Anonymous
07/28/2016 15:30
Subject: Re:Family budget if your HHI is around 375k
I cannot even begin to imagine. 
My annual income is just over $60,000 (gross). I do pretty much live paycheck-to-paycheck, but make ends meet. Granted, I am single, so I am supporting only myself, but it isn't as if ALL my bills would quadruple if I had a family of four (e.g., my mortgage wouldn't quadruple, though it may double because I would likely need a larger living space). Yes, I would add expenses such as child care and other additional expenses, but I can't imagine that my bills would be an additional $250,000/year.
My annual income is just over $60,000 (gross). I do pretty much live paycheck-to-paycheck, but make ends meet. Granted, I am single, so I am supporting only myself, but it isn't as if ALL my bills would quadruple if I had a family of four (e.g., my mortgage wouldn't quadruple, though it may double because I would likely need a larger living space). Yes, I would add expenses such as child care and other additional expenses, but I can't imagine that my bills would be an additional $250,000/year.
Anonymous
07/28/2016 15:17
Subject: Re:Family budget if your HHI is around 375k
PP here. (I'm the one who spends so much on the kids' activities and the nanny.) It looks like we could live in a much nicer house if we cut back on those expenses, based on what others are spending on their mortgages ($5000/month) compared to what we are spending ($2000/month).
In some ways, having a small house has been expensive. For example, we do not have space for an au pair to stay, which means we cannot take advantage of that affordable type of child care. Also, we need to pay for storage because our house has no storage space and no garage.
In some ways, having a small house has been expensive. For example, we do not have space for an au pair to stay, which means we cannot take advantage of that affordable type of child care. Also, we need to pay for storage because our house has no storage space and no garage.
Anonymous
07/27/2016 17:24
Subject: Family budget if your HHI is around 375k
Anonymous wrote:We're at same income
$30,000 pretax
-8000 tax
-2500 401k/IRA
$19,500 Net
- 4600 mortgage/property tax
- 1500 Costco/groceries
- 800 utilities/phone
- 2400 Au Pair/childcare
- 500 car/house/life insurance
- 1500 credit card-entertainment,clothes,travel
- 1500 charity
- 7000 savings (529, brokerage)
sorry, clarification our tax is more like $9000.
PP, you spend $2600/mo on kids activities in addition to a $3000 PT nanny.
Our 4 kids do cheaper Park District and school activities, and free library and other activities. We have an Au Pair and get 45 hours of childcare for about $2200/mo all in (with food, insurance, etc) Rethink your spending on kids.
Also, we only do 1 vacation with flights/year, and then rent a lake house for $2000/week.
Anonymous
07/27/2016 17:14
Subject: Family budget if your HHI is around 375k
We're at same income
$30,000 pretax
-8000 tax
-2500 401k/IRA
$19,500 Net
- 4600 mortgage/property tax
- 1500 Costco/groceries
- 800 utilities/phone
- 2400 Au Pair/childcare
- 500 car/house/life insurance
- 1500 credit card-entertainment,clothes,travel
- 1500 charity
- 7000 savings (529, brokerage)
$30,000 pretax
-8000 tax
-2500 401k/IRA
$19,500 Net
- 4600 mortgage/property tax
- 1500 Costco/groceries
- 800 utilities/phone
- 2400 Au Pair/childcare
- 500 car/house/life insurance
- 1500 credit card-entertainment,clothes,travel
- 1500 charity
- 7000 savings (529, brokerage)
Anonymous
07/27/2016 08:21
Subject: Re:Family budget if your HHI is around 375k
we have the same income and three kids. Our expenses in bold.
$3,000 Child care (part-time nanny) for 3 kids (ages 4, 11, 14) We don't pay for a nanny. Kids are school age but one parent telecommutes to a company in CA so works a lot of evening hours.
$2,300 Mortgage (remaining loan balance is $330,000)(House is worth $800,000) Primary house $3K/month; vacation house $2K/month
$2,000 (Activities for kids – piano and instrumental lessons and sports teams like swim team, ballet, gymnastics) $750 month (weekly piano lessons, travel sports x 2 kids, rec soccer x 3 kids)
$1000 Food (we try not to eat out) $1000
$800 Insurance (Auto for 2 cars, Term life insurance for 2 of us, disability insurance, worker’s comp for nanny, umbrella, personal articles, homeowner’s) ?? I'd imagine this is about the same. We pay life x 2, disability x 1, homeowner's.
$600 sleepaway camps and other summer enrichment $350/month based on what we spent this summer
$600 Weekly cleaning service We clean our own house.
$600 Travel expenses (For vacation 2x year) $583/month (based on this year's numbers: $5K spring break plus $2k for a summer week not at our second home. Some years we spend $10K for summer break (overseas trip).
$400 (Home repairs and upkeep) We spend less than this. Probably $100/month. Do most of the work ourselves
$400 (clothing, dry cleaning, haircuts) We spend $500/month easily.
$350 Orthodontic treatment for 2 kids No braces.
$350 Math tutoring for teenager who struggles with math Don't have this expense.
$300 Out of pocket medical and dental (non-ortho) Rarely use our insurance (knock on wood). Can't think of the last time I took any of us to a non-preventative check-up.
$300 Car payment None
$300 Gifts Probably spend $2K in a year or $166/month
$250 Gas and car repairs (because one of our cars is old and seems to need repairs often) Haven't had this expense.
$200 Entertainment Hard to say, we rarely, rarely go out; actually can't think of the last entertainment we've gone to other than $50/movies with the kids twice this year
So basically nothing here
$200 Charitable contributions $1000/month
$200 Pepco Likely the same
$200 Storage Unit No
$200 Comcast (internet, phone, cable) About the same
$200 (AT&T cell phone service for 4 phones) Spend $100; one of us has phone through work.
$150 Gym membership No
$100 Water same
$100 Gas same
$ 0 529s (We don't feel obliged to save for college right now because the grandparents have stretched to give each kid a 529 now worth about $250,000 each)
$3,000 Child care (part-time nanny) for 3 kids (ages 4, 11, 14) We don't pay for a nanny. Kids are school age but one parent telecommutes to a company in CA so works a lot of evening hours.
$2,300 Mortgage (remaining loan balance is $330,000)(House is worth $800,000) Primary house $3K/month; vacation house $2K/month
$2,000 (Activities for kids – piano and instrumental lessons and sports teams like swim team, ballet, gymnastics) $750 month (weekly piano lessons, travel sports x 2 kids, rec soccer x 3 kids)
$1000 Food (we try not to eat out) $1000
$800 Insurance (Auto for 2 cars, Term life insurance for 2 of us, disability insurance, worker’s comp for nanny, umbrella, personal articles, homeowner’s) ?? I'd imagine this is about the same. We pay life x 2, disability x 1, homeowner's.
$600 sleepaway camps and other summer enrichment $350/month based on what we spent this summer
$600 Weekly cleaning service We clean our own house.
$600 Travel expenses (For vacation 2x year) $583/month (based on this year's numbers: $5K spring break plus $2k for a summer week not at our second home. Some years we spend $10K for summer break (overseas trip).
$400 (Home repairs and upkeep) We spend less than this. Probably $100/month. Do most of the work ourselves
$400 (clothing, dry cleaning, haircuts) We spend $500/month easily.
$350 Orthodontic treatment for 2 kids No braces.
$350 Math tutoring for teenager who struggles with math Don't have this expense.
$300 Out of pocket medical and dental (non-ortho) Rarely use our insurance (knock on wood). Can't think of the last time I took any of us to a non-preventative check-up.
$300 Car payment None
$300 Gifts Probably spend $2K in a year or $166/month
$250 Gas and car repairs (because one of our cars is old and seems to need repairs often) Haven't had this expense.
$200 Entertainment Hard to say, we rarely, rarely go out; actually can't think of the last entertainment we've gone to other than $50/movies with the kids twice this year
So basically nothing here
$200 Charitable contributions $1000/month
$200 Pepco Likely the same
$200 Storage Unit No
$200 Comcast (internet, phone, cable) About the same
$200 (AT&T cell phone service for 4 phones) Spend $100; one of us has phone through work.
$150 Gym membership No
$100 Water same
$100 Gas same
$ 0 529s (We don't feel obliged to save for college right now because the grandparents have stretched to give each kid a 529 now worth about $250,000 each)
Anonymous
07/26/2016 20:53
Subject: Re:Family budget if your HHI is around 375k
Anonymous wrote:Dear DCUM money-wise people: I am hoping to revive an old thread.
Our HHI is approx $340,000 per year (taking home approx $15,000 per month after taxes, benefits, and 401(k) match). We are in our mid-40's. We are spending too much, and want to save more (outside of just the 401(k)s). I welcome any and all constructive feedback. We have an emergency fund for 6 months, and have saved a bit for retirement ($1 million combined in 401(ks)). We have no investments other than our 401(k)s. Thank you.
$3,000 Child care (part-time nanny) for 3 kids (ages 4, 11, 14)
$2,300 Mortgage (remaining loan balance is $330,000)(House is worth $800,000)
$2,000 (Activities for kids – piano and instrumental lessons and sports teams like swim team, ballet, gymnastics)
$1000 Food (we try not to eat out)
$800 Insurance (Auto for 2 cars, Term life insurance for 2 of us, disability insurance, worker’s comp for nanny, umbrella, personal articles, homeowner’s)
$600 sleepaway camps and other summer enrichment
$600 Weekly cleaning service
$600 Travel expenses (For vacation 2x year)
$400 (Home repairs and upkeep)
$400 (clothing, dry cleaning, haircuts)
$350 Orthodontic treatment for 2 kids
$350 Math tutoring for teenager who struggles with math
$300 Out of pocket medical and dental (non-ortho)
$300 Car payment
$300 Gifts
$250 Gas and car repairs (because one of our cars is old and seems to need repairs often)
$200 Entertainment
$200 Charitable contributions
$200 Pepco
$200 Storage Unit
$200 Comcast (internet, phone, cable)
$200 (AT&T cell phone service for 4 phones)
$150 Gym membership
$100 Water
$100 Gas
$ 0 529s (We don't feel obliged to save for college right now because the grandparents have stretched to give each kid a 529 now worth about $250,000 each)
Thank you in advance for any constructive feedback. I know we spend a lot of kids' activities, which seems like one to cut.
600 is an awful lot for cleaning -- can you go to every other week?
Anonymous
07/26/2016 20:39
Subject: Family budget if your HHI is around 375k
Get an au pair & have the 14 year old babysit sometimes.
Why do you have a storage unit?
Pay cash for your cars and don't have payments.
Cut back on kid's activities.
Why do you have a storage unit?
Pay cash for your cars and don't have payments.
Cut back on kid's activities.
Anonymous
07/26/2016 18:05
Subject: Re:Family budget if your HHI is around 375k
Dear DCUM money-wise people: I am hoping to revive an old thread.
Our HHI is approx $340,000 per year (taking home approx $15,000 per month after taxes, benefits, and 401(k) match). We are in our mid-40's. We are spending too much, and want to save more (outside of just the 401(k)s). I welcome any and all constructive feedback. We have an emergency fund for 6 months, and have saved a bit for retirement ($1 million combined in 401(ks)). We have no investments other than our 401(k)s. Thank you.
$3,000 Child care (part-time nanny) for 3 kids (ages 4, 11, 14)
$2,300 Mortgage (remaining loan balance is $330,000)(House is worth $800,000)
$2,000 (Activities for kids – piano and instrumental lessons and sports teams like swim team, ballet, gymnastics)
$1000 Food (we try not to eat out)
$800 Insurance (Auto for 2 cars, Term life insurance for 2 of us, disability insurance, worker’s comp for nanny, umbrella, personal articles, homeowner’s)
$600 sleepaway camps and other summer enrichment
$600 Weekly cleaning service
$600 Travel expenses (For vacation 2x year)
$400 (Home repairs and upkeep)
$400 (clothing, dry cleaning, haircuts)
$350 Orthodontic treatment for 2 kids
$350 Math tutoring for teenager who struggles with math
$300 Out of pocket medical and dental (non-ortho)
$300 Car payment
$300 Gifts
$250 Gas and car repairs (because one of our cars is old and seems to need repairs often)
$200 Entertainment
$200 Charitable contributions
$200 Pepco
$200 Storage Unit
$200 Comcast (internet, phone, cable)
$200 (AT&T cell phone service for 4 phones)
$150 Gym membership
$100 Water
$100 Gas
$ 0 529s (We don't feel obliged to save for college right now because the grandparents have stretched to give each kid a 529 now worth about $250,000 each)
Thank you in advance for any constructive feedback. I know we spend a lot of kids' activities, which seems like one to cut.
Our HHI is approx $340,000 per year (taking home approx $15,000 per month after taxes, benefits, and 401(k) match). We are in our mid-40's. We are spending too much, and want to save more (outside of just the 401(k)s). I welcome any and all constructive feedback. We have an emergency fund for 6 months, and have saved a bit for retirement ($1 million combined in 401(ks)). We have no investments other than our 401(k)s. Thank you.
