Reply to $14k net HHI - Budget Input

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[quote=Anonymous][quote=Anonymous]We are struggling to not overspend each month on a take home HHI of $14k per month (after retirement/taxes). I feel like (i know) this is ridiculous, so I'm looking for input from those with similar incomes on where we are spending more than average. And would also love to know how you cut back to spend less in those areas.

The way our average spending is coming in now we're in the hole about $600 more than we take in each month without savings (other than automatic to retirement), travel and any unexpected expenses. So something has to give. Obviously I know we could cut out things like the house cleaner that are optional. But I feel there must be other areas we're spending more than the norm we need to cut back on to get things under control.

Here is our average monthly spending by category - What looks out of whack to you with HHI of $14k per month?

[b]Nanny/PT Preschool for one child - $3k per month[/b] - This is high, could cut the PT preschool for now. Also, could look into daycare though I understand if you prefer to keep nanny.
Mortgage - $3100 per month - ok
HOA Fee - $200 per month - ok
[b]Investment Property - $750 per month (what rent doesn't cover)[/b] - This is not an investment. This is a moneypit. Why keep it if you can't cover cash flow costs? If refinancing and charging more rent are real options, why haven't you already done so?
Home Insurance - $125 per month - ok
[b]Car Payments - $1200 per month (2 cars)[/b] - This line is very high. 
Car Insurance - $110 per month (2 cars) - ok, goes with expensive cars
Gas - $200 per month - ok
Tolls - $35 per month - ok
[b]Groceries - $1k per month, family of 3 plus nanny (weekdays breakfast & lunch for her). Includes wine/beer and hello fresh for weeknight meals
Restaurants/Take Out - $500 per month (normally one 'nice' date night dinner and the rest inexpensive)
Home Supplies - $650 per month (all the basics like toilet paper, paper towels, cat food/litter, shampoo, OTC meds, cosmetics, diapers, baby supplies, blah blah)[/b] - These three together are very slushy. You should figure out what you're actually spending the money on.
Student Loans - $350 per month - ok
[b]Personal Care - $350 per month (hair cuts/color, waxing, nails)[/b] - This seems pretty high. How often are you getting your hair/nails/etc done?
House Cleaner - $300 per month - obv a luxury, but not crazy
Lawn Care - $135 per month - don't know going cost for this
[b]Shopping (Clothing/Accessories/Home Decor) - $500 per month[/b] - Seems high. 
[b]Gifts - $200 per month[/b] - Who are you buying all these presents for? This annualizes to $2,400 per year.
Work Lunch - $150 per month - another indulgence, but not actually that bad
[b]Entertaining - $200 per month (having guests over/parties)[/b] - ok, if this has it's own line item, what are all the grocery and household items above spent on?
[b]Kid's Activities/Lessons - $200 per month (swim class, music class, outings)[/b] - Cut them, unless it's something that you personally really enjoy
Doctor/Dentist - $150 per month - ok, though not sure why so high if you have insurance
Pharmacy/Medications - $100 per month - ok
Water Bill - $100 ($300 every 3 months) - ok
[b]Gas Bill - $140 (in winter, much less in summer months) 
Electric Bill - $200[/b] - The combination of these seems high. Electric should be lower if heat is through gas, but I don't know how big your house is.
Cell Phones - $200 - could be a little lower, but whatever
Pets - $100 earmarked per month for vet visits, meds etc every few months - ok
Entertainment - $150 per month (going out for drinks/movies/etc) - ok, though again another food line
Cash - $200- slushy, what is this?
TOTAL ~ $14,600

The investment property seems like an obvious thing to cut but Husband wants to keep the investment property as we should be able to refinance that and charge more rent to have that monthly cost go away in the very near future. And all of that $$ we're paying is going towards principal on the mortgage for that property, and it's in a great location in arlington so will hold/increase value. 
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