Family budget if your HHI is around 375k

[Anonymous]

Anonymous wrote:$18000 take home
$7000 mortgage (big extra payment)
$2000 Private school
$4000 extra savings
$800 housekeeper
$1000 activies/lessons (whole family takes piano)
$1000 charity/Synagouge dues

Leaves about $2000/month for expenses, travel, etc. the extra savings is split between a short term fund which we dip into for house repairs and other big expenses and extra retirement.

We've had a large ramp up in income in the past 5 years, and we've tried to maintain the same lifestyle while upping the savings.

Food? Utilities?

[Anonymous]

Anonymous wrote:

Anonymous wrote:$18000 take home
$7000 mortgage (big extra payment)
$2000 Private school
$4000 extra savings
$800 housekeeper
$1000 activies/lessons (whole family takes piano)
$1000 charity/Synagouge dues

Leaves about $2000/month for expenses, travel, etc. the extra savings is split between a short term fund which we dip into for house repairs and other big expenses and extra retirement.

We've had a large ramp up in income in the past 5 years, and we've tried to maintain the same lifestyle while upping the savings.

Work pays for cell phones for both of us. No cable. Internet, water, electricity, heat come to about $200-$300/month. I'm thinking the only other recurring expense rolled into etc is gas which come to about $300/month.





Food? Utilities?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I can't fathom how we can make so much and still end up with so little at the end of the month. I need to get organized with a family budget and stick to it. Any examples of budget (family of 4 both working OH with 3 yo and 4.5 yo and $4,500 mortgage) or words of wisdom would be welcome.

We net about $14K/month after taxes and 401. It is tight around here, but we look something like this:

2,800 Mortgage (include PITI)
1,800 Childcare and tutor
1,200 Student loans
300 Insurance (life, health, disability, car, personal property)
25 Charitable contributions
2,400 Savings/529s/other investments
500 car
800 utilities/yard/cell phones
500 gym/kid activities

This adds up to about $11.5K Only $2.5K left for vacations, shopping, and home/auto repairs. Our savings, investments, and home equity are growing slowly but surely, but the money just seems to go so fast

Are you for real with the sad face? You're sad because the money disappears after...you spend it? Duh. And you still have 2500 for shits and grins at the end of the month? Please please please rethink your choice of emoticons.

This made me laugh out loud! +1000

[Anonymous]

2500 is only 3 plasma tvs a month

[Anonymous]

Anonymous wrote:Depending on what your deductions look like, you could be left with anywhere from 21--24k a month- what does your actual net look like? At your income level you should really be maxing out all retirement accounts simply for the tax breaks.

Are you able to game your AMT? Do you have disparate incomes and a hefty childcare bill that could make a work break economically advantageous?

A $4500 mortgage can be fine or insane on that income depending on what your other non-negotiable expenses are. We can't give budget advice unless you say what you can't compromise on. No example is going to help you overcome 200k in student loans or a 3 grand a month nanny.

That's way too much as a projected net. We make $430K, and our take home is just a hair over $16,000. We do have life insurance taken out of gross in addition to maxing retirement contributions and medical, dental, vision insurance, but it's hard to believe that any two breadwinners making $37K can net $24K a month.

[Anonymous]

I was working out my budget recently and figured out we were spending $350/month on gas for the cars - which surprised me because I hadn't reevaluated our budget since gas (for the car) was about $100/month (for 2 adults)

2 working adults - how much do you spend on gas (for the car) a month?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Depending on what your deductions look like, you could be left with anywhere from 21--24k a month- what does your actual net look like? At your income level you should really be maxing out all retirement accounts simply for the tax breaks.

Are you able to game your AMT? Do you have disparate incomes and a hefty childcare bill that could make a work break economically advantageous?

A $4500 mortgage can be fine or insane on that income depending on what your other non-negotiable expenses are. We can't give budget advice unless you say what you can't compromise on. No example is going to help you overcome 200k in student loans or a 3 grand a month nanny.

That's way too much as a projected net. We make $430K, and our take home is just a hair over $16,000. We do have life insurance taken out of gross in addition to maxing retirement contributions and medical, dental, vision insurance, but it's hard to believe that any two breadwinners making $37K can net $24K a month.

