Reply to How much do you make and save per year?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We make about 500k. We max out retirement and get employer matching. We’re saving about 60k a year. Honestly I’m not sure how much were saving beyond that; my husband mostly manages our budget. This thread reminded me to check in.

We’re in high cost years with young kids, tuition and a nanny. We saved a lot before we had kids and have a good nest egg in savings and the stock market so we feel okay about things. [/quote]

saying you saved a lot before kids while in the same breath saying you currently save 60k/year makes you sound so horrendously out of touch with reality.
60k IS a lot.[/quote]

it is not really a lot for someone making 500K. Even wtih the nanny and "tuition" whatever that is, they are really blowing a lot of cash.[/quote]

Pp here whose savings you’re commenting on. Agreed we’re not really saving a lot. I think we put some into brokerage. We lived in a small apartment frugally pre kids and saved a lot, most of which is still in the market and brokerage accounts.

Our PITI now is just over 4k. House is old and has required expensive maintenance and some renovations. Two kids in private preschool. One has some special needs and has some extra therapies and medical costs. Nanny because we both work. HCOL area- even a cleaning service twice a month is $$. Camps and transportation are $$. One nice week long, domestic family vacation per year and one weekend away just me and my husband. Any other trips are to the grandparents or with them. We spend too much on groceries and takeout because we’re tired and busy. We decorate our house slowly and try to buy decent quality furniture that we can buy once and buy well. Slowly renovating our pre-war home. Lots of birthday parties, family celebrations, teacher appreciation and counselor tipping where we’re spending money on gifts and that adds up quickly. So all in all, a nice UMC life but nothing like an impeccably furnished, ostentatious new construction house you’d look at and think “ah, well that’s where the money goes.”

Life in a HCOL area with kids is just expensive. Preschool, camp, nanny, one nice vacation a year and home improvements are our biggest luxuries. But yes- should figure out where to cut back. Just a glimpse at how 500k can go quickly.  [/quote]

All this shows is that you overpay for childcare for young kids: preschool, nanny and camps are redundant. Pick two and save more. [/quote]

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