Post # 1
I thought it would fun/interesting to share and compare our monthly budget breakdowns. Feel free to copy paste or add your own categories.
Location: Toronto, Ontario
Combined household monthly take home income: $7200
Debt payment: $3200 (debt free by August 2019)
Cell phone/internet/cable: $267
Health Insurance: $0 (we are in Canada)
Life Insurance: $77
Discretionary (Eating out, clothing, entertainment): $150 (we basically just stay at home! and do free things)
We currently don’t save. We have an emergency fund of 3 months of expenses and a down payment savings account funded to $12,700 but we stopped making savings contributions in order to attack debt faster.
Post # 2
Combined household monthly take home income: $8820 (after deductions for health insurance, disability insurance, transportation, healthcare FSA, dependent care FSA, and retirement)
Mortgage: $1970 (PITI)
Daycare: $1670 (one toddler)
Debt payment: $1065 (0% card plus accelerated payments on our HELOC)
Misc. recurring bills: $135
Cell phone/internet/cable/subscriptions: $180 (DH gets a work discount and my work reimburses for most of my phone cost)
Savings: $1387 (minimum that is auto transferred, will sometimes make manual transfers too. This is split between a few accounts for our daughter’s 529 account, family vacations, annual bills, and a general savings account that we pull from for home and car repairs. E-fund is separate and we aren’t adding to it at the moment)
Then we have about $1960 leftover which we use for gas (averages $135/month), groceries ($300-400 for a family of 3 plus a dog), and misc spending.
Post # 3
Age: 29 & 30
Combined household monthly take home income: c.$8.500 ($11.750 before tax)
Debt Payment: c.$3.000 clear by June
Cell phone/internet/cable: c.$50 Only my handset and tariff, home internet and husbands phone are work benefits
Health Insurance: $0 (we are in Denmark, Private Health included in work contracts if needed)
Life Insurance: $0 no mortgage so haven’t purchased yet. We both have 10x salary payable on death if we are still working
Discretionary (Eating out, clothing, entertainment): We don’t really budget. I would guess we spend around $500 per month on eating out, purchases, and any other “non essential” spending.
I’ll also add that my travel pass is around $300 per month.
My take home pay is around $3.150 and this is all paid to savings. We hope to purchase a property here next year 🙂
Post # 4
- Wedding: August 2012 - Iowa
Combined household monthly take home income: $6000
Debt payment: $350 (1 college loan, 1 construction loan, and 1 credit card)
Daycare: $850 (for 2)
School Lunch: $50
Van Payment: $330
Cell phone/internet/cable: $285
Health Insurance: not sure exactly, comes out of DH’s check so didn’t count it as part of income
Life Insurance: $50 (guessing)
Car Insurance: $170
Gas & Electric: $200
Vehicle gas: $400
Post # 5
Location: Chicago, IL
Individual (fiance and I don’t share finances) household monthly take home income: $4700
Mortgage/Interest/Property Tax/Assessments/Insurance: $1650 (I’m paying $150/month additional towards principal)
Cell phone: $105
Monthly bus pass: $100
Pet Insurance: $57
Security Alarm System: $50
Monthly subscriptions (Spotify, Class Pass, etc.): $100
Cleaning person: $120
Roth IRA: $500
Discretionary (shopping, going out, travel, etc): whatever I have left.
I am in the process of selling my car, which is why I didn’t add any spending for that.
Post # 6
Take-home pay: $3500 net 401k, parking, and insurance
Gas/Car insurance: $190
Utilities (electric + cable): $160
Student loans: $375
Misc. (shopping, haircuts, entertainment): $250
We usually hit a fair amount lower than budgeted, just because we try to save as much so my fiance doesn’t have to take out more loans than needed (he’s in dental school).
Post # 7
Interesting how different all the locations are!
Location: Vancouver, BC
Combined household monthly take home income: $10,800 (soon will be $6350 as I’ll be on Mat leave)
Car Payment and Insurance: $560
Cell phone/internet/cable: $200
Health Insurance: $0 (work covers)
Life Insurance: $0 (work covers)
Dog (food, training, dogwalker, insurance): $450
Misc (Eating out, clothing, entertainment): $250
Total Costs: $4910
Savings (RRSP, TFSA): $1000
We’ll have to be a bit more watchful once baby is here; I have been fortunate enough to not have to be super watchful of my spending. This will change with baby, extra expenses, daycare, etc.
Post # 8
Location: Canadian Prairies
Combined household monthly take home income: ~ $4,000
Groceries/household: $700 (food is EXPENSIVE in rural areas!)
