insurance: $300. [Same]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$700ish depending on how much entertaining we're doing]
Baby supplies and toiletries at drugstores: $75. [$30-A guess for toiletries]
Wine: $400–$500. [$200]
Eating out: $400. [$300]
Home phone, cable, Internet and two cellphones: $280. [$180]
Dry cleaning: $50. [$20 max.]
Haircuts, nails and waxing: $170. [$75 - DW is $120 every 6 weeks for hair + incidentals, I'm a Suave guy. :)]
Gifts: $200. [same]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$0-NA]
House maintenance: $410. [$100 Just completely renovated so its new and fairly maintenance free]
Clothes: $250 [$50]
Savings: $0 [Varies, always shoot for $1k]
Well I've finally gotten around to figuring out how much I actually spend on stuff (generally don't track) but it all is less than the $1500/month (before taxes) income I earn from my government pension (about $1,100/month) and a military disability benefit (about $400/month). House paid off, no debt, no kids, no expensive hobbies other than budget travel, and share house/household expenses with sister. Probably $750/month for everything and save the rest or use it for travel or unexpected expenses.
ETA: Just saw I already responded to this post back in June with basicly the same figures. Oops!
Note to Mods: Clara24 is a spammer. Recognize the name from when I was reviewing registrations as a mod.
Salary for the year:~ $40,000 (includes two incomes for 6 months of the year, and investment income; Live full or part time in an RV
Mortgage : $2,500. [Same] $0
Utilities: $500. [Same] $31.41
Gas for their Jeep Commander/Ford F-150 truck: $440. [$80] Diesel $331
Street parking and two parking permits: $200. [$0] $0
Home and car insurance: $300. [Same] $50 (Truck, 2 motorcycles, & RV (which is our “house”))
Cleaning lady: $160. [$0] $0
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food”] $324 for 2 people
Baby supplies and toiletries at drugstores: $75. [$0-NA] $0
Wine: $400–$500. [$50] Part of groceries
Eating out: $400. [$160] $177
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones] $89.50 no home phone or cable
Dry cleaning: $50. [$20] $0
Haircuts, nails and waxing: $170. [$25] $0
Gifts: $200. [same] $11.76
Daycare for both kids: $2,500. [$0-NA] $0 NA
Kids paid activites and lessons: $200. [$0-NA] $0 NA
House maintenance: $410. [$100 but it should be more] $80 [use much elbow grease]
Clothes: $250 [$50] $20 for two people
Savings: $0 [$400] [~$800]
Health costs for 2 adults self paying: $388 (for everything including getting eyeglasses this year)
Fun Stuff & Donations: $60
Taxes, fees, memberships: $60
Expenses for the month on average: $2500 or a little less.
This year we are trying very hard to stay below $30,000 in expenses for the year. We are cutting it very close this year. We shall see.
Mortgage : $2,500. [Same] -- about $900, but we pay $1600
Utilities: $500. [Same] -- $60 - $70 in the winter, about $40 in the summer
Gas for their Jeep Commander and Ford F-150 truck: $440. [$80 budgeted for gas per month for Prius/Fit] - $0 - $90 a month depending on bicycling
Street parking and two parking permits: $200. [$0] -- $0
Home and car insurance: $300. [Same] -- $120 or so
Cleaning lady: $160. [$0] -- $0
Groceries: $1,000. [$367 for basic and I allow $70 for "splurge food"] -- $900
Baby supplies and toiletries at drugstores: $75. [$0-NA] -- toiletries are in grocery budget
Wine: $400–$500. [$50] -- $3.00 (about one bottle of two buck chuck a month)
Eating out: $400. [$160] -- $200
Home phone, cable, Internet and two cellphones: $280. [$400: driven up with two self-employed adults with smartphones) -- $90
Dry cleaning: $50. [$20] -- $0
Haircuts, nails and waxing: $170. [$25] -- $10
Gifts: $200. [same] -- probably about the same
Daycare for both kids: $2,500. [$0-NA] -- $0
Kids paid activites and lessons: $200. [$0-NA] -- $50
House maintenance: $410. [$100 but it should be more] -- basically $0
Clothes: $250 [$50] -- too variable for me to say without checking, probably around $75
Savings: $0 [$400] -- $200 (not counting retirement which is about $650 a month - we don't count that as part of the budget).
