Budget Breakdown Of Couple That Makes $500k A Year And Feels Average

I saw this on Busted Coverage Instagram.

[/img]

This is a pretty good example of "it's not how much you make, it's how well you manage money".

First, is that a realistic amount for child care? $42k a year?

I'd cut down the vacations to two a year. That will save $6000.

If I had a luxury car it sure as hell wouldn't be a BMW. Either way of course luxury cars are nice, but if you are still feeling "average" then they could get something else and maybe save $2000 a year.

$18k in charity? Even if they cut back to $15k that's another $3000.

$32,000 a year in student debt?

LSU is what? About $7k a semester? That's $14k a year, $56k for four years. Not sure what grade school cost (I am using LSU's price because that's the only one I am familiar with). Either way, that's not something they will be paying forever.

But let's say the average between the two of them cost them $70k each for 4 years. That's $140,000. I have no idea about grade school, but if both went let's say it adds on another $100k so if they owe $240,000 at $32k a year that's 7.5 years.

Home maintenance: $5000
Other: $10000

If they would start in the beginning of the year by putting away $3000 the first two months, the next 4 months $2000, $1000 in month 7th. If they could make it for 7 months without having to use it, they have that year's amount saved up and then at that point, for the next 5 months they can add $500..

Let's say they end up only using $9k of the $15k, that's $6k plus the extra $2500 they saved by putting $500 away the last 5 months so they would have $8500 to start in year two and do the same thing. Long term that could end up becoming like another savings for them.

Thoughts?