Family budget if your income is around $180-200K

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents are ~ 30 south of Willmington and ~30 miles north of Myrtle Beach. So we have a beach "vacation" that costs less than a normal week at home since gas used is cheaper than groceries my parents insist on buying. There is a cost though, no real recharging.

Not everyone has parents who live in vacation places (or for that matter, who can be visited at all).

That is true. My point was that it wasn't a restful recharging sort of vacation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents are ~ 30 south of Willmington and ~30 miles north of Myrtle Beach. So we have a beach "vacation" that costs less than a normal week at home since gas used is cheaper than groceries my parents insist on buying. There is a cost though, no real recharging.

Not everyone has parents who live in vacation places (or for that matter, who can be visited at all).

That is true. My point was that it wasn't a restful recharging sort of vacation.

Our solution was to buy property in St Croix.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ditch the synanogue. Wasting money.

I'd really love to - only because it's so darn expensive, but I want my kids to go to religious school.

Good for you pp. a synagogue can also provide you with a warm community, among other things. It's money well spent.

[Anonymous]

Anonymous wrote:Why no vacation?!? Vacation does not need to be expensive. We go together with my parents or in-laws, and it is really not that much going to NC or SC. It is really about recharging.

No renovation? That is fine. We only spend money to make sure things do not break down, i.e. replacing a leaky roof.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Take home: $10,100 (after 401k (15% contribution for each of us), health/dental ins,etc.)

3250 Mortgage
1600 Childcare
237 Student loan 1
151 Student loan 2
750 groceries
400 gas
250 electric
450 sinking fund for irregular bills (life insurance, etc)
210 cable/internet/phone
165 cells
50 water

This adds up to $7513. The remaining money ($2587) is just miscellaneous expenses, not bills. We have around $85K in a liquid emergency fund, so we don't have a line item for savings right now, although when child care expenses drop, we will go back to saving.

Wow--how do you have $85K in a liquid emergency fund on that salary? That's impressive.

I used to make a lot more when I was in biglaw, but now that I think about it, the majority of that 85K was accrued after I left biglaw. We just really prioritize savings....no car notes, no credit card debt, no vacations, no new furniture, no house renos. Which sounds depressing but it was a godsend when biglaw laid me off.

Calm down, lady. We did vacations, just not expensive ones. Friend's beach house, using amex points, etc. Also, I hate traveling, so I'm not a big fan anyway.

[Anonymous]

Take home is around $10,000 (after maxing retirement, flex spending and health insurance)

We have no debt, not even mortgage and pretty substantial retirement, college and other savings, inlcuding a hefty liquid rainy day fund.

That said we drive beater cars, have old phones and no cable, and shop at Walmart/Target/Costco including for clothes. We do most of our own repairs and updates (including car maintenace). We do have a cleaning service, but only bc none of us wanted to clean..ever. We do take vacations and have our kids in plenty of activities.

I post only to say, it's all about personal choices and what you are comfortable living with.

[Anonymous]

Anonymous wrote:Take home is around $10,000 (after maxing retirement, flex spending and health insurance)

We have no debt, not even mortgage and pretty substantial retirement, college and other savings, inlcuding a hefty liquid rainy day fund.

That said we drive beater cars, have old phones and no cable, and shop at Walmart/Target/Costco including for clothes. We do most of our own repairs and updates (including car maintenace). We do have a cleaning service, but only bc none of us wanted to clean..ever. We do take vacations and have our kids in plenty of activities.

I post only to say, it's all about personal choices and what you are comfortable living with.

Can I ask how old you are that your house is paid off at that income level--or did you receive an inheritance or other assistance?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Take home is around $10,000 (after maxing retirement, flex spending and health insurance)

We have no debt, not even mortgage and pretty substantial retirement, college and other savings, inlcuding a hefty liquid rainy day fund.

That said we drive beater cars, have old phones and no cable, and shop at Walmart/Target/Costco including for clothes. We do most of our own repairs and updates (including car maintenace). We do have a cleaning service, but only bc none of us wanted to clean..ever. We do take vacations and have our kids in plenty of activities.

I post only to say, it's all about personal choices and what you are comfortable living with.

Can I ask how old you are that your house is paid off at that income level--or did you receive an inheritance or other assistance?

51 and it's been paid off for a few years. No inheritance/assistance, just not a lot of name brands, expensive toys or eating out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Take home is around $10,000 (after maxing retirement, flex spending and health insurance)

We have no debt, not even mortgage and pretty substantial retirement, college and other savings, inlcuding a hefty liquid rainy day fund.

That said we drive beater cars, have old phones and no cable, and shop at Walmart/Target/Costco including for clothes. We do most of our own repairs and updates (including car maintenace). We do have a cleaning service, but only bc none of us wanted to clean..ever. We do take vacations and have our kids in plenty of activities.

I post only to say, it's all about personal choices and what you are comfortable living with.

Can I ask how old you are that your house is paid off at that income level--or did you receive an inheritance or other assistance?

You do realize he means $10,000 a month right?

[Anonymous]

Anonymous wrote:Take home is around $10,000 (after maxing retirement, flex spending and health insurance)

We have no debt, not even mortgage and pretty substantial retirement, college and other savings, inlcuding a hefty liquid rainy day fund.

That said we drive beater cars, have old phones and no cable, and shop at Walmart/Target/Costco including for clothes. We do most of our own repairs and updates (including car maintenace). We do have a cleaning service, but only bc none of us wanted to clean..ever. We do take vacations and have our kids in plenty of activities.