gimmethesimplelife
12-10-13, 2:11am
Wow. Just wow. My half of the mortgage on this house here in Phoenix is $225 and many of my other numbers are much much much lower than the OP's. No car, $64 a month for a bus/light rail pass, no health insurance, $25 a month for property taxes, food around $160+ a month, savings $125 a month though my income is flexible and some months it's more. And Utilities split in half and on the equal payment plan so we don't have a heart attack when we open the summer bill - $125/mo. Also, internet $26.95 and here is where I am embarrassed - cell phone, $110/month. (the only reason this bill is so high is I left for the wilds of rural Utah where only Verizon worked for a summer job that did not work out and I needed to have Internet access and phone access in case anything happened in Phoenix with my mother's health or the house or the settling of the friend of my family's estate. So I'm locked in a contract with a phone I love and a bill I feel very embarrassed about as a simple TracPhone would cover my needs.) Also pet insurance and cat food = $45/month, less some months when good sales and good coupons. Water sewer and recycling - split in half, $45 a month. So my bills have gone up since last year, partly due to the cell phone and partly due to the pet insurance. And then I guess I could tack on another $60 a month for meds and doctor/dental and trips to Mexico - my way of handling health care and dental - averaging out my annual total divided by 12. And that's it I think. Rob PS Clothes, books and misc divided by 12 adds another $40 a month to the totals.
Not scientifically to the penny but fairly accurate - $927 a month if I am saving money, or $800 a month to exist without saving money. Used to be less like I said but that damned cell phone added to the required income. And I could probably shave another $20 a month off the food if I only lived on rice, beans, and loss leaders but I need some variety. And one more thing - about $15 a month average out divided by 12 for herbal teas for my blood pressure that seem to work. Under $950/mo. if I'm saving though. And I do get the herbal teas in bulk in Mexico where they are about 70% less than in Phoenix - makes for some interesting conversations dealing with Customs though lol.
Came back yet again to say that I've been feeling for a long time that my bills were too high and I've seen some of other poster numbers, not that I'm in competition with anyone, and I'm thinking maybe I've got a pretty good deal going here.....I've been jealous because I know someone who lives on a houseboat in Alaska part of the year and works at a resort outside Anchorage in the winters who beats me bad on the numbers but.... he does not have the access to Mexico to smash the healthcare numbers way down should he have any health issues. I guess nothing is ever perfect, maybe it's making the best of what you have to work with. Rob
gimmethesimplelife
12-10-13, 2:44am
And one more thing - $15/month to Best Friends Animal Society as a charitable contribution and I wish it could be more, they truly do use the bulk of the money for the good of the animals, I know as I have volunteered there on a weekly basis the summer of 2011. Rob
gimmethesimplelife
12-10-13, 2:56am
clara, may I be bold enough to ask why almost single post I've seen you write has a link to some Finnish financial firm?+1 I have an enquiring mind, I'd like to know too. Rob
gimmethesimplelife
12-10-13, 3:08am
If I were bringing in $196,000 (as a pole dancer maybe http://www.kolobok.us/smiles/big_madhouse/sarcastic.gif) I'd live on nothing for as many years as it would take to sock away enough to retire on. I certainly wouldn't be pi$$ing it away.You and me both as far as socking away the cash. I don't know about the pole dancing though - at the age of 47 I can't imagine anyone paying to see me pole dance lol. Rob
gimmethesimplelife
12-10-13, 3:16am
Mortgage : $2,500. [$0]
Utilities: $500. [$175, including water and sewage]
Gas for their Jeep Commander and Ford F-150 truck: $440. [~$120]
Street parking and two parking permits: $200. [$0]
Home and car insurance: $300. [about the same, I think]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$250, though varies a lot]
Baby supplies and toiletries at drugstores: $75. [$0-NA]
Wine: $400–$500. [$0, but around $15 for beer]
Eating out: $400. [$0]
Home phone, cable, Internet and two cellphones: $280. [$80 land line, DSL, 2 tracfones]
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$0]
Gifts: $200. [$0]
Daycare for both kids: $2,500. [$0-NA]
Kids paid activites and lessons: $200. [$350, including all homeschooling expenses and summer camps]
House maintenance: $410. [$500 for house and cabin]
Clothes: $250 [$30]
Savings: $0 [$800 but again varies month to month - that's just my savings, dh is separate]
Health insurance: $1650 (2 mid-50 adults and one 14 year old)
Forgot to add -
HOA for cabin: $270
Property taxes: $750 (I know, I know.)
