Family budget if your income is around $180-200K
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Anonymous
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Take Home is about $7000/month after savings, etc.
2000 Mortgage 335 Car 575 Childcare 180 Insurance 450 Utilities (gas, electric, water, phone, internet, cable, cell) 600 Food/Household supplies 175 Gas/Metro 400 House cleaning/lawn care/ maintenance 300 Restaurants 200 Cash 200 Activities (Agility class, pool membership, school activities) 150 Personal (Hair, clothes, etc.) 400 Fun (vacations, movies, etc) 50 Charity 250 Random miscellaneous So, that comes to about $6300 per month |
Anonymous
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We make 195-200K.
$2500 in rent $1200 in groceries at most, including household items (paper towels, shampoo), eating out (including everything from dinner to coffee) $100 gas $130 car insurance $400 utilities $550 student loans $325 car payment $150 medical - people AND pets, including pet food (this is rounding way up) $70 life insurance, rental insurance $250 entertainment/babysitting/clothing $250 miscellaneous (airfare spread across the year, that expensive humidifier we just bought, parking tickets, etc...) $3,500 + any extra goes to savings: maxing out 401-K match (at about $1,300/month) and the rest is down-payment savings. We have no childcare, because kid is elementary aged and I work PT. |
Anonymous
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Dang, some of you have really low mortgages. We splurged a bit but bought a long term home that made spending the extra money worth it. Don't need to worry about major repairs, upgrades or additions, but I'm certainly jealous of your note.
HHI of $9800/month after health insurance, flexible spending account, taxes, 401K and life insurance. Our budget for our family of 4 consists of : Mortgage - $3300 Utilities - $300 Verizon - $180 Childcare - $2000 College Savings - $500 Car Payments/Insurance - $900 Food/Household items (aka Costco) - $1400 Gas - $400 (hard to budget but a lot of our gas is reimbursed) This leaves us about $1k a month for things like clothes, entertainment, weekend trips, and unforeseen costs (lawn mower died last month, for example). We are fortunate to receive decent bonuses twice a year which we put towards savings accounts and major purchases (new bedroom furniture last year, vacation next year). It works, and we certainly understand how privileged we are, but I'd be lying if I said we didn't feel super squeezed at times. I guess the more $ you make, the more expenses you tend to take on. The golden handcuffs! |
Anonymous
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Interesting topic.
- Take home approximately $8400 (estimated average per year) after funding retirement and pension fund for the spouse. One spouse gets paid biweekly and there are 2 additional paychecks of about $6200 per year. That are not tracked, and we plan on spending that money on modest vacations and/or paying for credit cards if we exceeded our budgets through the year. That's our fallback money. It's broken down in 2 forms: - $2600 in savings: This savings fund is being built to buy our second house (hopefully a single family). - $5800 in expenses: - $2170 in mortgage + taxes + insurance + HOA - $1200 in 2 car payments (both are new and were bought with 0 down...this is where it is pinching us). - $300 to service a HELOC. - $600 on food related expenses (we try to keep these very low). - $140 on all utilities (Estimated: I keep them low very aggressively). - $250 on gas and tolls (unfortunately one spouse has to travel quite a bit for work). - $200 on kids activities (only daughter - we spend freely to put her in Tae Kwando, Arts, dance, swimming classes) - $100 on personal care - $150 on clothing and household essentials (again, we keep this very low by buying less and only as needed) - $100 on education materials - $120 on car insurance (got a really nice deal from the 21st century) - $110 on media ($40 on cell, $50 Internet, $20 on netflix. No cable and no fancy carrier...again, we save a boatload of money here). - $350: Remaining free money to be used for various purposes - mainly anticipated for household and auto maintenance/repairs etc. You can see already that we are running a very tight budget despite having a decent take home income. This year for example, we have overspent some $3K already and we cannot use the full $6.2K for vacations. We need to compensate our savings fund that money because that's essentially where it was borrowed from. If we had another kid and/or a bigger house, our expenses would be really high. In fact we are not paying for childcare at all, and yet, the budget is stretched thin. If we have a second child, we might even go in the red. We are really waiting for the auto loans to fall off (1 and 2.5 years respectively) before having a second child. Our savings are nonnegotiable - we really treat that as life or death. Unless we save $30K after-tax, there is no point in having a high income really. Our mortgage is also a 15 year mortgage (in 3rd year), which is what makes the mortgage payment a little high. |
Anonymous
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HHI = 195k
Mortgage = $3,200 (bought a house to grow into with good schools) Healthcare Premiums = $500 Childcare = $1,600 Utilities = $200 Cable/Phone Plan = $350 Student Loans = $600 (for grad degrees, college was paid for) Gas/Metro = Maybe $100/month (DH and I both work from home most of the time) Food = $1,000 Eating Out = $200 That is $7,750 after putting away 5% with matching toward retirement. Plan to increase this with student loan and daycare payments later. Cars are paid off. We are super lucky that both sets of grandparents are putting 5k/year into a college fund for DC. We end up with a few grand extra each month for miscellaneous house repairs, savings, gifts, donations, etc. My two "extra" pay checks and tax return go into savings or paying down debt. We feel lucky even though we're not DCUM rich. |
Anonymous
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I'm late to the party with this response, but literally googled the subject line and found this forum today. It truly is difficult somewhat to live comfortable on 190K annually. Some may view these as first world problems, but hey we all have problems of some type. I'm actually in the process of making tax adjustments so we don't have a huge bill at the end of the year going forward. I'm open to advice on how to better manage my budget which is what I assume most people on here were seeking.
