Anonymous
04/21/2015 18:05
Subject: Best tips for reducing expenses after salary cut?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Is $300k your old HHI or your new one??
300k is new HHI after job switch. About a 100k decrease.
why is this even a thread??? you're fine. i can't imagine the tips being given aren't obvious to you. do you really not know a nanny is more expensive than other options? really? cut back where you want to. you don't need "advice" on this.
DC is pretty expensive...
Anonymous
04/21/2015 11:59
Subject: Best tips for reducing expenses after salary cut?
So I assume at 400K you were putting over 100K a year into retirement? Reduce that to 30K and your should be OK.
Anonymous
04/21/2015 11:56
Subject: Best tips for reducing expenses after salary cut?
Anonymous wrote:Anonymous wrote:Is $300k your old HHI or your new one??
300k is new HHI after job switch. About a 100k decrease.
why is this even a thread??? you're fine. i can't imagine the tips being given aren't obvious to you. do you really not know a nanny is more expensive than other options? really? cut back where you want to. you don't need "advice" on this.
Anonymous
04/21/2015 11:32
Subject: Best tips for reducing expenses after salary cut?
Anonymous wrote:Is $300k your old HHI or your new one??
300k is new HHI after job switch. About a 100k decrease.
Anonymous
04/21/2015 11:30
Subject: Best tips for reducing expenses after salary cut?
Is $300k your old HHI or your new one??
Anonymous
04/21/2015 11:30
Subject: Best tips for reducing expenses after salary cut?
Switch to a nanny share. Pay an extra mortgage payment each year. Can you tutor to bring in extra money?
Anonymous
04/21/2015 11:25
Subject: Best tips for reducing expenses after salary cut?
Anonymous wrote:Exactly. This is a family that just needs to be more aware of their spending, but at 300K, with no debt, your standard frugal tips aren't really needed.
What you need to do is look at where your money is going now. You probably don't even think about it (I'm speaking from experience here). But set a budget for things like clothes or entertainment and then stick with it. Don't just reflexively go out to dinner - plan meals. Don't buy a book because you want it - decide if it is a good purchase, and if not, and you still want to read it, go to the library.
I'm betting you fritter away a ton of money a month without even thinking about it. So start thinking about it, track it, and then decide what stays in the budget and what goes.
+1
Anonymous
04/21/2015 11:20
Subject: Best tips for reducing expenses after salary cut?
Exactly. This is a family that just needs to be more aware of their spending, but at 300K, with no debt, your standard frugal tips aren't really needed.
What you need to do is look at where your money is going now. You probably don't even think about it (I'm speaking from experience here). But set a budget for things like clothes or entertainment and then stick with it. Don't just reflexively go out to dinner - plan meals. Don't buy a book because you want it - decide if it is a good purchase, and if not, and you still want to read it, go to the library.
I'm betting you fritter away a ton of money a month without even thinking about it. So start thinking about it, track it, and then decide what stays in the budget and what goes.
What you need to do is look at where your money is going now. You probably don't even think about it (I'm speaking from experience here). But set a budget for things like clothes or entertainment and then stick with it. Don't just reflexively go out to dinner - plan meals. Don't buy a book because you want it - decide if it is a good purchase, and if not, and you still want to read it, go to the library.
I'm betting you fritter away a ton of money a month without even thinking about it. So start thinking about it, track it, and then decide what stays in the budget and what goes.
Anonymous
04/21/2015 11:19
Subject: Best tips for reducing expenses after salary cut?
Anonymous wrote:Anonymous wrote:I just accepted my dream job. Unfortunately, it is a steep salary cut from my current job. Here are our basic numbers after I start the new job (we have a one-yr old son):
HHI:300k/yr
Largest Expenses
Nanny:4k/month including taxes and bonus
Mortgage:4k/month
Groceries: 1300/month
The rest of the expenses are pretty standard. No student loans or other debt.
Any tips??
At 300K a year you can still afford all of the above. Assume after taxes, 401K, insurance etc you take home 50% of your income - that comes to $12.5K a month.
