Shocked: Our bare-bones monthly cost of living is 5K after taxes! What's yours?

[Anonymous]

Anonymous wrote: Hm let me see...

$1300 - rent
$400 - car payment
$90 - utilities
$300 - health insurance
$150 - groceries

That's all for us. Family of 3 with #2 on the way.

We visit my country every other year, DH's country every other year and we take vacation in the US every year. The US vacations are usually very cheap because DH travels for work so among nights free in hotels, rental car points and flying miles we spend almost nothing.

You only spend $35/week on groceries for a family of three?

Don't you need to buy gas? kids stuff? diapers? shampoo? clothes? shoes? hair cuts? etc.

[Anonymous]

According to our monthly budget (family of 3, no debt other than mortgage), we aim to spend $4,250 a month or less. This includes everything but mortgage, daycare, and health insurance deducted from DH's paycheck. I think some months we hit our target, some months we do better, and some months we fall short (because of unforeseen house expenses, vet bills, car expenses, etc.). If I added in all the unplanned crap, I imagine we would be in the $5,000 range too. If we had to cut back, we could, but we are by no means "spendy" people. We eat out too much, though.

[Anonymous]

Anonymous wrote:Y'all seriously need to buy cheaper houses....3k mortgage? $600 food? That doesn't include shampoo and tp? wow....

My mortgage is $3100 a month because we chose to go for a 15 year mortgage. Sure-it could be less but this will save us a HUGE amount of money in interest in the long run. It also includes $500+ a month in property taxes and insurance. This is a pretty low mortgage in this area.

[Anonymous]

Anonymous wrote:According to our monthly budget (family of 3, no debt other than mortgage), we aim to spend $4,250 a month or less. This includes everything but mortgage, daycare, and health insurance deducted from DH's paycheck. I think some months we hit our target, some months we do better, and some months we fall short (because of unforeseen house expenses, vet bills, car expenses, etc.). If I added in all the unplanned crap, I imagine we would be in the $5,000 range too. If we had to cut back, we could, but we are by no means "spendy" people. We eat out too much, though.

And this is the other extreme. So other than what are likely your three largest monthly expenses, you spend $5000/month? Hate to break this to you, but you are indeed spendy people.

[Anonymous]

1400 Rent
1100 Daycare
650 Student loans (two formers students, five degrees)
400 Grocery
120 Utilities
60 Health Insurance
20 Renters
30 Cell service
100 Dogs

3880 (if I did my math right) for a pretty low budget lifestyle with good benefits and no car

[Anonymous]

Anonymous wrote:

Anonymous wrote:According to our monthly budget (family of 3, no debt other than mortgage), we aim to spend $4,250 a month or less. This includes everything but mortgage, daycare, and health insurance deducted from DH's paycheck. I think some months we hit our target, some months we do better, and some months we fall short (because of unforeseen house expenses, vet bills, car expenses, etc.). If I added in all the unplanned crap, I imagine we would be in the $5,000 range too. If we had to cut back, we could, but we are by no means "spendy" people. We eat out too much, though.

And this is the other extreme. So other than what are likely your three largest monthly expenses, you spend $5000/month? Hate to break this to you, but you are indeed spendy people.

I agree this seems like a lot. If you're not including mortgage, daycare and insurance, you're counting what? Bills (electricity, cell phones, cable etc), food, baby stuff, etc?

[Anonymous]

I just did this exercise last week to determine what the absolute minimum would be if I only paid for mortgage, health insurance, transportation (car paid off, but for insurance and gas), food, utilities, cell phones, Internet. It's just about $3000 a month. That's with no clothes, gifts, travel. I'm a single parent with one child:

$1,400 mortgage on tiny house
$500 food (probably could be lower)
$140 cell phones (locked into 2-year plan, but could cut back on texting)
$150 (Internet, TV, landline, on a contract, but could out landline and TV if we had to
$200 utilities
$400 health insurance premiums, prescriptions and copays
$200 gas and car insurance

[Anonymous]

Ours is between 2,500-3,000 depending on how much we splurge on going to dinner, sporting events, gifts, etc.

[Anonymous]

I can't believe people are calling a 3K mortgage extravagant. I won't say what mine is. Our monthly cost of living depresses me.

[Anonymous]

OP, people need to have a line item in the their budget for the following unpredictable expenses:

1) household repair, upkeep and maintenance

2) car repair, upkeep and maintenance (and insurance, and registration)

3) clothing (including larger seasonal purchases) and hair, nails, etc

4) lawn/property upkeep

5) unforseen medical expenses

6) presents esp. Christmas

7) classes and outings esp for the kids

A lot of us who stayed at home tried to minimize the above expenses by doing it ourselves, learning how to do it on the cheap, making do, buying from thrift stores, etc. That in effect becomes one of your jobs if you stay at home on a budget.

You should figure out how much you are spending now on these things every year and divide that by 12 to get a monthly budget for each one. Then decide how realistic it is that you could cut back in those areas.

I don't stay at home anymore, but I did for man years and I almost NEVER bought a toy new for my children -- it was usually handmedowns or thrift store. Only free activities and classes, or ones that just cost a few dollars. We made presents by hand. I learned to do a lot of my own plumbing.

