400k budget, with numbers.

[Anonymous]

You make $600K and can't do basic financial planning or figure out how to pay for a car?

[Anonymous]

Anonymous wrote:You make $600K and can't do basic financial planning or figure out how to pay for a car?

The OP confused us all. 200k in year end commission is part of the 400k. It has to be. The OP doesn’t make 600.

Can’t pay for a car is funny. Hmm, just received 200k but can’t pay for a car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Mortgage 3377
Cable and phones 240 - this is super high. Drop the cable, get internet only $30 a month and a different phone plan
Internet 100 - crazy high - change plans to a $30 a month plan
Electricity, Water 160
Garbage 30
Health RX (not covered) $222
Car insurance ms $270
Private Club $422 - drop this
Life Insurance $107
Grocery $1000
Eating Out $600 - cut back
Medical Co Pays $40
Lawn $100 - drop this, get two grass cuts only during the summer
House Cleaning $280 - drop this clean yourself
Peleton $42 - drop this
PreK and Activities $750
Camps, Childcare + Kids Activities ($1000) - why do you have activities twice, and prek/child care?
Haircuts $100 - a month? Very high

where can you get internet for 30 bucks a month? Haircuts actually arent all that bad- if you have multiple people in your family. My brother cuts and colors mine when he visits otherwise it would be $75min for me every 3-4 months just for a cut. My DH costs $50 every 6-8 weeks. My son is $30 every 6-8 weeks. Thats an average of 70-80/mo over the year.

Does FSA/HSA in your case not make sense OP? We put the max in every year and use it. I pay for vision and dental OOP for all of us because the premiums are more than paying cash with the plans we are offered. All Rxs and copays are pretty much covered and we both have chronic conditions being managed.

You switch internet companies and get a new customer deal. Same for phone. With Covid, we do hair cuts and coloring at home. They should be able to pay cash.

[Anonymous]

Anonymous wrote:Your numbers do not make sense at all unless you are saying the lump sum 200k is part of the 400k total?

Yes! 400k total not $600k
$200 is commission based
$200k is salaried

[Anonymous]

Anonymous wrote:

Anonymous wrote:Your take home is 11739 per pay check or per month?

Wondering the same. Something is off here. I make 225 and my gross is a little under 10K paid semi-monthly. Even if OP is paid semi-monthly, 11K a paycheck doesn’t make sense for 400K

Only $200k is salaried.
The $200k commission this year is going towards investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Base Take home is 11739, deductions are ($1160 401k) + ($600 529s)
Mortgage 3377
Cable and phones 240
Internet 100
Electricity, Water 160
Garbage 30
Health RX (not covered) $222
Car insurance ms $270
Private Club $422
Life Insurance $107
Grocery $1000
Eating Out $600
Medical Co Pays $40
Lawn $100
House Cleaning $280
Peleton $42
PreK and Activities $750
Camps, Childcare + Kids Activities ($1000)
Haircuts $100

Leftover each month $2,664
So my question is.. how does this look and how much of this $2664 do you think we could reasonably save each month? We need to replace a new car in the year and want to pay in cash. We want to buy in the summer. I’m considering dropping 529 and 40k direct deposits and just load them up from bonus at the end of year. Something in the $45-60k range and trying to figure out how to get there by June or July. Dropping private membership isn’t an option. It’s a golf club and kid plays and it’s not something you can easily rejoin. We joined without initiation fee.



Approximately in Commissions=
$200k additional annual (get at end of year)

Unless I'm missing something you need to be stashing away money into that 529 big time for college. How many kids? How far off for college? For private, it's heading towards $85K a year and that is in after-tax dollars. We started saving for two kids when they were born but it wasn't enough. And both went to state schools

Two kids, kinder and preschool. We are ahead of where we need to be for their ages.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your take home is 11739 per pay check or per month?

Wondering the same. Something is off here. I make 225 and my gross is a little under 10K paid semi-monthly. Even if OP is paid semi-monthly, 11K a paycheck doesn’t make sense for 400K

Only $200k is salaried.
The $200k commission this year is going towards investments.

Then just take money from investments to buy a car…. Not sure why this is a question then

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your take home is 11739 per pay check or per month?

Wondering the same. Something is off here. I make 225 and my gross is a little under 10K paid semi-monthly. Even if OP is paid semi-monthly, 11K a paycheck doesn’t make sense for 400K

Only $200k is salaried.
The $200k commission this year is going towards investments.

If you want to pay cash for a car within before your next commission check, you need to set some of this $200k commission aside for that purpose, or pull from investments. It doesn't make sense to suspend 401k or 529 contributions in this circumstance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your take home is 11739 per pay check or per month?

Wondering the same. Something is off here. I make 225 and my gross is a little under 10K paid semi-monthly. Even if OP is paid semi-monthly, 11K a paycheck doesn’t make sense for 400K

Only $200k is salaried.
The $200k commission this year is going towards investments.

Then just take money from investments to buy a car…. Not sure why this is a question then

Yes, this is the obvious answer for the car.

[Anonymous]

After retirement and insurance for 2 adults. $325k salary with bonuses taking to $410+. Take home like 15k/month before bonus

3500 rent+water+electric+parking
200 cable/internet/streaming
150 phone
1200 groceries/eating out
100 car insurance
50 peloton
0 car payment after paying off recently
50 gas
1000 on various other things
Probably 12k a year of vacations so $1000 a month amortized

We save a good amount now that student loans and car payment are gone. The bonus just gets invested. Going to buy a house this year. I’m sure things will get more expensive and things will get adjusted when there is a kid

[Anonymous]

Based on your monthly cost, I’m willing to bet you don’t have enough life and disability insurance.

[Anonymous]

Anonymous wrote:
Mortgage 3377
Cable and phones 240 - this is super high. Drop the cable, get internet only $30 a month and a different phone plan
Internet 100 - crazy high - change plans to a $30 a month plan
Electricity, Water 160
Garbage 30
Health RX (not covered) $222
Car insurance ms $270
Private Club $422 - drop this
Life Insurance $107
Grocery $1000
Eating Out $600 - cut back
Medical Co Pays $40
Lawn $100 - drop this, get two grass cuts only during the summer
House Cleaning $280 - drop this clean yourself
Peleton $42 - drop this
PreK and Activities $750
Camps, Childcare + Kids Activities ($1000) - why do you have activities twice, and prek/child care?
Haircuts $100 - a month? Very high

Stop it. Enough with the nonsense. They are making 400k a year.
They can pay for house cleaning and lawn care.
Can they find cheaper cable, internet, and phone plans? Sure. They could save maybe
$100 to $150. This is pocket change at their income and is not worth the hassle of having to
switch providers each year to get a better deal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your take home is 11739 per pay check or per month?

Wondering the same. Something is off here. I make 225 and my gross is a little under 10K paid semi-monthly. Even if OP is paid semi-monthly, 11K a paycheck doesn’t make sense for 400K

Only $200k is salaried.
The $200k commission this year is going towards investments.

Then just take money from investments to buy a car…. Not sure why this is a question then

This. Its how we pay for major planned expenditures as well. We also have a seperate emergency fund for unplanned expenditures. Just did a $1200 furnace repair, fun!