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Started By
Message
re: Budget Breakdown Of Couple That Makes $500k A Year And Feels Average
Posted on 3/26/19 at 2:26 pm to Epic Cajun
Posted on 3/26/19 at 2:26 pm to Epic Cajun
quote:
How often are you dining out, or going to happy hour? I don't want to look at my food/drink expenses, but $500 seems really low to me.
We don't eat out very often, maybe 2-3 times a month. Our favorite local place is Vietnamese, so it's cheap. We don't drink alcohol either.
I'm sure you and Janky spend far more than us per person if you eat out frequently or drink in bars, but the OP isn't about you guys. The people in the OP state that they only go out twice a month. They could be blowing $400+ plus a night during those outings, but if so, that would obviously be a place to trim some fat.
Like others have said, they could spend less on vacations. Travel is the one area where our budget would be excessive for most people, but it's what we love. We like to eat good food too, but don't like getting bills in restaurants. That and the Food Board have made me into a MUCH, MUCH better cook.
This post was edited on 3/26/19 at 2:30 pm
1
Posted on 3/26/19 at 2:27 pm to Yat27
quote:
Over $1900 a month for two adults and two small children?
It depends on how often they eat out. It's pretty common for some people to eat out 3-5 days a week for lunch. Let's say they eat out every day for lunch, spend an average of $10 a day. Monday - Friday, $50 a week, $400 a month just on one person eating out for lunch.
A guy once told me the extra money he spends going out to eat for lunch every day is worth it to him just so he doesn't have to prepare a lunch everyday (when you think about it like that, that's pretty lazy).
Posted on 3/26/19 at 2:27 pm to Displaced
quote:
The 18-19k (whatever it is this year) is your contribution limit.
The total contribution limit (you + company) is something significantly more. Like 55k or something.
Plans differ, but the highest caps allowed by the IRS are as follows:
Pre-tax/Roth deferral - $19k
Catch-up - $6k
Total you pre-tax/Roth + after tax + employer - $56k
Total you pre-tax/Roth + after tax + employer w/ catchup - $62k
The IRS (not necessarily your plan) allows for after-tax contributions up to the total caps of $56k/$62k. The
Posted on 3/26/19 at 2:30 pm to BigPerm30
quote:
Subtle $2,000 per year car insurance brag. BMW and Land Cruier at $2k a year? Louisiana baw is jealous as frick.
Yeah, I guess it all depends on where you live. Here is the average auto insurance cost by state.
LINK
According to this list, auto insurance is higher in Louisiana than in California.
This post was edited on 3/26/19 at 2:32 pm
Posted on 3/26/19 at 2:31 pm to SwatMitchell
Drop kids off at grandmas house for the win
Posted on 3/26/19 at 2:31 pm to fightin tigers
My understanding is that it is that over contributions are taxed on both ends.
Someone can correct me if I'm wrong.
Someone can correct me if I'm wrong.
Posted on 3/26/19 at 2:31 pm to OweO
This is fricking stupid:
500k household income
Family of 4
1.5 million dollar home
THREE vacations a year
Luxury vehicles (BMW/Land Cruiser)
18K/yr to charity
Honestly frick anyone who can post that resume and still have the audacity to complain andcall themselves average, ungrateful mother fricker is what I would call them.
500k household income
Family of 4
1.5 million dollar home
THREE vacations a year
Luxury vehicles (BMW/Land Cruiser)
18K/yr to charity
Honestly frick anyone who can post that resume and still have the audacity to complain andcall themselves average, ungrateful mother fricker is what I would call them.
Posted on 3/26/19 at 2:33 pm to Displaced
quote:
My understanding is that it is that over contributions are taxed on both ends. Someone can correct me if I'm wrong.
Yeah, but they grow tax deferred until then. They're also an easy way to back-door a Roth IRA. They're a useful tool, but most people aren't in situations where they can capitalize.
Posted on 3/26/19 at 2:37 pm to Yat27
quote:
I'm sure you and Janky spend far more than us per person if you eat out frequently or drink in bars, but the OP isn't about you guys. The people in the OP state that they only go out twice a month. They could be blowing $400+ plus a night during those outings, but if so, that would obviously be a place to trim some fat.
