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How much do you spend a month?

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  • #31
    We spent about $67K total per year for the last 5 years. That includes paying off my wife's student loans (not med school size), engagement/wedding rings, cleaning up a basement flood and installing sump pump system, new HVAC, a new car, and hefty medical bills along the way. Four thousand per year is CME and other professional expenses. Gifts are about $5K. Health insurance is about $4600/year (before co-pay, deductible, etc).

    We don't spend much compared to most with my income, but we don't want much that money can buy, and we have no mortgage or any other debt, and no life or disability insurance. We also live in a LCOL area with no kids to support.
    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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    • #32
      @CM,
      “We spent about $67K total per year for the last 5 years”.

      Congrats! In reading your explanations, seems like you might have no way to go but up! You have done well.

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      • #33
        Agree with others who have said this is fairly uninteresting w/o other #s -- nest egg, income, number of kids etc.

        Just our mortgage (well within WCI guidelines) and childcare is almost 9k/mo. We clearly spend more on our nanny than some on this thread budget in a month. But our income is probably high-normal for this crew, no non-mortgage debt for 2 years now, aggressive retirement savings every day since residency leading to retirement portfolio that will hit $1M well before either of us is 40. We have never had a month where we spent more than we made.

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        • #34
          Wowzers, some big mortgages here.

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          • #35
            apparently you guys are not counting taxes.  had an interesting discussion about budget with one of the retired docs the other day who insists on counting taxes as a spend, now that he is in retirement.  kind of get it.

            either way, way more than you guys are, including 529, vacation, utilities, home upkeep, country club, farming expenses.  ha ha.  actually not funny.



             

             

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            • #36


              had an interesting discussion about budget with one of the retired docs the other day who insists on counting taxes as a spend, now that he is in retirement
              Click to expand...


              yes....why would you not?

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              • #37





                had an interesting discussion about budget with one of the retired docs the other day who insists on counting taxes as a spend, now that he is in retirement 
                Click to expand…


                yes….why would you not?
                Click to expand...


                the above people who are quoting 10k a month, they probably are not including taxes.

                 

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                • #38
                  Not quoting taxes in the estimate allows for some privacy on Income levels and it varies by geography.

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                  • #39
                    Gross- taxes-retirement = spending
                    Amounts or percentages, don’t matter.
                    This time is different? Math is not private unless you wish to fudge and make yourself an exception. One might choose not to reveal anything. Context matters.

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                    • #40




                      Why would you leave out the mortgage it’s part of your budget
                      Click to expand...


                      I think people consider paying down the mortgage (not mortgage interest, loan origination, etc.) as the equivalent to putting money into a piggy bank for safe storage. When the house is sold, the money is still there for you (and hopefully grows a bit). At a minimum, they should include the mortgage interest as part of their monthly expense, as that money goes bye-bye. The question was how much do you spend a month so are you spending mortgage principal or saving it? Can probably be viewed either way.

                      It's true you have to write the check for the entire mortgage amount and it's part of the budget. It would be clearer to answer both ways (with/without mortgage principal).

                      In a more general context, this question is too vague as some have pointed out - size of household, required vs. discretionary expenses ratio, etc. Personal expenses only? What about real estate, business expenses, etc.? Large one time expenses averaged in based on 12 month breakdown?

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                      • #41




                        Wowzers, some big mortgages here.
                        Click to expand...


                        some big incomes here partner.

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                        • #42
                          Some have TWO big incomes. Now that is a good thing that solves numerous budgeting issues.

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                          • #43
                            I’m very curious about @fatlittlepig’s numbers

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                            • #44







                              Wowzers, some big mortgages here.
                              Click to expand…


                              some big incomes here partner.
                              Click to expand...


                              Big incomes does not have to equate to big spending.

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                              • #45
                                Our budget is $12,150 a month. Big ticket items are:

                                Nanny $3,000/month

                                Student Loan Payment $2,510/month

                                Mortgage: $1,467/month

                                I max my 401k, she funds her pension, maxes 403b, and starting this month will put $10,000 a year in her 457.

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