[Anonymous]

Uhh, we actually DO eat a lot of rice and beans and our grocery bill for a family of three is $450 a month!! That person spending $150 a month is either subsidized or out of their mind.

$1500 rent
$1300 daycare
$180 cell phones
$ 300 utilities
$450 groceries
$65 internet
$80 monthly house cleaners
$140 dog walkers
$300 student loans
$250 gas/metro/parking
$60 car insurance
$200 diapering supplies/toiletries/pharmacy

$6628

That doesn't even include things like clothes, shoes, birthday presents, and something like buying cookies on the way to a toddler get together.

Oy.

[Anonymous]

oh that's $4825 and I did the math wrong. THANK GOD. I was freaking out.

[Anonymous]

Anonymous wrote:1400 Rent
1100 Daycare
650 Student loans (two formers students, five degrees)
400 Grocery
120 Utilities
60 Health Insurance
20 Renters
30 Cell service
100 Dogs

3880 (if I did my math right) for a pretty low budget lifestyle with good benefits and no car

WTF, 5 degrees? Sounds like a giant waste

[Anonymous]

Anonymous wrote:

Anonymous wrote:According to our monthly budget (family of 3, no debt other than mortgage), we aim to spend $4,250 a month or less. This includes everything but mortgage, daycare, and health insurance deducted from DH's paycheck. I think some months we hit our target, some months we do better, and some months we fall short (because of unforeseen house expenses, vet bills, car expenses, etc.). If I added in all the unplanned crap, I imagine we would be in the $5,000 range too. If we had to cut back, we could, but we are by no means "spendy" people. We eat out too much, though.

And this is the other extreme. So other than what are likely your three largest monthly expenses, you spend $5000/month? Hate to break this to you, but you are indeed spendy people.

Hmm, well don't think of ourselves as "spendy," but of course it's all relative. Our mortgage payment (with prop taxes, ect.) is $2,100 and we do a pretty inexpensive in-home daycare for DS. We have 2 paid-off older cars, which we purchased used. We have no debt. We don't use a cleaning lady. Our monthly budget was created to be an average and to include big- and little-ticket items. It covers: utilities (cable, internet, phone, gas, water, electric), life insurance, car insurance, gas, car maintenance, cash withdrawals (for spending money), sports leagues for me and DH, a bi-weekly baby sitter (splurge!), clothing, pet food and care for 1 dog, groceries and whatnot, eating out, clothes (and drycleaning--freakin' suits!), stuff for baby, presents for various people who insist on doing things like getting married and having babies, contact lenses, doctor bills and meds (not covered by ins.), christmas presents, birthday presents, trips to see relatives, household goods, furniture, cash to mom every now and again, and other stuff I'm forgetting. Our budget is intended to be all-inclusive, but if there's something very expensive that comes up (e.g., we just got a new roof), I would say we go over. And some months we don't spend as much, but that's not what OP was asking--she wants the whole ball of wax. I think people who are gasping at this number might be underestimating their overall expenses, but I could be wrong.

And FWIW, we also save a lot. So if our spending seems high, then oh well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to our monthly budget (family of 3, no debt other than mortgage), we aim to spend $4,250 a month or less. This includes everything but mortgage, daycare, and health insurance deducted from DH's paycheck. I think some months we hit our target, some months we do better, and some months we fall short (because of unforeseen house expenses, vet bills, car expenses, etc.). If I added in all the unplanned crap, I imagine we would be in the $5,000 range too. If we had to cut back, we could, but we are by no means "spendy" people. We eat out too much, though.

And this is the other extreme. So other than what are likely your three largest monthly expenses, you spend $5000/month? Hate to break this to you, but you are indeed spendy people.

Hmm, well don't think of ourselves as "spendy," but of course it's all relative. Our mortgage payment (with prop taxes, ect.) is $2,100 and we do a pretty inexpensive in-home daycare for DS. We have 2 paid-off older cars, which we purchased used. We have no debt. We don't use a cleaning lady. Our monthly budget was created to be an average and to include big- and little-ticket items. It covers: utilities (cable, internet, phone, gas, water, electric), life insurance, car insurance, gas, car maintenance, cash withdrawals (for spending money), sports leagues for me and DH, a bi-weekly baby sitter (splurge!), clothing, pet food and care for 1 dog, groceries and whatnot, eating out, clothes (and drycleaning--freakin' suits!), stuff for baby, presents for various people who insist on doing things like getting married and having babies, contact lenses, doctor bills and meds (not covered by ins.), christmas presents, birthday presents, trips to see relatives, household goods, furniture, cash to mom every now and again, and other stuff I'm forgetting. Our budget is intended to be all-inclusive, but if there's something very expensive that comes up (e.g., we just got a new roof), I would say we go over. And some months we don't spend as much, but that's not what OP was asking--she wants the whole ball of wax. I think people who are gasping at this number might be underestimating their overall expenses, but I could be wrong.

And FWIW, we also save a lot. So if our spending seems high, then oh well.

I think the confusion lies in that OP and others were talking about their bare minimum budgets, and you gave your actualy budget. Two very different things, as is the "what are essential expenses I need to fund if we were both unemployed" budget.

And you're right - you mentioned several things that I prefund into online accounts at the beginning of the year (for example, all insurance payments, holiday expenses, vacation), so I tend to forget about them. This was a good reminder to expenses like that.