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How much do you spend a month?

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  • Avatar Tim 
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    Housing, transportation and food are usually the largest expenditures for almost any income level.
    Soooo, without the income level, amounts alone are rather random. Did everyone include transportation?

    #236310 Reply
    Avatar wa2106 
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    $4000 all in.  In LLR phase

    #236311 Reply
    SerrateAndDominate SerrateAndDominate 
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    We are about $3500/month now. Maxing out retirements and throwing fellowship stipend at student loan. Really helps that spouse is on board. Fellow salary plus Dentist wife helps too

    Earn everything.

    #236315 Reply
    Avatar MWPT 
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    5k all in. Second just started daycare.

    #236318 Reply
    Liked by fatlittlepig
    fatlittlepig fatlittlepig 
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    Fatlittlepig will be honest, some of these numbers are just eye opening. I honestly would be very interested in seeing not only a breakdown but individual purchases, just to satisfy the curiosity of a Fatlittlepig

    #236320 Reply
    Avatar wideopenspaces 
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    We haven’t really budgeted in a while, but I’m starting a full time job in a few weeks and we’re paying the nanny 40k/ year so I decided to sit down and hash out the numbers. Afterwards my husband was like, you know you don’t really need to work, right? And I was like dude, I can’t walk away from this job when they are counting on me to start in 2 weeks! Anyway, we are looking at spending 13k/ month moving forward. It’s insane to me. The big things are nanny 3500, mortgage 2700, travel 2000. We will be putting at least 13k into retirement each month, so I guess it all evens out? Plus the nanny will just be this year or maybe 2 years before we go to preschool at half the cost.

    #236326 Reply
    Avatar burritos 
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    For couples, what is the male/female breakdown percentage of the spending? In my household, it’s about 20/80.

    #236328 Reply
    SerrateAndDominate SerrateAndDominate 
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    Tough to say regarding our spending since it’s sporadic. My wife will get the occasional thing from Posh at a good price. I tend to splurge on sporting events and annual memorabilia. Her idea of splurging was $85 for some sunglasses.

    I’d say 60/40 forM:F

    Earn everything.

    #236332 Reply
    Avatar snowcanyon 
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    3k. No mortgage. Significant portion of that is travel and charity.  Separate finances, though. Combined maybe 5k if that.

    #236335 Reply
    Avatar jhwkr542 
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    I budget $13k but we probably spend on average $12k. About 60% is mortgage and student loans (for only about 3 more months). Childcare, utilities, food, and insurance is another 30%. Rest just goes to miscellaneous stuff for kids, house, gifts, etc.

    #236336 Reply
    CM CM 
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    We will be putting at least 13k into retirement each month,

    Click to expand…

    That’s impressive. How do you shelter $156K/year? That’s more than twice what I can fit in my 401K and 457b, including company match and catch-up allowance over 50 yo.

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #236339 Reply
    CordMcNally CordMcNally 
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    We will be putting at least 13k into retirement each month, 

    Click to expand…

    That’s impressive. How do you shelter $156K/year? That’s more than twice what I can fit in my 401K and 457b, including company match and catch-up allowance over 50 yo.

    Click to expand…

    I suspect they probably included taxable in that figure.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #236340 Reply
    Liked by wideopenspaces, CM
    Dreamgiver Dreamgiver 
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    Ha, what can I say? 25k/month easily. More than half of it is home renovation budget. Once we hit our savings goal for the year (30%) any leftover is spent without budgeting.

    #236341 Reply
    ENT Doc ENT Doc 
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    This question of monthly spending is not meaningful unless qualified by a number of factors.  Also, this separation of mortgage and other spending or regarding spending as purely discretionary, as if they’re all variable costs, is what makes picking and choosing spending amounts a bit misleading IMO.  I think the impact of your mortgage payments are more highly dependent on a sequence of choices made at a given point than monthly choices of semi-variable or variable expenses such as food or entertainment.  So why not include those more impactful costs?  Funds are only discretionary because of decisions made in regards to fixed or relatively fixed costs (mortgage, utilities, property taxes).  As for the qualifying factors, how about number of children, marital status, career phase, in/not in retirement, supporting parents or not, etc.

    Similar to the savings rate threads, all of our situations are so highly nuanced to allow for comparison, and the comparative information isn’t useful anyway.  All that matters is, for the individual/family:

    pv – what do you have right now?
    fv- what retirement do you want in today’s dollars?  Divide that by your safe withdrawal rate.  (Hint: don’t use 4%)
    rate – what real rate of return is reasonable/conservative given my asset allocation?
    nper – how many months do you have until retirement?

    And from those answers:
    PMT = (rate, nper, pv, fv, 0)

    Are you saving PMT or greater per month or saving less than PMT?  If less, cut spending, get more revenue, or plan on working longer.  If saving PMT or greater, stay the course.

    #236343 Reply
    Avatar wideopenspaces 
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    Status: Physician
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    Joined: 01/12/2016
    We will be putting at least 13k into retirement each month, 

    Click to expand…

    That’s impressive. How do you shelter $156K/year? That’s more than twice what I can fit in my 401K and 457b, including company match and catch-up allowance over 50 yo.

    Click to expand…

    Well,  up until 7 months ago we were both at the university and had 14% of income put into a 401a for us and we both had a 403b and 457. Then he quit the university and I followed this summer. So moving forward we will only have about 55k in tax protected space. Trying to figure out if we can get another 25k from his side business into some kind of tax protected account to increase the amount. But we have never had a taxable account before so it’s probably not a bad thing to start one now.

    #236345 Reply
    Liked by Dreamgiver, CM

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