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

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[quote=Anonymous]I'm late to the party with this response, but literally googled the subject line and found this forum today. It truly is difficult somewhat to live comfortable on 190K annually. Some may view these as first world problems, but hey we all have problems of some type. I'm actually in the process of making tax adjustments so we don't have a huge bill at the end of the year going forward. I'm open to advice on how to better manage my budget which is what I assume most people on here were seeking.

Within a four week span, Take home (biweekl) for two working parents plus a monthly paycheck equals $10,720. Both of us receive annual bonuses at or above 10% of our salary, and of course if you're on a bi-weekly pay period you've probably noticed that you receive 2 additional pay checks annually (around April and October). I budget monthly which means that I exclude the 2 additional pay checks both of receive during year from the monthly budget (4 checks total). They goes immediately into savings along with the bonuses. I must preface this by saying that 2016 is the first year that we're seeing this type of income because my wife is working full time again.

Income:

Take home 4 weeks - 10,720

Expense Budget:
2239 - Mortgage/Property Tax/Home Insurance
128 - Cable / Internet (UVERSE)
200 - Electrical (utility)
131 - Car Insurance (paid semi annually for 2 vehicles)
206 - Medical Insurance (paid w/ after tax income)
96 - Dental Insurance (paid w/ after tax income)
205 - Cell phone (2 smart phones AT&T)
40 - Dog insurance
10 - Netflix
1505 - Childcare
1163 - Student loans
24 - Trash
30 - Home alarm
30 - Pest control
360 - Car note (1 vehicle)
145 - Personal grooming (haircuts, nails done, etc)
240 - Fuel (2 vehicles)
600 - Groceries
35 - Water
80 - Gas
150 - HOA (paid in advance for this year, so it's not a cost at the month)
662 - Misc (Flexible spending for household goods, supplies for the baby, etc)
500 - Monthly allowance for personal spending (250 each) Covers personal spending like fast food, shopping, etc.
2000 - Savings

I'm finding that my household take home will need to be reduced so that we can reduce our annual tax liability. Currently we are projected to owe 4K at year end in federal taxes. The IRS recommends both us have 600 withheld bi-weekly for federal taxes in order to meet out tax obligation. Gonna start that next year, and contribute more to my 401K. 
 [/quote]

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