I post only to say, it's all about personal choices and what you are comfortable living with.

I'm not sure there is any virtue in shopping at stores with bad labor practices and goods made in sweatshops when you can afford not to What's the point of having money if you can't use it for the good of the world as well as for yourself?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Take home is around $10,000 (after maxing retirement, flex spending and health insurance)

We have no debt, not even mortgage and pretty substantial retirement, college and other savings, inlcuding a hefty liquid rainy day fund.

That said we drive beater cars, have old phones and no cable, and shop at Walmart/Target/Costco including for clothes. We do most of our own repairs and updates (including car maintenace). We do have a cleaning service, but only bc none of us wanted to clean..ever. We do take vacations and have our kids in plenty of activities.

I post only to say, it's all about personal choices and what you are comfortable living with.

Can I ask how old you are that your house is paid off at that income level--or did you receive an inheritance or other assistance?

You do realize he means $10,000 a month right?

yes--I take home more than that a month but am no way near being done with my mortgage, so I was just curious about how she did it...but I am 15 years younger, so that helps to explain to it.

[Anonymous]

Anonymous wrote:HHI: $197000

Take home: $8700/month (after maxing 2 TSPs, daycare spending account, health and dental insurance)

Mortgage: $2408 (includes home owner's insurance and escrow for property tax)
Daycare: $1452
Charity: $500
Student loans: $320
Utilities (cell phones/cable/internet/water/electricity): $460
Life insurance: $93
529: $400
Car (parking/gas/insurance/repairs): $300
Groceries and household products: $450
Dining out: $450
Medical expenses: $50
Wine: $300
Savings: $1200
Misc spending: $300

The $5k we get back when I file the daycare spending account forms at the end of the year goes straight into savings as well. Good thing, since our HVAC gave out this year, the stoop on our house rotted out, and we owed taxes, which pretty much wiped out our normal outside of retirement/529 savings for the year already...

I love that you have a line item (a big one) for wine. Can we be friends?

[Anonymous]

Anonymous wrote:It was interesting to see what people did with $375K. Now what about us "poor" folks?

$9500 monthly take home pay (after retirement/health care)
Retirement is 5% and health care is $300 month

$2100 mortgage
$3500 childcare/tuition
$815 student loans
$1000 food (includes dining out and some household goods)
$500 utilities/cable/internet/cell phones
$500 shopping/activities/Target
$300 housekeeper (money well spent!!)
$250 gas/insurance/parking
$100 charity
$50 medical expenses (prescriptions/co-pays)
$100 life insurance
$30 gym

Anyone else?

We make a little more than $200k.
Our mortgage is similar, but we also have a $1000 home equity payment for renovations we did. Another 2 years on that.
No childcare/tuition (older kids, public school) but plenty of older kid related expenses (camps, sports, etc). Monthly, that probably works out to at least $500, probably more.
No student loans
We spend more on food, closer to $1500. Ridiculous, but this is where we splurge. And a lot of that is teenage boy eating.
Rest is probably similar. Maybe more on parking/gas. No gym.

Differences:
We save more for retirement. (We are late 40s).
$2000/month in college accounts.
$500-$600/month general savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It was interesting to see what people did with $375K. Now what about us "poor" folks?

$9500 monthly take home pay (after retirement/health care)
Retirement is 5% and health care is $300 month

$2100 mortgage
$3500 childcare/tuition
$815 student loans
$1000 food (includes dining out and some household goods)
$500 utilities/cable/internet/cell phones
$500 shopping/activities/Target
$300 housekeeper (money well spent!!)
$250 gas/insurance/parking
$100 charity
$50 medical expenses (prescriptions/co-pays)
$100 life insurance
$30 gym

Anyone else?

We make a little more than $200k.
Our mortgage is similar, but we also have a $1000 home equity payment for renovations we did. Another 2 years on that.
No childcare/tuition (older kids, public school) but plenty of older kid related expenses (camps, sports, etc). Monthly, that probably works out to at least $500, probably more.
No student loans
We spend more on food, closer to $1500. Ridiculous, but this is where we splurge. And a lot of that is teenage boy eating.
Rest is probably similar. Maybe more on parking/gas. No gym.

Differences:
We save more for retirement. (We are late 40s).
$2000/month in college accounts.
$500-$600/month general savings.

^^Forget to mention that both our cars are paid for, they are 9 and 6 years old.

[Anonymous]

Anonymous wrote:OP here
We like to say we are not poor, just broke

Yep.

I also like to remind myself (and others, LOL) that being able to pay one's bills, live comfortably, AND fully plan for retirement AND college is a LUXURY that the vast majority of Americans cannot afford.

We have relatively little wiggle room in our budget, and we rely on credit cards for much of our emergency "fund." (Luckily, we haven't often had to resort to that, and most of the time we pay off credit cards in full each month). We live in a 1500 square foot house and drive old, non-luxury cars. But we both have stable government jobs, so very slim chance of either of us losing them (short of criminal activity, lol). We live in a great school district. We will have enough to send our children to in-state colleges and to be comfortable in retirement. House will be paid off by the time we retire (late 60s). I consider us extremely lucky.

[Anonymous]

Anonymous wrote:I think you are all amazing with your money. I don't know how you do it. The little things add up to so much; school supplies, parts to repair this and that, groceries, take-out etc. Your budgets seem so tight and organized.

This is nice, but my goodness, it's not amazing. This is well above middle class living. The amazing people make much less than we do.