If you classify yourself as UMC, how much do you spend in total each month?
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Anonymous
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About $425K HHI, take home is about $18K after maxing employer-based retirement contributions.
1/3 is mortgage-$6K PITI 1/3 is savings-$6K (529s, savings accounts, investment account splits) 1/3 is spend-$6K (utilities, food, entertainment, small home repairs, travel, clothing, kids' activities, camps, bday gifts family and friends, and charitable contributions). |
Anonymous
She knows that. She just wanted someone to remind her how high her salary is so she could feel good about herself. Mission accomplished. |
Anonymous
This makes a little more sense taking out mortgage from the spending equation. Still excluding the mortgage and the retirement and taxes, you spend less than $75k on everything else is that right? $6K a month for a house is a lot and probably in the top 1%. Just seems like other spending is quite small. Even long term goals? Does savings just mean saving for that bathroom makeover or is it retirement? |
Anonymous
You must’ve misunderstood the question. The spending habits of somebody who receives a $2 million bonus are irrelevant to an average upper middle-class couple making $300-$400,000 per year. |
Anonymous
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HHI of around $4.5 million, DH makes 3.5, I’m at 1 million. We literally spend every penny of what’s left of my income after socking away 401k contribution, DH pays all
the taxes and we save the rest. $25k mortgage, 8k house/pool/lawn maintenance, 10k on mortgage/maintenance on 2d home, $5k a month on cars, 10k a month on 2 kids in private plus donations, nanny $6k, Vacations- 2 60k vacations a year = 10k a month, Food/entertainment/clothes= 10k. I literally have nothing left, don’t feel so bad taking money from DH at end of year if need be. Living in area is getting to be too expensive even for us and we feel fortunate. |
Anonymous
🤔 Serious question: do you really classify yourself as UMC with a HHI of 4.5M? Trying to understand if you’re delusional or just have poor reading comprehension. |
Anonymous
Don’t feed the troll. |
Anonymous
Mega back door Roth IRA Additional withholding to cover investment taxes for taxable accounts Maxed family HSA ESPP So-so subsidized health insurance |
Anonymous
We don’t budget. We have passive and wage income coming in. We reinvest all passive income and do direct deposit into various accounts. We spend everything else or when we don’t (which is often the case) money piles up in our checking and use that to make big purchases (car, vacation, home renovations ect). I really can’t quantify what we spend because we don’t need to budget or track it. |
Anonymous
You all are barely UMC (I’d feel broke in your income) and are living like you are solidly UMC. |
Anonymous
| Every month, we make $24k in cash. We spend about $14k but it varies a lot. |
Anonymous
| Our salary is now higher but ever since our HHI was 200k, we saved a third and the rest was taxes and spending. Never counted spending and the spending buckets.. always made a goal of how much we need to save and just spent the rest |