Just had my hair professionally cut for the first time in 4 years - $50 divided by 48 months comes to around $1 per month for salons :~)I just had to comment on the haircut. I recently had my hair cut for the first time since September 2010 by anyone other than myself - I did a mystery shop where the cut and the tip were reimbursed with a $10 payment for doing the shop report. Gotta say I didn't see much difference in the cut I receieved and the cuts I give myself at home with a haircutting kit I bought for 14.99. Truly that has been one of my better investments as I can trim down my hair anytime I please on my time and all I am paying for is the electricity. It does help that I'm a guy loosing hair and that I shave my hair down to 1/4 inch and I don't mind looking like Mr Clean though. I can see where this whole equation would be different were I not a middle aged guy ok with looking like Mr. Clean. Rob
Teacher Terry
12-10-13, 5:59pm
We both retired almost two years ago & base our expenses off of our pensions ($40,000 gross). A few years before I got pretty brutal about cutting expenses & we also sold our bigger home & paid cash for a 1400 sf home. During a normal month we spend about $2500.00 We both do private consulting work and use this money for savings, car & home repairs, vacations, etc. We hope to have enough $ saved for when we either get too old to work or no longer want to. Our biggest expense is paying $800/month for our state health insurance and it will probably go up $50-100 in the spring-it typically does this every 2 years. Of all our friends we are the most frugal. I read Mr. MM but can't imagine living on so little.
Spartana
12-10-13, 11:33pm
And one more thing - $15/month to Best Friends Animal Society as a charitable contribution and I wish it could be more, they truly do use the bulk of the money for the good of the animals, I know as I have volunteered there on a weekly basis the summer of 2011. RobBest Friends is the "heir" to all my VAST (yeah right :-)) wealth if my sister (or any SO I may have then) should pass away before me. Love that place!
Oh and I cut my own hair. Which is now waist length so I guess I should say I "don't" cut my hair :-)! I get my sister to trim it and do the bangs of my "Stevie Nicks" 'do myself.
Also, other than your cell phone bill, I'd agree you can't really live much cheaper (at least not a comfortabily) then you do now.
jennipurrr
12-12-13, 4:44pm
A couple of years ago we drove through Utah and got to a hotel and they had those little stands of tourist crap...I started poking through it and one was for Best Friends! I was so disappointed we had been really close and didn't stop. One day I would like to go see their operation.
Ha Ha! I must be living in a cave where spending $10,000 a month gets an "only" in front of it :-)! Just teasing. I know what you meant - that out of their high income they should have some left over for savings.
Haha, I thought the same thing...
Well, considering that they spend more on wine and eating out than I earn in a month, I'd say my spending was drastically different to theirs!
ToomuchStuff
12-19-13, 2:49pm
+1 I have an enquiring mind, I'd like to know too. Rob
Since this has been reported to moderators multiple times (by more then one member) and you as a moderator are asking, did you ever get a response (or send a email/pm to know if the person needs to be banned)?
gimmethesimplelife
12-19-13, 5:20pm
Since this has been reported to moderators multiple times (by more then one member) and you as a moderator are asking, did you ever get a response (or send a email/pm to know if the person needs to be banned)?So far I have sent two messages - one polite informing her that although we appreciate her participation here, we don't appreciate her links to this Finnish financial firm. My second PM was a little more bold, informing her that yes we appreciate her participation but if this spamming continues we will have to enforce a temporary ban. I have heard nothing from "Clara" either time. Rob
Simply Divine
12-27-13, 10:03pm
Mortgage : $2,500. [$0 - NA]
Utilities: $500. [$0 - NA]
Gas for their Jeep Commander and Ford F-150 truck: $440. [$25 for one car]
Street parking and two parking permits: $200. [$0 - NA]
Home and car insurance: $300. [$0 - NA, I'm on someone's group policy]
Cleaning lady: $160. [$0]
Groceries: $1,000. [$50]
Baby supplies and toiletries at drugstores: $75. [$0-NA]
Wine: $400–$500. [$0]
Eating out: $400. [$25]
Home phone, cable, Internet and two cellphones: $280. [~$8.33 per month, paid once a year for $99.88]
Dry cleaning: $50. [$0]
Haircuts, nails and waxing: $170. [$200 per 4 months for hair, I do my own nails and waxing]
Gifts: $200. [$60 at Christmas]
Daycare for both kids: $2,500. [$0 - NA]
Kids paid activites and lessons: $200. [$0 - NA]
House maintenance: $410. [$0 - NA]
Clothes: $250 [~$50 every 3 months or so]
Savings: $0 [$120]
Teacher Terry
12-28-13, 5:36pm
Simply divine, how can you possibly only spend 50/month on groceries? You practically have no bills. I am confused about how this is possible.
