Reply to Is this a reasonable amount of spending money per month based on our income?

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Reply to "Is this a reasonable amount of spending money per month based on our income?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think it's way too much. I think $600 a month would even be a bit much. [/quote]

+1
Our income is twice yours and we give ourselves $600/mo.  We save a ton and are close to paying off our mortgage on a $3M home.  Our kids are older- 20, 17, 15, 10.[/quote]

You make 640k and have a $3M house? Seems like a stretch to afford that. I would rather live in a 1M home and put the difference towards things like toys and experiences. The delta between a 1M and 3M house is probably 10-15k a month and you only give yourself $600/month each. That seems crazy to spend so much on a house while having such a barebones spending budget. [/quote]

Yes, we bought the home 13 years ago for 1.2M. It's 3M now.  We put 20% down and got a 15 yr fixed.

Do whatever you need to do for your finances, but don't just assume others have or have had the same circumstances as you.  There is a wide range.  Our bare bones spending has also allowed us to purchase 2 vacation homes and send our kids to private school.  HHI is a bit higher than your assumptions too.  Yes we are frugal.  You know the type - drive subaru and wear non trendy clothes - boring.  It works for us.[/quote]

Subarus are not exactly cheap, paying for private school is literally the opposite of being frugal, and buying a house for $1.2 million puts you in a pretty exalted class of spenders. You may not wear nice clothes, but you are a spender, friend. You just spend on different things than others of us. I think OP's spending is fine - but we drive one 14 year old Kia Soul and bought our house for $330k. I know - you could NEVER. That's because you are spendy but on different things than we are spendy on.[/quote]

A 15 year $960,000 mortgage at 2% is close to $7,000/month. Something isn’t adding up here. [/quote]

No. My 1.4 mortgage at 2.75 is 8k PITI. [/quote]

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