Budget Frustration
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Anonymous
We got a lot of beef about $1500 grocery bill, but we don't do take out so your $1350 food (groceries + dining) is very similar, is that why folks are up in arms, they assume we also do dining on top of high groceries? But I was comparing costs, and even at Costco Organic eggs are 2x price of conventional; and Organic milk from Costco is not any cheaper than WF which baffles me. |
Anonymous
How do you get such cheap life and auto insurance PP? We have two policies for both working parents and they are about $80/month each, and then Geico is $90/month. We bought term life 15 years ago, and as we are older I cant imagine shopping around will give us such good rates; did you sign up in your 20s or something? |
Anonymous
| Your groceries are fine. Not inexpensive, but some people prioritize feeding their families healthy food. If this is you, then groceries are not the place to skimp. And you wouldn’t have to skimp on anything if you just move. Your spouse might not want to hear it, but that’s the correct answer. |
Anonymous
OP has also said that he has $400-550k in equity. So this is a $1.6-$1.85M house, not 1.2. It was too expensive on the old salaries, and it's ridiculous on the planned salaries. Or OP is just a troll. |
Anonymous
We bought it for $1.2M; it’s “worth” $1.4M, we have mortgage of $900k. |
Anonymous
Yes - spouse's 401k comes out before take home, and we have small HSA. |
Anonymous
Do you have a new house, your home maintenance/repair budget is 0.25% of the home's value, which is exceptional. Or are you a contractor so can do major products or get trades and supplies at cost? |
Anonymous
To OP - I think our budget for dining out is a little high, but it's something we look forward to so we keep it. $1500 does seem high for purely groceries, if only because if we cut out our dining out budget, our total grocery bill wouldn't increase very much - probably $100 max? So while $1500 for food generally isn't too high, it just seems high for groceries, especially if vegetarian. That said, if its a priority you keep it, it's just that not everything can be a priority. For car and life insurance, we did get life insurance at age 30, but also I'm not sure if it's enough - we only have $1mil. For cars, our cars are pretty cheap and old - one is 14 years - and one honda one toyota, so nothing fancy to replace. |
Anonymous
Yes, it's a new home (built last year) so our maintenance is low right now. I agree it's low, but we are starting to build up some savings since I understand that everything will likely start breaking at once in about 10 years! |
Anonymous
OP - I'm still not getting this. Are you pulling out retirement savings and health care expenses before posting the $20,800 number? Where are your 529 savings? If the $20,800 includes fully funded retirement and health care expenses, then your HHI is not $250K, it's closer to $300K. If you have not already pulled out retirement, health expenses, and 529 savings from the income numbers, then you don't have $4248/month for wiggle room. Also, you note that you'd get an au pair rather than spend the money on camps. Where is the money for the au pair? Is that your daycare budget? I don't remember seeing an au pair mentioned previously? Are you feeding an au pair, two adults, and three kids on the $800/month? |
Anonymous
No it does not include retirement or healthcare, but that is right now about $600 a month for insurance, and retirement we will just adjust to what we can afford based on expenses and cash flow (our companies still have pensions). we thus have some more wiggle room in near term. The Au pair would be as a replacement for the daycare budget, maybe just a Summer sitter but just general in the idea of individual rather than a series camps. Need to save for college as well, but HELOC would be an option as well the way our home is appreciating |
Anonymous
| Regarding getting cheaper car insurance- Virginia is significantly cheaper than MD or DC. Also, if your cars are paid off, you pay less. |
Anonymous
| Why wouldn't you HELOC for home repairs? You could also close the gap there for occasional things if you need, but spreading out the payment for home repairs isn't a bad thing. |
Anonymous
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Have looked at Misfits or Imperfect Foods since you eat so many fruits and veg? They might be cheaper.
You might not need organic milk if you do South Mountain Creamery. Their prices are sometimes cheaper than Whole Foods. All of the above deliver. |
Anonymous
What is your mortgage balance? You might want to get a refi quote. |