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How much do you spend a month?

Home Personal Finance and Budgeting How much do you spend a month?

  • Avatar octopus85 
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    Maybe fewer shifts at work, maybe my buying more comfortable underwear and socks,

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    It only took 5 pages for this thread to devolve into underwear and socks!

    #237054 Reply
    xraygoggles xraygoggles 
    Participant
    Status: Physician
    Posts: 93
    Joined: 10/26/2018

    14k per month but when I look at my mint I get  more spazzed out bc the numbers look way worse there b/c we send in our own taxes.     14k includes giving as well (but not the saving or taxes). When I look at my mint, I have to tell myself thats EVERYTHING and remind myself that its not all being spent.     Its a mental shift for me looking at the numbers that way cause that “yearly trends” bar graph freaks me out.

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    I find that Personal Capital does a better job of identifying categories correctly. Plus, it’s easier to edit them on the website compared to Mint. You can edit multiple ones at the same time, search for them, make new categories, etc. The investments/holdings section is better than Mint (which is almost non-existent).

    I use Mint only to get a very general overview of my account balances.

    “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”

    #237055 Reply
    Liked by ddswifey
    fatlittlepig fatlittlepig 
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    Status: Physician
    Posts: 1200
    Joined: 01/26/2017

    Wowzers, some big mortgages here.

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    some big incomes here partner.

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    Big incomes does not have to equate to big spending.

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    Let me flip the script. What do you think a reasonable spend percentage be for a high income professional? Or is there a certain ceiling that applies no matter what the income is?

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    For Fatlittlepig personally speaking there’s a ceiling independent of income, beyond which spending seems like spending for sake of spending.

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    That does not compute for the VagabondMD. If I have the means to improve my level of comfort and safety, have additional enriching hobbies and wonderful experiences with friends and loved ones, offload more unpleasant tasks and chores, buy freedom from the overlords of the medical industrial complex, donate more funds to charities that make the world a better place (in my view), improve my physical and mental health, give my children a leg up, etc., I will allocate my resources to those ends.

    If my income increased 2x, my lifestyle would also rise to some degree. Maybe fewer shifts at work, maybe my buying more comfortable underwear and socks, maybe adding another rescue dog, maybe two international vacations per year instead of one, maybe replacing the treadmill that died, maybe getting some expert help to start an organic garden, and maybe all of the above. It certainly beats sitting in uncomfortable cotton under garments and gazing longingly at my Vanguard statement.

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    I’m already spending what I want to spend so if income were to double, spending would probably stay roughly the same. Maybe an extra Frappuccino here and there.

    #237067 Reply
    Liked by Lordosis
    ddswifey ddswifey 
    Participant
    Status: Spouse
    Posts: 74
    Joined: 04/17/2019
    I find that Personal Capital does a better job of identifying categories correctly. Plus, it’s easier to edit them on the website compared to Mint. You can edit multiple ones at the same time, search for them, make new categories, etc. The investments/holdings section is better than Mint (which is almost non-existent). I use Mint only to get a very general overview of my account balances.

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    Thx XRaygoggles– I’ve used mint for so long now its what i’m used to.     I use something different to track investments.  I DO NOT use mint for budgeting as its budget feature is horrible—i use ynab for that.   But i also set up a “yearly budget” on my own spreadsheet. I use Mint almost soley for the “trends” feature.    My own spreadsheet is really how I make sure that the “discretionary” amounts are within the limits I set for the month & year.

    I'm here to learn

    #237100 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1863
    Joined: 02/11/2019

    You use Mint, ynab, something else for portfolio management, and your own spread sheets!
    Hardcore!

    “Never let your sense of morals prevent you from doing what is right.”

    #237108 Reply
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1200
    Joined: 01/26/2017

    14k per month but when I look at my mint I get  more spazzed out bc the numbers look way worse there b/c we send in our own taxes.     14k includes giving as well (but not the saving or taxes). When I look at my mint, I have to tell myself thats EVERYTHING and remind myself that its not all being spent.     Its a mental shift for me looking at the numbers that way cause that “yearly trends” bar graph freaks me out.

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    You wrote in a previous post that you considered yourself to be frugal. 14K a month is…. not frugal at least in my book, but I’m sure you can afford it since it seems you are tracking it carefully. it’s all relative.

    FLP

    #237110 Reply
    Liked by ddswifey
    ddswifey ddswifey 
    Participant
    Status: Spouse
    Posts: 74
    Joined: 04/17/2019
    You wrote in a previous post that you considered yourself to be frugal. 14K a month is…. not frugal at least in my book, but I’m sure you can afford it since it seems you are tracking it carefully. it’s all relative. FLP

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    LOL. Yes exactly.  I am/we are frugal (except for 2nd house, which i’ve written about several times).  I may not be fully clear on all the benefits MD’s have at hospital jobs, or if benefits are taken out of your salary or that’s on top of the salaries,  but much of our expenses are things like  paying for his own disability, own  private health insurance, paying for all my husband’s CE ourselves and travel required for that,   as well as other business expenses he has, and we tithe 10% every month as well.  I realize some of that is tax deductible for us—but it still leaves the account every month so its “spending” to me.  Only non-mortgage debt we have is 80k student loan at 1.25% ( $500/month,  which we don’t plan on paying off anytime soon.)

    Our “non-frugal” things are travel budget and 2nd home.     However,  Our two homes don’t equal to what most people have in 1 home.  -midCOL area for us

    btw, @Fatlittlepig– you’d be proud….sold land and 3 of the rentals this summer. =) now to more investing =)

    Honestly, I’m intrigued how people can spend so little when I try very hard to be frugal but again, you said it, its all relative.

    I'm here to learn

    #237132 Reply
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1200
    Joined: 01/26/2017
    You wrote in a previous post that you considered yourself to be frugal. 14K a month is…. not frugal at least in my book, but I’m sure you can afford it since it seems you are tracking it carefully. it’s all relative. FLP 

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    LOL. Yes exactly.  I am/we are frugal (except for 2nd house, which i’ve written about several times).  I may not be fully clear on all the benefits MD’s have at hospital jobs, or if benefits are taken out of your salary or that’s on top of the salaries,  but much of our expenses are things like  paying for his own disability, own  private health insurance, paying for all my husband’s CE ourselves and travel required for that,   as well as other business expenses he has, and we tithe 10% every month as well.  I realize some of that is tax deductible for us—but it still leaves the account every month so its “spending” to me.  Only non-mortgage debt we have is 80k student loan at 1.25% ( $500/month,  which we don’t plan on paying off anytime soon.)

    Our “non-frugal” things are travel budget and 2nd home.     However,  Our two homes don’t equal to what most people have in 1 home.  -midCOL area for us

    btw, @fatlittlepig– you’d be proud….sold land and 3 of the rentals this summer. =) now to more investing =)

    Honestly, I’m intrigued how people can spend so little when I try very hard to be frugal but again, you said it, its all relative.

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    smart, simplify your life. no need for rental properties.

    #237135 Reply

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