Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

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[quote=Anonymous]I think OP is fine as long as they don't live a high-price lifestyle. Many people are commenting that they couldn't do that, but if those people have student loans and/or daycare, that makes a huge difference in monthly expenses (could be $2k-$3k per month).

We value a nice home in a neighborhood with good schools more than luxurious vacations (though we love travel), hair/nail salon visits, high-end restaurants, etc. That stuff doesn't really interest us.

After healthcare, taxes, and 401k contribution, our take-home pay is $7,850 per month. Of that, $2850 is our mortgage. That means the rest of our expenses come out of $5000 a month. I'm sure that's unfathomable to some of you or maybe impossible. But we have no student loans, have no daycare, are DIYers, and live pretty simply. We have emergency savings and categories we could easily cut if we had to or wanted to. Rough budget:

Mortgage $2850
Groceries $800
Utilities/phones $500
Travel $500
Car Ins./Gas $400
Activities/Eat Out $500
House/Auto Maint. $200
Clothes $200
Gifts/Charity $200
College savings $500
IRA savings $1000
Misc./Other $200

[/quote]

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