Reply to Challenge - Design a budget for 120 K HHI

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[quote=Anonymous]I need to know your take home after taxes and health insurance. I see you listed insurance but health insurance usually is whatever it is at your employer, so I'm just going to assume that your take home is roughly the same as mine - 75% after taxes and health insurance premiums. So that gives you $7553 in cash to work with each month. Here's a reasonable monthly budget for that, I think:

Rent a 2 bedroom in Alexandria or MD: $1700-1800
[my brother & I shared until he was 8, so I'm going to assume you all keep it to 2 bd for your family til the little one is out of daycare]
Childcare for younger kid: $1200 at a full time daycare/preschool
Life insurance: $200 [depends on whether your work subsidies it, how old & healthy you are for LI on the market, etc]
Renter's insurance: $10/month
Car insurance: $170
Gas: $120
Food: $1000
Utilities: $200[internet, water, heat, no cable]

Savings: $500
College accounts: $1000 for both kids, a little more heavily weighter towards the older one if you were late in getting his account started
Retirement: $1000 total contributions for you & DH, but I'd up this if there's no matching from employer
Vacation: $300[/quote]

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