Cell phone $165
Clothing/Haircuts/Personal Care $100
Discretionary $325 ($100 each for discretionry spending and the rest for subscriptions/entertainment/dining out)
Savings (multiple categories)
Vacation (visiting home) – $150
Baby – $100 (clothes, new toys, activities, save up for big purchases, etc)
Emergency – whatever is left
Post # 9
kimmacph : I would love to know about your grocery bill strategies – I am really struggling to keep groceries for 2 adults at $800 a month here in Toronto and Vancouver is even more expensive for groceries. Share your tips!
Post # 10
sunworshipbride : We don’t eat a ton of meat but when we do we’ll buy in bulk from local farmers. For example; a friend of ours buys 1/2 a bison every year, we typically buy about 20lb from him for significantly less than in stores. There are some great local chicken and beef farmers around as well, so I buy bigger family packs from them when I buy. This is probably our biggest saving, meat is so expensive!
I buy most fruit/veg from a farmers market so usually whatever is in season; I get fruit/veg from the grocery store too of course but I need significantly less of it. Being able to buy things like lettuce from a market year round is a big savings. In the summer I grow alot of my own veg (have a garden plot just outside of town, costs me $150/year for the land). We eat a decent amount of tofu (so cheap!), eggs, beans, etc. and make basically every meal from scratch. I also try to make my own bread if I have time. I buy in bulk when I can; yogurt I get a massive tub instead of individual packs; trail mix, flour, sugar, rice, etc. I buy in bulk. Honestly our beer and wine spending is often higher than our groceries… hahaha, it’s only been low because i’m pregnant
Post # 11
sunworshipbride : I meal plan after looking at the circular. If you have a list and only buy what’s on it and on sale it’s easier to stay on track. I haven’t done that the past couple of weeks because I have a newborn and our grocery expenses have increased.
Post # 12
Combined household monthly take home income: Not really sure tbh.
Debt payment: $0
Cell phone/internet/cable: $50 – $100???
Health Insurance: $320 for me… probably same for him. So $640!?
Life Insurance: Free right now through employer. He has something private but not sure what his premium is.
Dog health insurance: $100 maybe?
Gas/Water/Electric/Utilities: No idea
I have no idea what half of our bills are honestly. LOL.
I don’t plan on us really combining our accounts either. I just paid off ~$25k in 1.5 years in school loans while he paid ALL the bills almost. He still pays all the bills now give or take.
I save about $600 a month for us in a savings account and about $200 a month towards a savings (HSA) account for future baby delivery and care (not currently TTC). We both save for retirement through our companies. And then whatever is leftover after all that I pay extra payments on mortgage principles.
Basically we are “draining” all our income on purpose. He pays all the bills… I do all the saving and paying extra on mortgage which is our only debt at this time. We live pay check to pay check by not leaving much left to wonder… My checking out stays at $50 every month LOL. I only use credit cards for spending as well if that matters.
I feel like we have the most unorganized yet most succesful way of saving and living because although we deeplete our accounts… we still save, stay debt free… and still go out several times a week and vacation…
Post # 13
Age: 29 (30 in 2 weeks!)
Location: Chicago (western suburbs)
Combined household monthly take home income: Just me at $2620
Debt payment: $95
Cell phone/internet/cable: $85
Health Insurance: $190
Life Insurance: $0 – employer provides
Pharmacy/health: $10 per perscription when sick, when I was on BC pills they were free and I just got an IUD a few months ago
Gas/Water/Electric/Utilities: $90 in the winter, $45ish in the spring and when AC is on then $60-70
Cat Food/Litter – $25ish
TV/Internet – $110
Discrectionary – $200ish
Leftovers go into savings. Just recently had to take a huge chunk for new tires on my car 🙁
Post # 14
sharpshooter : Are you in the city or suburb? Nice to see another Chicago area bee 🙂
Post # 15
Wow! I now feel like we are getting offf easy in the mortgage department.
Location: Central Appalachia
Combined post-tax, post-health insurance income: $9100
Mortgage/tax/ins/HOA dues: $700
Car payment (one car): $430
Car insurance (2 cars): $50
Groceries (includes toiletries and cleaning supplies): $400
Doggo (Food, vet bills, park membership, boarding): $30
Savings (mostly for down payment): $2750
Movies/plays/concerts/eating out: $500 (we’re working hard on bringing this down
Misc household goods, clothing, etc: $300 maybe
Everything else (medical copays, meds, auto maintenance, birthday presents, random purchases): ~$1000
We’re bringing a new addition into the house this fall, so a lot of our funds for dinners out and random stuff will be diverted to child care and baby stuff. We’re slowly cutting back now so it doesn’t come as a shock. Now, if we could just get the ex wife married off, we’d be sitting pretty!