Post # 1
Slight spinoff from the combined monthly income thread from earlier. Given we all live in different parts of the US and the world, the reality is that how far one’s income goes depends on where they live.
My question is, what percent of your total inome (after taxes) goes toward standard cost of living expenses? (i.e., rent/mortgage, gas, food, utilities, savings, etc–you could even include debt/loans)
For example, our combined income is about $6,000 per month after taxes. Our monthly breakdown is:
Food (groceries and dining out): ~ $500
Dog Food/Care: $90 for two dogs
Utilities: between $50 (summer) and $120 (winter)
Student loans: $850
Health Insurance: $300
Car Insurance: $150
Total: ~$3100 (remaining goes into savings and $650 in 401ks)
% Income toward cost of living expenses: 51% (including student loan payments)
Please feel free to share what you are comfortable with sharing!
Post # 4
Utilities: $75-150 depending on season
Dog: $60/mo for food/poop bags/treats
Gas: $30/mo (neither of us drive to work)
Health insurance/benefits: $53/mo
Car insurance: $85/mo
Internet (no cable): $35/mo
That leaves a little over $6000 left, of which about $1000 goes to 401k and the rest to savings, unless we make an extra purchase that month. So, living takes about 37% of our take home pay.
Post # 5
I don’t have it all worked out anymore like I used to, but I guestimate about 70% is spent on cost of living, since we are still in college & work for not much more than minimum wage.
Post # 6
@crayfish: Wow, I’m jealous!
Post # 7
@MrsSkeletonKey: When we have a kid or kids and start paying the average of $1800/mo in daycare each, that percentage is going to reverse itself pretty quickly, hahahaha, so don’t be too jealous!
Post # 8
If you include emergency savings and retirement 85% of our income is spoken for. Just basic living expenses (housing/utilities/food/gas), about 40%.
Post # 9
@pinkshoes: I adjusted my original post as well because including our “mandatory savings” it would jump up closer to 70% of our income. But without it, it’s lower.
Post # 10
Anytime I see one of these threads about living expenses, I just think that I need to move.
Post # 11
Man… suddenly i feel really poor…. congrats to all you bees bringing in bank!
Post # 12
@Jen51287: We were relatively poor until this past year when my FI got a much better job and I got a promotion. Before that, we were pinching pennies!
Post # 13
@Jen51287: yeap I agree! I definitely feel poor compared to other bees:(
I’d have to say around 80% we really don’t have much left over each month!
Post # 14
@bmo88: We pay out rent, bills, food, he sends money to his parents and we have a little left over to go out or buy the kids clothes or whatever they really need, but other than that we just about break even. We don’t have any savings. If I didn’t have FI I wouldn’t even be able to afford that. I make enough to pay my rent with about $100 left over to pay all the bills/food/other necessities, not nearly enough.
Post # 15
@jadlnc: If you don’t mind me asking, do you owe his parents money? Are they understanding to know that money is tight?
Post # 16
@bmo88: No he doesn’t owe them any money. He comes from a country where children help their parents out as soon as they start making money. So that’s what he’s done ever since he graduated high school and started working. He’s 27 now. Since we live together and I have kids, we need more money than he used to need when he was single living with roommates. So now he only sends them $200-300 a month. And sometimes he sends money to his grandparents. Also his little brothers and sister are in school and down there they have to pay tuition to go to high school. He’s from Guatemala. There is no social security there or food stamps or medicaid or medicare or anything to help you if your crops don’t grow and you have no food. I completely understand that his parents need that money. As long as my kids have food and shelter, etc. I don’t mind if he sends money to his family instead of saving it for us.