How can we save with this breakdown
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Anonymous
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OP. I over-estimated the travel etc. line item. It would be $600 most months so closer to $7000. I have to make a trip to the other side of the country to visit ailing parents and wife goes to Florida to visit her mom. The gifts were items of necessity for parents who are not well to do at all especially mine.
We buy used clothes, eat typically at cheap places once a month and watch a movie once every 3-4 months. Typically it's a beach vacation less than $2k. The reason you don't see a mortgage is because our small, old home is paid off but the schools are bad here hence the private. I should have clarified that. Yes, I could stop the donation and 529 but read that stopping 529 is anathema. Wife will hopefully be able to start part-time next year. |
Anonymous
Oops sorry that should be $20 a month. |
Anonymous
Most of it is ;gifts', i.e. items and medical/dental bills for parents, as I explained above. |
Anonymous
Stop the 529 for now. You can reasses once spouse has a job. |
Anonymous
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If you're determined on the private school, than you need to cut everything else that isn't a true need, basically.
I bet you can easily trim your grocery/household item bill by purchasing generics, cutting back on snacks, eating less meat, etc. You honestly need to think about cheaper meal plans. Cut the donation down to $25 a month. I work in fundraising and let me tell you--a $25/month donor, to us, is "the same" as a $100/month donor; we love you because of your participation. We get to count you as an annual donor/monthly donor. Your consistency is what is vaulable. Cut back on the beach vacation. Make it a long weekend at the beach/staycation the rest of the week. Or go to a lake cabin or AirBnB or somewhere else that isn't the beach. |
Anonymous
Right, well my comment was posted before your clarification, so there we are. |
Anonymous
| How old is your kid? |
Anonymous
| Your take home Amount seems low for that salary |
Anonymous
| Would it be possible to sell your house and move someplace with better schools! You are paying more than 30% of your take-home pay to private school. When you add in 529, over 40% of your monthly take-home is going to your child’s education. That isn’t sustainable for most people. |
Anonymous
Don’t forget he’s also making out 401k and FSA. |
Anonymous
| Shouldn't some of the meds and therapy be coming out of the FSA? |
Anonymous
That category also included vitamins and protein powders, which generally aren’t FSA-eligible expenses. |
Anonymous
Ok. But you are double-counting the $200 copays, deductibles, etc line then. I would start with a more precise budget. |
Anonymous
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18 umbrella policy 65 insurance - 2 cars 75 home insurance 667 Fund 529 10 hoa community 53 verizon internet The above is all reasonable 100 donation . (cut by $50) 500 groceries . reasonable 225 classes, therapy (swimming needed as therapy for child etc) . cut by $25 150 meds, vitamins, protein powders etc. for all find cheaper ways; cut by $25 100 household (toilet paper, detergent, dish soap, soap, toothpaste, shampoo/conditioner, cream etc.) find cheaper ways, cut by $25 200 medical including labs/co-pays/procedures/therapy/dental - most likely more, spouse has chronic health problems. (try to reduce, cut by $25) 300 lawn exterior/interior repairs maintenance Learn to DIY, cut by $100 800-1000 travel, vacation, clothes, haircuts, dining, entertainment, gifts . Discretionary -- cut by $300 150 gas (plan better, combine trips, buy gas on sale, at Costco, with points etc -- cut by $50 20 2 oil changes per car . (other car repair?) 80 2 cell phones 8 safe deposit box 5 video cloud storage 2000 Private school 200 electricity - old home (find ways to cut back on electric bill -- cut by $30) 80 water/sewer 25 trash 40 mowing averaged out 500 real estate property tax 65 car property tax By making strategic cuts here and there you could free up another $600 |
Anonymous
| Why can’t the other spouse work? |