The food budget could be cut, but I just looked at my year end report and I spent $15k at Walmart/local grocery stores and $4500 at restaurants. There is room for this family to cut back, but not as much as other categories.
ETA - Not every Walmart swipe was groceries, but it gives a decent barometer nonetheless.
This post was edited on 3/26/19 at 2:40 pm
Posted on 3/26/19 at 2:37 pm to LNCHBOX
quote:Well, I have a family of four (with two teenagers) and also live in a high COL area and we spend around half that, and we're not eating beans and rice.
How much can it realistically be slashed?
Again, it's not outrageous, but as the premise of the thread is this hypothetical family feeling "average", I'm just suggesting spending that can be reduced.
Posted on 3/26/19 at 2:37 pm to VermilionTiger
$18,000 a year for 3 vacations???
These people are doing it wrong.
These people are doing it wrong.
Posted on 3/26/19 at 2:39 pm to northshorebamaman
quote:
Well, I have a family of four (with two teenagers) and also live in a high COL area and we spend around half that, and we're not eating beans and rice.
I don't believe you're counting every penny you spend on food. Going out to eat once with a family of 4 will be $50 at minimum. That's 20% of your weekly food on one meal.
Posted on 3/26/19 at 2:39 pm to Jody Baw
quote:
Jody Baw
. First time I have seen that name. That is quintessential OT.Posted on 3/26/19 at 2:40 pm to OweO
Childcare 42k - damn
Mortgage 60k - damn
1.5 mil home - damn
3 vacations a year -
bmw/land cruiser - $9600 -
Clothes - $9500 - roughly $800/month - DAMN
Childrens lessons/charity - $30k
Student loans - 32k
Sounds like these people are experts at pissing away money. 1.5 mill home and you are still paying off student loan debt?
These idiots really do have their priorities in order. :lol:
Mortgage 60k - damn
1.5 mil home - damn
3 vacations a year -
bmw/land cruiser - $9600 -
Clothes - $9500 - roughly $800/month - DAMN
Childrens lessons/charity - $30k
Student loans - 32k
Sounds like these people are experts at pissing away money. 1.5 mill home and you are still paying off student loan debt?
These idiots really do have their priorities in order. :lol:
Posted on 3/26/19 at 2:40 pm to BugAC
quote:
Sounds like these people are experts at pissing away money. 1.5 mill home and you are still paying off student loan debt?
These idiots really do have their priorities in order.
Not everyone lives in the sticks.
Posted on 3/26/19 at 2:41 pm to BugAC
I don't get what is so funny about 3 vacations a year.
Posted on 3/26/19 at 2:41 pm to BugAC
These people need a financial advisor and a CPA in the worst way.
Posted on 3/26/19 at 2:43 pm to Displaced
quote:
For instance, childcare cost.
So because I don't have kids, it isn't possible for me to know what cost related to children seems high? That's fantastic.
I assume the cost of feeding and clothing their children isn't in that estimate because it is probably in the food and clothing budget. And then since the kids are insured, they probably don't have to spend that much on medical expenses. So with 2 kids, based on their budget, that would be $21k per kid a year.
Again, this would depend on where they live. If they are not in school yet, $21k a year for day care seems a bit elevated.
If they live in Louisiana then they would likely send their kids to a private school. I know a place like Catholic High and Episcopal cost more per year than a year's worth of tuition at LSU, which is about $14k a year.. So I am just using information I know. I can still do that without having a kid you frick up.
Posted on 3/26/19 at 2:45 pm to Displaced
quote:
I don't get what is so funny about 3 vacations a year.
Complaining that you feel "average" on 500k combined salary and you are going on 3 vacations/year...yeah, that's pretty funny.
Posted on 3/26/19 at 2:46 pm to OweO
quote:
I was just at ways they could save more money. I was just throwing a few obvious things out there..
Like going back in time and attending a different school? That's a real obvious way to save money.
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