Simply Divine
12-29-13, 12:03am
Simply divine, how can you possibly only spend 50/month on groceries? You practically have no bills. I am confused about how this is possible.
Maybe I should add:
$247 -- medical bill (will be repaid in April)
$50 -- dental bill (will also be repaid in April)
$250 -- student loan
I live with my parents and have SNAP ($15 -- mostly goes to lunch/snacks at work), so that helps as well.
Teacher Terry
12-29-13, 12:35am
That makes sense! I have let my adult kids live with us on occasion so they could finish college or save $. It's a great way to get ahead:))
Simply Divine
12-29-13, 12:44am
That makes sense! I have let my adult kids live with us on occasion so they could finish college or save $. It's a great way to get ahead:))
That's pretty much it. :) In addition to getting out of debt, I'm also saving for a down payment on a new (used) car. Of course, if I manage to get a car without taking out a loan, that would be even better, but I still have to save, nonetheless.
You'd be surprised, though, that there are still some people, even in today's economy, who are judgmental about adult children living with their parents and toss around phrases like "failure to launch", etc. My sister is more traditionally "successful" because she lives on her own and makes OK money as a teacher, but between you, me and the Internet, I'm getting out of debt faster and saving more money. She's not nearly as frugal as I am and loves her iPhone.
Teacher Terry
12-29-13, 1:31am
I know what you mean-some people thought we were crazy for doing that but it helped them get a degree with only some student loan debt. Basically we gave them a place to live and fed them. They didn't own cars-rode a bike or took a bus to college. My parents offered the same deal to all 3 of us kids. They wanted us to have a better life then them and the chance to go to college. You are smart for being frugal while you are young. You will be way farther ahead in life then most people. Sounds like you also have great parents!
Simply Divine
12-29-13, 1:45am
I know what you mean-some people thought we were crazy for doing that but it helped them get a degree with only some student loan debt. Basically we gave them a place to live and fed them. They didn't own cars-rode a bike or took a bus to college. My parents offered the same deal to all 3 of us kids. They wanted us to have a better life then them and the chance to go to college. You are smart for being frugal while you are young. You will be way farther ahead in life then most people. Sounds like you also have great parents!
My parents did that as well for me, and I lived with them most of the time I was in college and saved a lot. They bought me a used car and I'm still driving it now long since it has been paid off.
I admit I wasn't always this frugal. I've made some mistakes, but I've learned from them. My goal is to pay off everything I currently owe by 2017. I would like to be debt-free, but I haven't decided if I want to finance a house later on. Tiny Houses look sexy, but living in an apartment would probably be more practical in some ways. It's hard to find a place to park a tiny house legally and without conflict ("What is that dollhouse doing in your backyard?"), though I know it can be done. It's just stuff to think about and research at this point. Right now it's YMOYL, price shopping, and debt snowballing, but not much else.
Simply Divine
12-30-13, 12:10pm
Yes, that's for two adults 60-ish, one smoker (definitely not me). It's a high deductible PPO plan. Covers medical, Rx, mental health, but not vision or dental.
That's wild. I pay $119 a month for similar coverage of 1 non-smoker (myself). It's the "High" HRA plan offered through my employer.
Mortgage: none, but we have a $230 association fee, which Zach and I pay
Utilities: $285, but split between us and my dad
Gas: $300. Zach is a residential electrician, so there isn't a lot we can do about this one.
Homeowners and car insurance: $95. This is the car insurance. My dad pays the homeowners insurance.
Cleaning lady: none regularly, but I did get groupon for a cleaning service for $159 for 3 two hour sessions to help me recover from the holidays and prepare for the new baby.
Groceries: between $400and $500 a month for 8 people
Baby supplies and toiletries: $40 a month. A lot of that is baby stuff. :)
Cell phone: $80 a month. I had included home phone and internet in utilities
Wine and beer: varies. More in December than usual, but probably $10-15 a month
Dry cleaning: $20 a month for Zach's church suit and some shirts
Haircuts: $50 twice a year for me, $15 twice ahead for my older two daughters, nothing for the boys or babies
Gifts: depends on the month. :)
Daycare: N/A
Kids activities: we homeschool. This probably averages about $100 a month.
House maintenance: depends on the month and year. This year we did a lot. Now roof, new deck, various repairs.
Clothes: About $300-$400 a year for 7 people.
Savings: this varies a lot from month to month.
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