Reply to If you classify yourself as UMC, how much do you spend in total each month?

Forum Index » Money and Finances

Reply to "If you classify yourself as UMC, how much do you spend in total each month?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Anyway, I was just interested in what someone else did with their $500k if they didn't spend more than $150k a year on themselves.[/quote]

They 1) pay far more % in tax than you 2) save aggressively for retirement 3) save for college. [/quote]

This exactly.

We are in our 40s, and our HHI is around $550K. We don't budget, but this thread got me to sit down and do the math. Last year, we paid around $140K in taxes. We spent a little over $15K/month, including mortgage ($3K/month, bought a modest house &gt;10 years ago), travel (spent $30K last year, primarily on one big trip), classes/camps for the kids ($16K/year), food, entertainment, utilities, charity, etc. We don't have car payments, significant medical expenses or child care expenses. We paid off my student loans, so our only debt is our mortgage (rate is around 2.25% after refinancing a few years ago). It looks like we put $200K+ toward 529s, retirement and after-tax savings last year.

We're not fancy people (2 non-luxury cars, no high-end designer duds). We have tried to be intentional about keeping lifestyle creep to a manageable level and banking our increase in HHI over the years. We spend on kids' activities, travel (although this is very recent, as our HHI has grown), and takeout (we're busy, and I'm not a great planner). We are primarily saving for retirement, college and other expenses down the road. [/quote]

You are not umc and live very comfortably.  [/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