Reply to Solidly middle-class people, please come in!

Forum Index » Money and Finances

Reply to "Solidly middle-class people, please come in!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]83K take home pay 2 FT Working parents with one kid and we take care of an elderly parent as well. Our income deductions include health and life insurances, FSA for daycare and FSA for healthcare, max retirement and pension. My retirement is paid out yearly in a large sum which gets invested. FSA fund reimbursement is directed into the savings account so at the end of the year its a minimum 7500 in savings per year.

Just bought our first house a year ago. We have one paid off car and will be paying off the second car this year. We will drive them into the dirt.

Combined we pay:
- $1020 student loans per month ($715 is private so not a huge savings during the pandemic)
- 1100 for FT preschool (currently 980 due to 3/5 time)
- our mortgage is uncomfortable at 2500 but we had to buy a house with a first floor bedroom and full bathroom in a very specific area due to our jobs being at opposite ends of DMV ( think N Va and Columbia)

That leaves 2200 for:
food and household goods (800-1000 per month)
gas (200 pre-pandemic, now its 50-75)
car payment 200/mo 
car insurance (200/mo)
utilities (avg 375/mo for water, TV, Internet, gas, electric)
cat and dog food/vet/meds (100/mo)
cell phone 60/mo

So 1800-2100 per month with 100-300 remaining for additional savings and clothing/shoes/gifts/etc. We cut our own hair. We buy stuff on sale only. Groceries are expensive because we have 2 dietary limitations (ex. 1 person is celiac and the other allergic to dairy). We only have one personal computer, no Iphone :) just $150 Samsung phones, we have a mini-gym at home (squat rack, kettlebells, peloton app membership), I buy most toys 2nd hand. The decrease in daycare cost, student loan payments and gas have given a bit more breathing room but some of that is offset by additional utility cost since we have 3 adults home FT.

Income should increase by 600/mo this year which is additional breathing room due to grade increase. We apply for student loan credits from MD to assist with student loan payments. Our tax returns usually go towards saving or in this year, finish paying off the HVAC (0%) and windows/insulation. 
[/quote]

Gross pay is all that should count. Take home is meaningless. In NYC for a while 200k NYS income and up lost rent stabilization. All at once folks maxed 401k, maxed 529k, max flex spending. One guy took a pay cut at work asked for larger 401k match, more differed comp, all t and e. Real folks do it based on gross.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics