Anonymous
05/14/2013 17:53
Subject: Re:Family budget if your income is around $180-200K
Anonymous wrote:My parents are ~ 30 south of Willmington and ~30 miles north of Myrtle Beach. So we have a beach "vacation" that costs less than a normal week at home since gas used is cheaper than groceries my parents insist on buying. There is a cost though, no real recharging.
Not everyone has parents who live in vacation places (or for that matter, who can be visited at all).
Anonymous
05/14/2013 17:40
Subject: Re:Family budget if your income is around $180-200K
My parents are ~ 30 south of Willmington and ~30 miles north of Myrtle Beach. So we have a beach "vacation" that costs less than a normal week at home since gas used is cheaper than groceries my parents insist on buying. There is a cost though, no real recharging.
Anonymous
05/14/2013 11:48
Subject: Re:Family budget if your income is around $180-200K
Why no vacation?!? Vacation does not need to be expensive. We go together with my parents or in-laws, and it is really not that much going to NC or SC. It is really about recharging.
No renovation? That is fine. We only spend money to make sure things do not break down, i.e. replacing a leaky roof.
No renovation? That is fine. We only spend money to make sure things do not break down, i.e. replacing a leaky roof.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Take home: $10,100 (after 401k (15% contribution for each of us), health/dental ins,etc.)
3250 Mortgage
1600 Childcare
237 Student loan 1
151 Student loan 2
750 groceries
400 gas
250 electric
450 sinking fund for irregular bills (life insurance, etc)
210 cable/internet/phone
165 cells
50 water
This adds up to $7513. The remaining money ($2587) is just miscellaneous expenses, not bills. We have around $85K in a liquid emergency fund, so we don't have a line item for savings right now, although when child care expenses drop, we will go back to saving.
Wow--how do you have $85K in a liquid emergency fund on that salary? That's impressive.
I used to make a lot more when I was in biglaw, but now that I think about it, the majority of that 85K was accrued after I left biglaw. We just really prioritize savings....no car notes, no credit card debt, no vacations, no new furniture, no house renos. Which sounds depressing but it was a godsend when biglaw laid me off.
Anonymous
05/13/2013 15:00
Subject: Re:Family budget if your income is around $180-200K
Anonymous wrote:We have a HHI between $150k and $180K depending on the annual bonus. Our budget is based on the $150k.
We donate 5%
We save 10% off the top and whatever is left (5-10% more).
Our Mortgage is low at $900 per month, but we pre-pay $700 and pay our taxes twice a year which equates to ~$700 per month. $2,250 total.
We spend around $1200 per month on food (groceries and eating out).
We spend around $500 per month on therapies for children, insurance covers some too. It used to be more, but we have graduated from a few.
Utilities are around $500 per month (water, sewer, electricity, gas, phone....)
Cars: gas and maintenance is around $300 per month and growing as our cars are aging. We may be adding a new car soon. I expect this to grow to $500 per month soon.
We have ~$1.5 million in 401ks/IRAs which will help supplement the pension
We have ~$250k in college savings (DCs are teens)
We have $70k in cash reserves
Great job with savings!
Anonymous
05/13/2013 14:46
Subject: Re:Family budget if your income is around $180-200K
Anonymous wrote:Anonymous wrote:Take home: $10,100 (after 401k (15% contribution for each of us), health/dental ins,etc.)
3250 Mortgage
1600 Childcare
237 Student loan 1
151 Student loan 2
750 groceries
400 gas
250 electric
450 sinking fund for irregular bills (life insurance, etc)
210 cable/internet/phone
165 cells
50 water
This adds up to $7513. The remaining money ($2587) is just miscellaneous expenses, not bills. We have around $85K in a liquid emergency fund, so we don't have a line item for savings right now, although when child care expenses drop, we will go back to saving.
Wow--how do you have $85K in a liquid emergency fund on that salary? That's impressive.
I used to make a lot more when I was in biglaw, but now that I think about it, the majority of that 85K was accrued after I left biglaw. We just really prioritize savings....no car notes, no credit card debt, no vacations, no new furniture, no house renos. Which sounds depressing but it was a godsend when biglaw laid me off.
Anonymous
05/13/2013 09:17
Subject: Re:Family budget if your income is around $180-200K
We have a HHI between $150k and $180K depending on the annual bonus. Our budget is based on the $150k.
We donate 5%
We save 10% off the top and whatever is left (5-10% more).
Our Mortgage is low at $900 per month, but we pre-pay $700 and pay our taxes twice a year which equates to ~$700 per month. $2,250 total.
We spend around $1200 per month on food (groceries and eating out).
We spend around $500 per month on therapies for children, insurance covers some too. It used to be more, but we have graduated from a few.
Utilities are around $500 per month (water, sewer, electricity, gas, phone....)
Cars: gas and maintenance is around $300 per month and growing as our cars are aging. We may be adding a new car soon. I expect this to grow to $500 per month soon.
We have ~$1.5 million in 401ks/IRAs which will help supplement the pension
We have ~$250k in college savings (DCs are teens)
We have $70k in cash reserves
We donate 5%
We save 10% off the top and whatever is left (5-10% more).
Our Mortgage is low at $900 per month, but we pre-pay $700 and pay our taxes twice a year which equates to ~$700 per month. $2,250 total.
We spend around $1200 per month on food (groceries and eating out).
We spend around $500 per month on therapies for children, insurance covers some too. It used to be more, but we have graduated from a few.
Utilities are around $500 per month (water, sewer, electricity, gas, phone....)
Cars: gas and maintenance is around $300 per month and growing as our cars are aging. We may be adding a new car soon. I expect this to grow to $500 per month soon.
We have ~$1.5 million in 401ks/IRAs which will help supplement the pension
We have ~$250k in college savings (DCs are teens)
We have $70k in cash reserves
Anonymous
05/13/2013 09:14
Subject: Family budget if your income is around $180-200K
Anonymous wrote:Anonymous wrote:We're a bit below $180K - around $150K. One working parent. One SAHM 3 children
$8000 take home (after taxes, 401k, health ins, flex plan)
$2800 Mortgage
$600 Groceries (many vegetarian meals from scratch)
$525 Utilities (gas, elec. water, phone, internet)
$450 Gasoline
$125 Car insurance
$250 Kids activities
$75 Pool/Tennis club
$350 Synagogue
$200 Eating Out/Movies
$200 Clothes (lots of hand me down, thrift stores)
$150 Gifts (that includes gifts within the family)
$100 House Maintenance/Decor
$100 Car Maintenance
$835 Roth IRA
$500 College Fund
$250 Travel
$500 Miscellaneous/Charity
What about savings?
No monthly savings at this point other than reirement (401k and IRA) and college. But we did put away a lot before I became a SAHM, so we have a good amount saved up. for emergencies or if something else comes up - like we will need a new car soon, for example. And I plan to go back to work soon.
Anonymous
05/13/2013 09:12
Subject: Family budget if your income is around $180-200K
Anonymous wrote:Ditch the synanogue. Wasting money.
I'd really love to - only because it's so darn expensive, but I want my kids to go to religious school.
Anonymous
05/13/2013 08:22
Subject: Re:Family budget if your income is around $180-200K
I am assuming it is in the 401K on the first line.
Anonymous
05/13/2013 07:32
Subject: Family budget if your income is around $180-200K
Anonymous wrote:We're a bit below $180K - around $150K. One working parent. One SAHM 3 children
$8000 take home (after taxes, 401k, health ins, flex plan)
$2800 Mortgage
$600 Groceries (many vegetarian meals from scratch)
$525 Utilities (gas, elec. water, phone, internet)
$450 Gasoline
$125 Car insurance
$250 Kids activities
$75 Pool/Tennis club
$350 Synagogue
$200 Eating Out/Movies
$200 Clothes (lots of hand me down, thrift stores)
$150 Gifts (that includes gifts within the family)
$100 House Maintenance/Decor
$100 Car Maintenance
$835 Roth IRA
$500 College Fund
$250 Travel
$500 Miscellaneous/Charity
What about savings?
Anonymous
05/13/2013 06:26
Subject: Family budget if your income is around $180-200K
Ditch the synanogue. Wasting money.
Anonymous
05/13/2013 00:42
Subject: Family budget if your income is around $180-200K
We're a bit below $180K - around $150K. One working parent. One SAHM 3 children
$8000 take home (after taxes, 401k, health ins, flex plan)
$2800 Mortgage
$600 Groceries (many vegetarian meals from scratch)
$525 Utilities (gas, elec. water, phone, internet)
$450 Gasoline
$125 Car insurance
$250 Kids activities
$75 Pool/Tennis club
$350 Synagogue
$200 Eating Out/Movies
$200 Clothes (lots of hand me down, thrift stores)
$150 Gifts (that includes gifts within the family)
$100 House Maintenance/Decor
$100 Car Maintenance
$835 Roth IRA
$500 College Fund
$250 Travel
$500 Miscellaneous/Charity
$8000 take home (after taxes, 401k, health ins, flex plan)
$2800 Mortgage
$600 Groceries (many vegetarian meals from scratch)
$525 Utilities (gas, elec. water, phone, internet)
$450 Gasoline
$125 Car insurance
$250 Kids activities
$75 Pool/Tennis club
$350 Synagogue
$200 Eating Out/Movies
$200 Clothes (lots of hand me down, thrift stores)
$150 Gifts (that includes gifts within the family)
$100 House Maintenance/Decor
$100 Car Maintenance
$835 Roth IRA
$500 College Fund
$250 Travel
$500 Miscellaneous/Charity
Anonymous
05/12/2013 22:47
Subject: Re:Family budget if your income is around $180-200K
Anonymous wrote:Anonymous wrote:Anonymous wrote:Take home: $10,100 (after 401k (15% contribution for each of us), health/dental ins,etc.)
3250 Mortgage
1600 Childcare
237 Student loan 1
151 Student loan 2
750 groceries
400 gas
250 electric
450 sinking fund for irregular bills (life insurance, etc)
210 cable/internet/phone
165 cells
50 water
This adds up to $7513. The remaining money ($2587) is just miscellaneous expenses, not bills. We have around $85K in a liquid emergency fund, so we don't have a line item for savings right now, although when child care expenses drop, we will go back to saving.
Wow--how do you have $85K in a liquid emergency fund on that salary? That's impressive.
We've got about 65k on gross 170k. We have been aggressively saving. We'll dip into it but it is doable
Not PP, but we saved $80K for a downpayment in the years I was making $65K and DH was in school. Those were lean years, now HHI is $185K, and it's harder to save (childcare and mortgage are a lot more than rent!).
Anonymous
05/12/2013 22:43
Subject: Re:Family budget if your income is around $180-200K
Anonymous wrote:Anonymous wrote:Take home: $10,100 (after 401k (15% contribution for each of us), health/dental ins,etc.)
3250 Mortgage
1600 Childcare
237 Student loan 1
151 Student loan 2
750 groceries
400 gas
250 electric
450 sinking fund for irregular bills (life insurance, etc)
210 cable/internet/phone
165 cells
50 water
This adds up to $7513. The remaining money ($2587) is just miscellaneous expenses, not bills. We have around $85K in a liquid emergency fund, so we don't have a line item for savings right now, although when child care expenses drop, we will go back to saving.
Wow--how do you have $85K in a liquid emergency fund on that salary? That's impressive.
We've got about 65k on gross 170k. We have been aggressively saving. We'll dip into it but it is doable
Anonymous
05/12/2013 22:00
Subject: Re:Family budget if your income is around $180-200K
Anonymous wrote:Take home: $10,100 (after 401k (15% contribution for each of us), health/dental ins,etc.)
3250 Mortgage
1600 Childcare
237 Student loan 1
151 Student loan 2
750 groceries
400 gas
250 electric
450 sinking fund for irregular bills (life insurance, etc)
210 cable/internet/phone
165 cells
50 water
This adds up to $7513. The remaining money ($2587) is just miscellaneous expenses, not bills. We have around $85K in a liquid emergency fund, so we don't have a line item for savings right now, although when child care expenses drop, we will go back to saving.
Wow--how do you have $85K in a liquid emergency fund on that salary? That's impressive.