Within a four week span, Take home (biweekl) for two working parents plus a monthly paycheck equals $10,720. Both of us receive annual bonuses at or above 10% of our salary, and of course if you're on a bi-weekly pay period you've probably noticed that you receive 2 additional pay checks annually (around April and October). I budget monthly which means that I exclude the 2 additional pay checks both of receive during year from the monthly budget (4 checks total). They goes immediately into savings along with the bonuses. I must preface this by saying that 2016 is the first year that we're seeing this type of income because my wife is working full time again. Income: Take home 4 weeks - 10,720 Expense Budget: 2239 - Mortgage/Property Tax/Home Insurance 128 - Cable / Internet (UVERSE) 200 - Electrical (utility) 131 - Car Insurance (paid semi annually for 2 vehicles) 206 - Medical Insurance (paid w/ after tax income) 96 - Dental Insurance (paid w/ after tax income) 205 - Cell phone (2 smart phones AT&T) 40 - Dog insurance 10 - Netflix 1505 - Childcare 1163 - Student loans 24 - Trash 30 - Home alarm 30 - Pest control 360 - Car note (1 vehicle) 145 - Personal grooming (haircuts, nails done, etc) 240 - Fuel (2 vehicles) 600 - Groceries 35 - Water 80 - Gas 150 - HOA (paid in advance for this year, so it's not a cost at the month) 662 - Misc (Flexible spending for household goods, supplies for the baby, etc) 500 - Monthly allowance for personal spending (250 each) Covers personal spending like fast food, shopping, etc. 2000 - Savings I'm finding that my household take home will need to be reduced so that we can reduce our annual tax liability. Currently we are projected to owe 4K at year end in federal taxes. The IRS recommends both us have 600 withheld bi-weekly for federal taxes in order to meet out tax obligation. Gonna start that next year, and contribute more to my 401K. |
Anonymous
You VERY obviously don't live in or near DC. |
Anonymous
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10k take home after retirement, taxes, and health. Includes $9k in salary plus $1k net after expenses in rental property.
3100 Mortgage PITA 1200 Food (groceries, lunches, coffee) 1000 Savings 800 Entertainment (restaurants, theater, pool, parties) 600 Home Expenses (cleaning, maintenance, improvements) 600 Auto for 2 old cars (gas, parking, insurance, repairs) 600 Bills (cable, Internet, tv, utilities) 400 Education (tutoring, camps, books) 400 Enrichment (sports, activities, lessons) 300 Gifts (Xmas, birthdays, charities) 300 Shopping (clothes, housewares, extras) 200 Health and Fitness (copays, yoga, sports equipment) 200 Vacation (2 modest trips with family, camping) 100 Personal (haircuts, grooming, dry cleaning) 100 Pets (food, vet, sitting) 100 Personal |
Anonymous
| Extra personal in there |
Anonymous
| Wait, no, it's 100 in life insurance, not a second personal budget. Sorry! |
Anonymous
| I'm surprised how little many of you spend on the shopping/household supplies/misc category. Do you actually track your spending? We are not big spenders and I find it hard to keep this under $800 a month and it is often higher. This includes: Costco trips, clothes, Amazon purchases, and sometimes bigger-ticket items like a new piece of furniture. |
Anonymous
This is similar to how we operate too. Bought an investment property before paying off student loans. Now I'm aggressively paying down and we hope to save for another property after the loans are gone. |
Anonymous
I like this budget - it seems very balanced between fixed expenses (house, utilities), savings (college fund and Roth IRA over and above 401K) and I like that you have budgeted for the things that make life worth living (travel, eating out/mivues) and that you have budgeted for clothes and gifts. |
Anonymous
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take home (after fully funding 401 K plan, health insurance, taxes)
11000 PITI $4200 Earthquake and car insurance $350 food $500 Exercise $250 entertainment $300 clothes/hair skin care $350 home repair/garden $1000 (redid the garden this year and live in an old home- something is always breaking) Bills (water, elec, gas, water, internet) $225 travel vacation $250 misc between 200 and 400 giving 250 additional savings about 2800/mo No car payment, done with student loans, no school payments or daycare |
Anonymous
you must live in LA |