$14k net HHI - Budget Input

[Anonymous]

You spend a lot OP. Many are what I'd call "comfort spending" not essentials.

[Anonymous]

You spend an insane amount on food. $1k in groceries, plus $150 for lunch, $500 for take out, and $200 MORE dollars for entertaining?!

We spend about $1k on groceries, but that's bc we take our lunch and don't eat take out so we cook every night. That also includes any entertaining her we. So cut the other $850 for your budget and keep it to a $1k grocery bill.

[Anonymous]

So much to cut, and the investment property suck cost is obvi, but this is what really got me:

Personal Care - $350 per month (hair cuts/color, waxing, nails)

[Anonymous]

$650 on "home supplies" like toilet paper?!

What are you buying for $1k at the grocery store if that doesn't include home supplies?

[Anonymous]

You need to try a spending diet for a couple of months. Just stop going to stores, stop going out to eat, stop buying gifts (?), just stop. You make plenty of money, you just live like you make more. The cars and investment property look like obvious problems, but in general you guys seem like spenders and need to reign in your impulses.

[Anonymous]

yikes. those cars need to go!

[Anonymous]

We make a little more than you.

I include things like shopping, haircuts, races (10k's, etc.), and travel in the discretionary pot AFTER saving $5k a month in a taxable savings account.

Your shopping budget is a bit ridiculous, but generally almost all the categories can be cut by a third.

[Anonymous]

Our HHI is same as your OP. We save about 9k per month. You are spending waaaaaaay too much!!

[Anonymous]

Anonymous wrote:You spend a lot OP. Many are what I'd call "comfort spending" not essentials.

OP here - Totally agree. We have a decent amount coming in and it's gone before we're able to put anything towards our longer term priorities. That's why we're doing this analysis and figuring out what needs to change. Not acting like we've been making any sacrifices but it does feel like we're spending the same as our peers with similar incomes which is why I'm looking for this feedback

[Anonymous]

Anonymous wrote:Our HHI is same as your OP. We save about 9k per month. You are spending waaaaaaay too much!!

9k after taxes and retirement? Do tell. .. .

[Anonymous]

Anonymous wrote:You need to try a spending diet for a couple of months. Just stop going to stores, stop going out to eat, stop buying gifts (?), just stop. You make plenty of money, you just live like you make more. The cars and investment property look like obvious problems, but in general you guys seem like spenders and need to reign in your impulses.

I think this is a good idea and would help identify where we can cut back without much impact to our lives, figure out what we really don't miss vs what we do

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our HHI is same as your OP. We save about 9k per month. You are spending waaaaaaay too much!!

9k after taxes and retirement? Do tell. .. .

Yes, ~9k after taxes and retirement. Fair to say our life style is much more frugal than OPs. We are older than OP though.

[Anonymous]

There's a ton here I get to raise my eyebrows at. But thank you for the window into your life. I have an 18 month old and have $4350 take home a month and also save 8% for retirement.

The thing I really wonder about is time. I barely feel like I have enough time with my son and he has a stay at home parent (his dad). I don't spend my free time eating out or shopping or getting nails or hair done. If I did, and spent what you spent, I don't feel like I'd ever see him in the evenings. Your kid doesn't need preschool. Stay home and eat mac and cheese and play with her.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The cars alone are clearly a problem. What's the story there?

2011 Audi A5 - Close to being paid off ($500 per month)
2015 Mercedes SUV - $700 per month

Does seem like a waste of money once I see the total on paper...

Hope you're planning to drive that Auidi until the wheels fall off. And go trade in the Mercedes SUV. You have no business driving those cars when you're not even maxing out your retirement. You guys are all flash, no cash. How much is left on the student loans?

Student Loans have 23 months left to go.... Just checked on that yesterday. Super low interest rate as they are undergrad but still will be good to see those go.

[Anonymous]

So how much total debt are you in?

Student loans?
Cars?
Investment property?
Mortgage?
Others?