Reply to Family budget if your income is around $180-200K

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[quote=Anonymous][quote=Anonymous]It was interesting to see what people did with $375K. Now what about us "poor" folks?

$9500 monthly take home pay (after retirement/health care)
Retirement is 5% and health care is $300 month

$2100 mortgage
$3500 childcare/tuition
$815 student loans
$1000 food (includes dining out and some household goods)
$500 utilities/cable/internet/cell phones
$500 shopping/activities/Target
$300 housekeeper (money well spent!!)
$250 gas/insurance/parking
$100 charity
$50 medical expenses (prescriptions/co-pays)
$100 life insurance
$30 gym

Anyone else?[/quote]

Too much.

Our total household income is $165K and we live in the Montgomery county in MD. Here's our breakdown:

- Mortgage + HOA: $2160
- 2 cars: $1200 (both cars are new, well maintained, and we are in the 4th year for 1 and 3rd year for another).
- Cable TV: 0
- Cell: $25 (we use freedom pop and calling cards, got rid of stupid high cost plans years ago).
- Internet: $50
- Food: $500 (family of 3)
- Shopping: $150 (maybe...whatever clothes we had to buy, we bought them years ago, and we don't buy more than what we need).
- Utilities: $150 (I watch them like a hawk, we still live comfortably but save the heck out of these).
- Housekeeper: 0 (I am doing the cleaning, thank you).
- Charity: 0 (it begins at home).
- Education: $150 (wife runs a tutoring business and needs supplies...we write off these, and this is the money that gives us the most bang for our buck).
- Car/parking/gas: $100 maybe (I work from home 2 times a day, wife works part time in the MCPS school system as a part time analyst less than a mile from our house and bikes there).
- Schooling cost: 0 (our daughter goes to one of the best public schools, thank you).
- Child activities: $100 (swimming, crafts, a musical instrument. Everything else, she learns at home...wife can teach math up to university level).
- car insurance: $100 for both cars (having excellent driving record has its benefits)
- Other spending: $300 maybe (includes netflix, maintenance expenses etc.)
- Gym: $10 (ever heard of planet fitness? Besides, I have invested in a treadmill and a weight machine and both have worked very well for over 4 years now and keep going).
- Vacations: $800 (Yes!!! That's where our leftover money goes. We take 2 good vacations + occasional small vacations here and there. We spend $10K a year on vacations).

We have a small family. We save nearly $40K from our after tax income. This is besides the 5% match I get plus an opportunity to invest in restricted stocks at my work. Wife has her pension plan set up. I make 80% of the income, and she makes 20% and takes care of the household affairs. We lead a great and fulfilling life. We work where we can, save money where we can and spend it where we think it's worth spending.[/quote]

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