$3,000 Child care (part-time nanny) for 3 kids (ages 4, 11, 14)
$2,300 Mortgage (remaining loan balance is $330,000)(House is worth $800,000)
$2,000 (Activities for kids – piano and instrumental lessons and sports teams like swim team, ballet, gymnastics)
$1000 Food (we try not to eat out)
$800 Insurance (Auto for 2 cars, Term life insurance for 2 of us, disability insurance, worker’s comp for nanny, umbrella, personal articles, homeowner’s)
$600 sleepaway camps and other summer enrichment
$600 Weekly cleaning service
$600 Travel expenses (For vacation 2x year)
$400 (Home repairs and upkeep)
$400 (clothing, dry cleaning, haircuts)
$350 Orthodontic treatment for 2 kids
$350 Math tutoring for teenager who struggles with math
$300 Out of pocket medical and dental (non-ortho)
$300 Car payment
$300 Gifts
$250 Gas and car repairs (because one of our cars is old and seems to need repairs often)
$200 Entertainment
$200 Charitable contributions
$200 Pepco
$200 Storage Unit
$200 Comcast (internet, phone, cable)
$200 (AT&T cell phone service for 4 phones)
$150 Gym membership
$100 Water
$100 Gas
$ 0 529s (We don't feel obliged to save for college right now because the grandparents have stretched to give each kid a 529 now worth about $250,000 each)
Thank you in advance for any constructive feedback. I know we spend a lot of kids' activities, which seems like one to cut.
Anonymous
11/05/2013 12:49
Subject: Family budget if your HHI is around 375k
Anonymous wrote:HHI = 270k
monthly take home = a little less than 16k (401k only contribute 6%).
mortgage + pp tax + insurance=5k
Kids go to public school, so no tuition.
But kids monthly activity fees + after school care = 2k
Other expenses including grocery and gas = 3-4k.
So we save about 5-6k per month or 60-70k per year.
does 6% roughly equate to you both maxing out your 401k contributions? if not, why aren't you taking full advantage of the tax benefit?
Anonymous
11/04/2013 21:21
Subject: Re:Family budget if your HHI is around 375k
Anonymous wrote:Anonymous wrote:I find this whole thread highly comical. I make $8, $1200 in child support for the kids, and my fiancee makes $62,000 a year. I could stop working and we could pay all of our bills and always have play money. Ya'll are stupid. The end.
You make $8 and are calling those who make $300k stupid?
LOL my thoughts exactly.
Anonymous
11/04/2013 21:15
Subject: Family budget if your HHI is around 375k
HHI = 270k
monthly take home = a little less than 16k (401k only contribute 6%).
mortgage + pp tax + insurance=5k
Kids go to public school, so no tuition.
But kids monthly activity fees + after school care = 2k
Other expenses including grocery and gas = 3-4k.
So we save about 5-6k per month or 60-70k per year.
monthly take home = a little less than 16k (401k only contribute 6%).
mortgage + pp tax + insurance=5k
Kids go to public school, so no tuition.
But kids monthly activity fees + after school care = 2k
Other expenses including grocery and gas = 3-4k.
So we save about 5-6k per month or 60-70k per year.
Anonymous
11/04/2013 15:03
Subject: Re:Family budget if your HHI is around 375k
Anonymous wrote:I find this whole thread highly comical. I make $8, $1200 in child support for the kids, and my fiancee makes $62,000 a year. I could stop working and we could pay all of our bills and always have play money. Ya'll are stupid. The end.
You make $8 and are calling those who make $300k stupid?
Anonymous
11/04/2013 14:27
Subject: Re:Family budget if your HHI is around 375k
I find this whole thread highly comical. I make $8, $1200 in child support for the kids, and my fiancee makes $62,000 a year. I could stop working and we could pay all of our bills and always have play money. Ya'll are stupid. The end.
Anonymous
10/07/2013 09:37
Subject: Family budget if your HHI is around 375k
Anonymous wrote:Anonymous wrote:Huh. I somehow make it work as a single mother making $8 an hour as it's damn near impossible finding a job with my grad degree, with a deadbeat ex paying less than $400 a month in child support and receiving absolutely no help from my mommy or daddy seeing as how my mom killed herself when I was a kid and my dad choose his new family over me. Fuck You. Find a real problem.
I pay my college summer babysitter $12 an hour. How can you accept $8 an hour? McDonald's pays more than $8 an hour.
What's wrong with McDonalds, is it beneath you?
Anonymous
07/11/2013 16:51
Subject: Family budget if your HHI is around 375k
You make $375K. Get a financial planner to help you get your shit together. We make about half what you do and we are fine.