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Message
re: How does a family do it financially
Posted on 6/5/22 at 10:56 pm to The Pirate King
Posted on 6/5/22 at 10:56 pm to The Pirate King
quote:
there’s a lot of fat that you can trim.
Gonna trim a lot here in the next couple of months..... Disney+, gym memberships, etc, etc....
1
Posted on 6/5/22 at 11:01 pm to JohnnyKilroy
Sorry, it’s a 403b not 401k since it’s done through my work. Most people don’t know what a 403b is so I just say 401k. But remember our employers match 100% for up to 10% of our gross pay. So really it’s like 13% of our pre tax growth that taken out. Most employers don’t match 100% and if they do most don’t match 100% for up to 10% of your gross.
Posted on 6/5/22 at 11:05 pm to TDsngumbo
quote:
$2,000 monthly mortgage obligation. Maybe I’m just old school, I don’t know. I just would never obligate myself to that high of a mortgage.
Sadly, $2,000 a month just doesn’t go very far anymore. If you buy a $350,000 house with 20% down and a 4.5% 30 year loan, your monthly P&I will be $1418. Add taxes and insurances and you are probably right at $2,000.
Finding a decent family home for $350,000 in any major city right now is tough.
Posted on 6/5/22 at 11:12 pm to The Pirate King
quote:
cut the cable cord, eat out only on special occasions, don’t have 25 monthly subscriptions…there’s a lot of fat that you can trim.
It’s one real advantage to having kids you can really lean into being a cheap SOB father. It’s terrific.
My clothes budget is $0. If I need a new t-shirt I’ll donate blood.
Gym Membership? Please I throw 40 pound human kettle bells into the pool all summer.
If my wife wants needs jewelry she can ignore Jody for a couple weeks.
Posted on 6/5/22 at 11:16 pm to Aubie Spr96
quote:
Gonna trim a lot here in the next couple of months..... Disney+, gym memberships, etc, etc....
People get sucked into monthly membership marketing and “it’s only the cost of a cup of coffee”. Easy to spend thousands a year.
Gym
Amazon
Apple Music/Spotify
Netflix
Hulu
Disney+
HBO Max
Paramount+
Posted on 6/6/22 at 12:46 am to TchoupitoulasTiger
quote:
Yeah this is right. Only contribute enough to get the maximum employer match. Put the rest of your saving money in an IRA.
IRA contributions are capped at $6k/year ($7k @ 50+). Never mind that the income limits for deduction phase out is absurdly low.
Posted on 6/6/22 at 1:00 am to kywildcatfanone
quote:
equity loans
That's common.
My neighbor is pretty well off and she's still driving a 15 year old Toyota. They're not flashy at all. My parents are the same way. My grandfather never bought a new car for himself as long as I knew him and he was worth millions back in the 70s - I have no idea what he was worth when he passed in the 90s but I know he passed a lot of money on. People today are too enamored with shite like the Karashians/reality TV and thinking that life is all about material possessions.
Posted on 6/6/22 at 1:06 am to tigerbacon
Sounds like you are overspending. Have you ever ran a scenario where you live off of the smallest check and save the rest? Most people are blowing money on unnecessary household expenses. Rethink your budget. Rethink your lifestyle. You failed to mention what state you are in so we at least could consider cost of living.
Posted on 6/6/22 at 2:07 am to 0x15E
frick discover they should not have given me a loan
Posted on 6/6/22 at 2:30 am to tigerbacon
I am retired and my wife is a couple of years away from Medicare. I get a supplemental through my last employer. I have to do that to get insurance for her. The total for both policies is $1650 per month. Our car insurance is another $2700 a year. Our home insurance is $1500 a year. We both have a $2500 deductible before our health insurance covers a dime. Not even office visits. That is more than I get from SS. Some people I know get way less from Social security.
But the govt. has money to throw away. We are still okay for now. But I feel for people who were stretched to the limit. Those people who work for minimum wage or suffering.
But the govt. has money to throw away. We are still okay for now. But I feel for people who were stretched to the limit. Those people who work for minimum wage or suffering.
Posted on 6/6/22 at 3:56 am to arktiger28
Same here. We're a one income family of 6. Two older kids in public schools, 3 are homeschooled. We live within our means, try to keep only 1 car note at a time, limit eating out. Sam's and Costco are our friends. We realize that it is ok to not have everything we see or desire. When we do reward ourselves, it makes it that much more special. Also, spoil your children with love, not objects. It's all about prioritizing your spending.
Posted on 6/6/22 at 7:10 am to lourob
quote:
It's all about prioritizing your spending.
This is the answer.
This post was edited on 6/6/22 at 7:12 am
Posted on 6/6/22 at 7:10 am to lsupride87
quote:
Let’s take someone making 175-200k a year. Their take home monthly pay is roughly10k. You telling me a mortgage of $1,800 would be high? That’s like a 275k house….
18% of take home on a mortgage isn’t a lot at all (ours is 22%), but if you bought anytime in the last couple years with good interest rates, and had a 20% down payment a $1,800 could be the mortgage for a 425k home.
Posted on 6/6/22 at 7:32 am to ned nederlander
quote:
My clothes budget is $0. If I need a new t-shirt I’ll donate blood. Gym Membership? Please I throw 40 pound human kettle bells into the pool all summer.
So you’re a fat slob, and you’re trying to ascribe some sort of moral virtue to being a fat slob.
Posted on 6/6/22 at 7:36 am to tigerbacon
They do stupid shite like go into debt for $30k side by sides, jet skis and assorted ATV's.
What really amazes me is people that finance exotic cars.
Wouldn't the guilt of debt for something like a Lambo make one unable to enjoy it?
What really amazes me is people that finance exotic cars.
Wouldn't the guilt of debt for something like a Lambo make one unable to enjoy it?
This post was edited on 6/6/22 at 7:39 am
Posted on 6/6/22 at 7:44 am to Mo Jeaux
quote:
My clothes budget is $0. If I need a new t-shirt I’ll donate blood. Gym Membership? Please I throw 40 pound human kettle bells into the pool all summer.
So you’re a fat slob, and you’re trying to ascribe some sort of moral virtue to being a fat slob.
Being a fat slob greatly increases life insurance premiums and health care costs. That would run counter to my be a cheap SOB philosophy.
Posted on 6/6/22 at 7:45 am to fallguy_1978
Misread
This post was edited on 6/6/22 at 8:19 am
Posted on 6/6/22 at 7:47 am to Tempratt
quote:
Wouldn't the guilt of debt for something like a Lambo make one unable to enjoy it?
As someone who borrowed money for a boat, absolutely not.
As a side note, both my boat and truck have appreciated in the past 3 years, the boat significantly.
Weird times these are.
Posted on 6/6/22 at 7:53 am to Ric Flair
quote:
Most people aren’t stashing 41k a year pretax away.
jesus, is that "maxing out" a 401k for a couple? (Edit: yes, max contribution is $20,500/yr)
That plus the 1500/month in savings is another 18k a year. So OP is bringing in 133k/yr and saving 60k?
Factor all that in and OP is really living off of ~73k, but good for them saving so much.
This post was edited on 6/6/22 at 7:58 am
Posted on 6/6/22 at 7:54 am to lsufb1912
quote:
bringing in 133k/yr and saving 60k?
Well, I'm evidently bad at this.
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