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Message
Suggested allocations in your budget
Posted on 9/7/12 at 12:21 pm
Posted on 9/7/12 at 12:21 pm
7
Posted on 9/7/12 at 12:24 pm to STBTigerr
I don't think $500/month for retirement is anywhere close to enough.
Posted on 9/7/12 at 12:31 pm to foshizzle
quote:
I don't think $500/month for retirement is anywhere close to enough.
What percentage of your gross income do you put in retirement?
Posted on 9/7/12 at 12:59 pm to foshizzle
quote:
I don't think $500/month for retirement is anywhere close to enough.
IF you did that from age 18 to 68, assuming a lofty ROR of 8%, you would have just under $4,000,000 saved by retirement.
Adjusting that for inflation (assuming 3%), It would be around $900,000 in today's dollars
Assuming that at retirement your ROR adjusts to only cover inflation, your payout over 17 years would be around $4,400 /month.
For a more realistic projection, bringing ROR to 6%, Inflation to 4%, years working to 40 and years in retirment to 20: You get about $864 per month.
If you bump inflation to 5%, it's $590 per month.
Point is: In a best case scenario, it's enough. In reality: I would save more.
Posted on 9/7/12 at 1:00 pm to STBTigerr
$300 a month for utilities is too low.
Electric, Gas, Water, Garbage, Cell Phone, Internet and Satellite costs us $400 a month. And there are only 2 of us in the house.
Electric, Gas, Water, Garbage, Cell Phone, Internet and Satellite costs us $400 a month. And there are only 2 of us in the house.
Posted on 9/7/12 at 1:05 pm to Zach
quote:
Electric, Gas, Water, Garbage, Cell Phone, Internet and Satellite costs us $400 a month.
You're doing it wrong...
Or are in a solid financial position and it doesn't matter...
Posted on 9/7/12 at 1:07 pm to Zach
$1000/month to put a roof over your head? Seriously, where does this guy live that he can accomplish this?
Posted on 9/7/12 at 1:09 pm to Zach
quote:True. We are about $315/month and that doesn't include cell phones
$300 a month for utilities is too low.
Electric, Gas, Water, Garbage, Cell Phone, Internet and Satellite costs us $400 a month. And there are only 2 of us in the house.
Posted on 9/7/12 at 1:20 pm to Im4datigers
quote:
$1000/month to put a roof over your head? Seriously, where does this guy live that he can accomplish this?
A mortgage with 20% down on a $200K house will be right about $1K/month depending on taxes and insurance. I think that's pretty darn good for a family grossing $60K a year.
Or maybe I misunderstood your question.
Posted on 9/7/12 at 1:22 pm to Zach
quote:
$300 a month for utilities is too low. Electric, Gas, Water, Garbage, Cell Phone, Internet and Satellite costs us $400 a month. And there are only 2 of us in the house.
Our gas and electric alone is 200-250. And that's in 1700 sq feet.
Posted on 9/7/12 at 1:22 pm to saderade
Unless your household income is $60k, you can't compare the dollar values. Look at the percentages. I'm not suggesting this formula by any means, I was just curious to see the comments on it.
Posted on 9/7/12 at 1:44 pm to STBTigerr
It's a good allocation chart
Posted on 9/7/12 at 3:05 pm to ATL TGR
quote:
You're doing it wrong... Or are in a solid financial position and it doesn't matter...
Well, let me break it down:
Electric: 120
Propane: 50
Water: 50
2 Cells/Int/Sat: 130
Garbage: 30
That's 380
Posted on 9/7/12 at 3:20 pm to STBTigerr
(no message)
This post was edited on 11/29/12 at 3:33 pm
Posted on 9/7/12 at 3:21 pm to STBTigerr
I'm WAY over on utilities on that pie chart. 
and entertainment.......oh well
and entertainment.......oh well
Posted on 9/7/12 at 3:22 pm to STBTigerr
quote:
What percentage of your gross income do you put in retirement?
My goal each year is to max my 401, Roth and HSA. If I can do all three then I will spend any excess on hookers and blow without feeling even slightly guilty.
But if you can't do that simply save as much as you possibly can. It's that simple. Think of it this way - your next vacation, that Xbox, that Sony LED widescreen, all that is coming out of your retirement funds. Buy your next car used instead of new. Etc.
Posted on 9/12/12 at 11:43 am to STBTigerr
well considering I pay 1200 in taxes on the first of the month, I'm fricked on this
I hate self employment
I hate self employment
Posted on 9/12/12 at 1:03 pm to TH03
I don't see $1,091 for student loan payments
Posted on 9/12/12 at 1:18 pm to gizmoflak
quote:
I don't see $1,091 for booze
FIFY.
Drinking like a banker is expensive.
Posted on 9/12/12 at 2:24 pm to STBTigerr
Planner needs to learn how to manage his clients taxes better. It says family, well a two family single income joint filing with std deductions is $360 month federal and would get lower cost if they have kids. Evidently the planner must use $2.75/gal gas. Why is cable or satellite a "utility" cost? Don't have to have it to run the household, it is an entertainment item, much like some attributes of smart phones. That doesn't rep our household budget and savings should be 15-20% of gross. $200/month entertainment, C'mon man....
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