Anonymous
02/15/2024 18:51
Subject: How much do you save annually? How much do you spend on 'wants' annually?
Probably save $400k/year in retirement and investment accounts. College is done.
We spend a lot in some areas and are cheap in others. We spend a lot on things like home improvement/landscaping (in the midst of a $200k+ landscaping project right now that definitely won't add that much to our home value), dining out, wine, travel, but almost nothing on luxury goods like clothing or purses.
We spend a lot in some areas and are cheap in others. We spend a lot on things like home improvement/landscaping (in the midst of a $200k+ landscaping project right now that definitely won't add that much to our home value), dining out, wine, travel, but almost nothing on luxury goods like clothing or purses.
Anonymous
02/15/2024 18:45
Subject: How much do you save annually? How much do you spend on 'wants' annually?
HHI of $500K...
$130K into 401K', Solo 401K, deferred comp & HSA
$50K into brokerage
36% savings rate
$40K to travel and experiences
$130K into 401K', Solo 401K, deferred comp & HSA
$50K into brokerage
36% savings rate
$40K to travel and experiences
Anonymous
02/15/2024 16:35
Subject: Re:How much do you save annually? How much do you spend on 'wants' annually?
We always maxed our 401ks, saved all bonuses, put a lot into deferred compensation programs plus did regular savings. I’m pretty clueless as to what percent it was but it was very high. We didn’t spend a ton on wants but we always had a good time. Now we are retired and we spend a lot on wants!
Anonymous
02/15/2024 14:57
Subject: How much do you save annually? How much do you spend on 'wants' annually?
Wow, I am so impressed by the savings rates here. Our HHI is $1M and we aim to save 20%, and that's a stretch for us. We don't live TOO crazily either - home is worth about $700k, mortgage payment under $3k, public school. I guess we do burn through money in other ways (country club, tons of extracurriculars for our three kids, good amount of travel). I really have never thought of things as "wants." Our "needs" are really very low compared to HHI. Like...I dunno, probably $4-5k/month, if we're really talking NEED like mortgage and groceries. Everything else - sports teams/lessons for the kids, music, swimming, tutoring, dance, golf lessons, eating out, trips, new clothes, greens fees - those are wants. So the vast majority of our income is spent on wants.
Anonymous
02/15/2024 14:07
Subject: How much do you save annually? How much do you spend on 'wants' annually?
We have a target to save 40%-45% of gross HHI this year.. 750K HHI so roughly around $300K-350K total savings. The catch is that most of it will be tax deferred account "DCP" that the employer provides plus max two 401K and some backdoor ROTH. With the similar HHI, last two years we saved $300K (but most wasn't tax deferred) as we were not able to elect for DCP.
Our primary home mortgage and taxes are $2.5K per month in an MCOL area. Two kids in public.
As far as splurge, we spend a ton on vacations, but use miles and points to offset some of the costs. Once we meet our saving target we don't really budget anything. It is actually helpful to take almost everything out of our paycheck for savings and then we just use vested RSU's (part of compensation) for our regular expenses
Our primary home mortgage and taxes are $2.5K per month in an MCOL area. Two kids in public.
As far as splurge, we spend a ton on vacations, but use miles and points to offset some of the costs. Once we meet our saving target we don't really budget anything. It is actually helpful to take almost everything out of our paycheck for savings and then we just use vested RSU's (part of compensation) for our regular expenses
Anonymous
02/14/2024 21:07
Subject: Re:How much do you save annually? How much do you spend on 'wants' annually?
Anonymous wrote:We are saving about 70k a year in retirement including employer matches. Mid/late 30s.
Pathetically not saving much other than that at the moment due to high expenses. But we have a good nest egg from our pre-kid years and much of that is invested.
We spend about 120k annually on things like private school for 2 kids in elementary school and preschool, childcare, summer camps and vacations. Those are our biggest luxuries.
Around 50k on mortgage and taxes. Another 50k slowly doing necessary renovations to our old home, some invisible things like new plumbing and other things like renovating very old bathrooms but doing them nicely. We are almost done and only anticipate smaller projects in the next few years.
Then just life is expensive- we spend a lot on food and restaurants (36k), health insurance (subsidized by employer), gifts for family, charitable donations, home cleaning 2x monthly, utilities, car payments, clothing (mostly gap and jcrew type brands), gas, home stuff at target, outsourcing landscaping, and things for our kids. We rarely go to concerts or spend money on entertainment.
HHI is around 480-500 gross.