We make 320k, max out our 401k and take home 16k. Where on earth is the rest of your money going?

[Anonymous]

OK, poster here with $430 HHI. Let's take my paycheck - I make $212,000 of the $430,000.

For my salary, I gross $8,188.46 every two weeks. Here are my deductions:

Federal income tax - $1,899.85
Dental Insurance - $10.86
Medical Insurance - $24.19
Term Life Ins - $55.55
Short term Disability - $61.41
Long Term Disability Ins - 13.35
Vision Ins - $4.05
401(k) contribution - $818.85

Net check is $4,112.77, so about $16,500 for our four paychecks a month.

[Anonymous]

Sorry, hit "submit" too soon.

Also have $490.23 deducted for FICA tax, $114.65 for Medicare tax and $390.39 for state income tax.

[Anonymous]

And $192.31 for my flex spending account for childcare expenses.

[Anonymous]

Anonymous wrote:I was working out my budget recently and figured out we were spending $350/month on gas for the cars - which surprised me because I hadn't reevaluated our budget since gas (for the car) was about $100/month (for 2 adults)

2 working adults - how much do you spend on gas (for the car) a month?

About $200

[Anonymous]

Anonymous wrote:I was working out my budget recently and figured out we were spending $350/month on gas for the cars - which surprised me because I hadn't reevaluated our budget since gas (for the car) was about $100/month (for 2 adults)

2 working adults - how much do you spend on gas (for the car) a month?

2 adults each with a car. We each use about one tank/week. $50 to fill one, $60 to fill the other. $110/wk = ~ $440/month

[Anonymous]

Anonymous wrote:OK, poster here with $430 HHI. Let's take my paycheck - I make $212,000 of the $430,000.

For my salary, I gross $8,188.46 every two weeks. Here are my deductions:

Federal income tax - $1,899.85
Dental Insurance - $10.86
Medical Insurance - $24.19
Term Life Ins - $55.55
Short term Disability - $61.41
Long Term Disability Ins - 13.35
Vision Ins - $4.05
401(k) contribution - $818.85

Net check is $4,112.77, so about $16,500 for our four paychecks a month.

Well, there are 26 two week periods in a year, and I assume you're both pulling in about the same amount, so 26* 2 *4112 = ~ 214000, for a monthly salary of ~17900. You also seem to be taking a LOT out for 401K; I'm guessing over 55 catchup? If you couldn't do that your monthly take home would probably be closer to 18,500. I do agree with your original comment though that assuming 21-24K take home for 365K is very high. You would need a lot of deductions for that.

[Anonymous]

Mortgage $4800
Preschool $2200
PT Nanny $1200
Cleaning $500
Insurance $500
Utilities $500
Cell/Cable/Internet $400
HOA $200
ELDERLY PARENTS $4000

One expense we have that most others don't is that we support my parents financially.

Our credit card bill every month is sadly around $10,000 per month. We recently bought a new home though so we are constantly buying furniture, picture frames, sheets, patio furniture, etc.
If we did not have the new house, our credit card bill would probably be closer to $5000. This would include food, gas, Target runs, clothing, etc.

We max out our 401k. We put our bonuses straight into our savings.

We currently have 2008 and 2009 cars. I will probably get a new car soon. Trying to decide if we should pay cash, lease or finance the car.

[Anonymous]

Anonymous wrote:Mortgage $4800
Preschool $2200
PT Nanny $1200
Cleaning $500
Insurance $500
Utilities $500
Cell/Cable/Internet $400
HOA $200
ELDERLY PARENTS $4000

One expense we have that most others don't is that we support my parents financially.

Our credit card bill every month is sadly around $10,000 per month. We recently bought a new home though so we are constantly buying furniture, picture frames, sheets, patio furniture, etc.
If we did not have the new house, our credit card bill would probably be closer to $5000. This would include food, gas, Target runs, clothing, etc.

We max out our 401k. We put our bonuses straight into our savings.

We currently have 2008 and 2009 cars. I will probably get a new car soon. Trying to decide if we should pay cash, lease or finance the car.

DH earns the bulk of our earnings. He brings in $10,484 every 2 weeks. I work part time and earn about $5000 per month.