9.5K goes to childcare, mortgage, groceries - you sillt have 3K a month. If you move to a daycare center or nanny share you will be able to have 5K a month. What is the issue?
That was my thought as well.
Anonymous
04/21/2015 11:18
Subject: Re:Best tips for reducing expenses after salary cut?
Cutting the nanny is an obvious one but on 300k you could make it work if you wanted to. Get budgeting software like Ynab, plug in all of March and April, and see what your actually spending. Use your own priorities to make cuts to get it under your new salary.
Anonymous
04/21/2015 11:16
Subject: Best tips for reducing expenses after salary cut?
Anonymous wrote:I just accepted my dream job. Unfortunately, it is a steep salary cut from my current job. Here are our basic numbers after I start the new job (we have a one-yr old son):
HHI:300k/yr
Largest Expenses
Nanny:4k/month including taxes and bonus
Mortgage:4k/month
Groceries: 1300/month
The rest of the expenses are pretty standard. No student loans or other debt.
Any tips??
At 300K a year you can still afford all of the above. Assume after taxes, 401K, insurance etc you take home 50% of your income - that comes to $12.5K a month.
9.5K goes to childcare, mortgage, groceries - you sillt have 3K a month. If you move to a daycare center or nanny share you will be able to have 5K a month. What is the issue?
Anonymous
04/21/2015 11:14
Subject: Re:Best tips for reducing expenses after salary cut?
Cheaper car insurance
Cut cable (netflix plus standard free channels)
Cheap cell phone (moto x republic wireless)
Take public transit
Take your lunch.
Cut back on eating out.
Cheaper vacation
Lose the nanny. Daycare.
Cut cable (netflix plus standard free channels)
Cheap cell phone (moto x republic wireless)
Take public transit
Take your lunch.
Cut back on eating out.
Cheaper vacation
Lose the nanny. Daycare.
Anonymous
04/21/2015 11:11
Subject: Best tips for reducing expenses after salary cut?
Can you move to a nanny share and/or daycare? That would save you about $2k/month.
For groceries: meal plan, eat leftovers, stop eating out. Lower alcohol consumption or downgrade its quality.
For other expenses: cut cable, shop around your car insurance, stop spending money on anything that isn't a need for a period of time (a couple months?) - this is to train yourself out of buying clothes, electronics, toys, etc on a whim. Go to the library. Buy kid clothes on super sale or consignment or get hand me downs.
For groceries: meal plan, eat leftovers, stop eating out. Lower alcohol consumption or downgrade its quality.
For other expenses: cut cable, shop around your car insurance, stop spending money on anything that isn't a need for a period of time (a couple months?) - this is to train yourself out of buying clothes, electronics, toys, etc on a whim. Go to the library. Buy kid clothes on super sale or consignment or get hand me downs.
Anonymous
04/21/2015 11:02
Subject: Best tips for reducing expenses after salary cut?
Anonymous wrote:I just accepted my dream job. Unfortunately, it is a steep salary cut from my current job. Here are our basic numbers after I start the new job (we have a one-yr old son):
HHI:300k/yr
Largest Expenses
Nanny:4k/month including taxes and bonus
Mortgage:4k/month
Groceries: 1300/month
The rest of the expenses are pretty standard. No student loans or other debt.
Any tips??
Lose the nanny, get an au pair.
No eating out - make lunch at home.
Cut out lawn guy/cleaning person if you have one. Or use less often.
Anonymous
04/21/2015 11:01
Subject: Best tips for reducing expenses after salary cut?
I just accepted my dream job. Unfortunately, it is a steep salary cut from my current job. Here are our basic numbers after I start the new job (we have a one-yr old son):
HHI:300k/yr
Largest Expenses
Nanny:4k/month including taxes and bonus
Mortgage:4k/month
Groceries: 1300/month
The rest of the expenses are pretty standard. No student loans or other debt.
Any tips??
HHI:300k/yr
Largest Expenses
Nanny:4k/month including taxes and bonus
Mortgage:4k/month
Groceries: 1300/month
The rest of the expenses are pretty standard. No student loans or other debt.
Any tips??