I should add that grandparents have funded college savings for kids and fortunately will receive a large trust from our family so while we do save well for retirement, we will also receive a large trust at some point. Private school would not be possible if we didn’t have family funding college and providing a big cushion for retirement.
Anonymous
02/14/2024 21:05
Subject: Re:How much do you save annually? How much do you spend on 'wants' annually?
We are saving about 70k a year in retirement including employer matches. Mid/late 30s.
Pathetically not saving much other than that at the moment due to high expenses. But we have a good nest egg from our pre-kid years and much of that is invested.
We spend about 120k annually on things like private school for 2 kids in elementary school and preschool, childcare, summer camps and vacations. Those are our biggest luxuries.
Around 50k on mortgage and taxes. Another 50k slowly doing necessary renovations to our old home, some invisible things like new plumbing and other things like renovating very old bathrooms but doing them nicely. We are almost done and only anticipate smaller projects in the next few years.
Then just life is expensive- we spend a lot on food and restaurants (36k), health insurance (subsidized by employer), gifts for family, charitable donations, home cleaning 2x monthly, utilities, car payments, clothing (mostly gap and jcrew type brands), gas, home stuff at target, outsourcing landscaping, and things for our kids. We rarely go to concerts or spend money on entertainment.
HHI is around 480-500 gross.
Pathetically not saving much other than that at the moment due to high expenses. But we have a good nest egg from our pre-kid years and much of that is invested.
We spend about 120k annually on things like private school for 2 kids in elementary school and preschool, childcare, summer camps and vacations. Those are our biggest luxuries.
Around 50k on mortgage and taxes. Another 50k slowly doing necessary renovations to our old home, some invisible things like new plumbing and other things like renovating very old bathrooms but doing them nicely. We are almost done and only anticipate smaller projects in the next few years.
Then just life is expensive- we spend a lot on food and restaurants (36k), health insurance (subsidized by employer), gifts for family, charitable donations, home cleaning 2x monthly, utilities, car payments, clothing (mostly gap and jcrew type brands), gas, home stuff at target, outsourcing landscaping, and things for our kids. We rarely go to concerts or spend money on entertainment.
HHI is around 480-500 gross.
Anonymous
02/14/2024 20:05
Subject: How much do you save annually? How much do you spend on 'wants' annually?
We save about 25% of gross HHI, spend about 35% on needs and every day life, so the rest must go to taxes and wants.
Anonymous
02/14/2024 19:46
Subject: How much do you save annually? How much do you spend on 'wants' annually?
We try to save 20%.
Appx 50% is bills etc
Appx 30% fun money.
Appx 50% is bills etc
Appx 30% fun money.
Anonymous
02/14/2024 19:39
Subject: How much do you save annually? How much do you spend on 'wants' annually?
Max to Roth. Few benefits and Roth are the only reasons I work a little. Investments are growing fast and adding more wouldn't make much difference.
$10k for wants during the years I feel like traveling. Not buying much as I have enough crap.
$10k for wants during the years I feel like traveling. Not buying much as I have enough crap.
Anonymous
02/14/2024 19:30
Subject: How much do you save annually? How much do you spend on 'wants' annually?
PP here. The amounts I have come out to about 38% and 6% of HHI.
Anonymous
02/14/2024 19:28
Subject: How much do you save annually? How much do you spend on 'wants' annually?
Save 35% and spend somewhere between 5%-10% depending on the year.
Anonymous
02/14/2024 19:28
Subject: How much do you save annually? How much do you spend on 'wants' annually?
All those things you mention, we save around $170k annually.
We spend about $25k on vacations. We like nice dinners and wine clubs so maybe that’s a splurge/experience?
We spend about $25k on vacations. We like nice dinners and wine clubs so maybe that’s a splurge/experience?
Anonymous
02/14/2024 19:25
Subject: How much do you save annually? How much do you spend on 'wants' annually?
Save 30% of HHI annually.
Spend ~7% of HHI on "wants" annually.
Spend ~7% of HHI on "wants" annually.
Anonymous
02/14/2024 18:14
Subject: How much do you save annually? How much do you spend on 'wants' annually?
How much do you save annually? (Roth, 401k, Retirement, IRA, Emergency Fund, Investing money, Savings Accounts, 529s, etc etc)? Include any employer matches
How much do you spend annually on "Wants" (Vacations, Splurge Items or Experiences, Gifts, etc)?
How much do you spend annually on "Wants" (Vacations, Splurge Items or Experiences, Gifts, etc)?