How much do you spend?

amother

Jade

Thu, Jun 02 2016, 9:45 am

All these threads about income and finances have me wondering how much people spend on what. Some people said they manage on $40,000 a year and I'm just flabbergasted how that's even possible. Others wrote they make $150,000 and they are struggling month to month. I have been there, and although not wealthy, I definitely had money for clothing and cleaning help, and luxuries.
I'd you'd like, please post:
Your combined income
Number of kids
Monthly expenses
If you feel like you are struggling, just making it, comfortable, wealthy, etc...

amother

Jade

Thu, Jun 02 2016, 9:56 am

I'll go first:

Upwards of $200,000, not sure exact amount.

3 kids, two in school.

Monthly expenses:

Rent-$2000
Tuition-$1800
Insurance-$2000
Food-$1000
Restaurant/pizza-$100
Cleaning help-$350
Medical/dental-$150
Kids/entertainment-$100
Clothing-$1000
Car leases and insurance-$800
Gas-$200
Diapers/pharmacy/household-$250
Savings-$1000
Debt-$1000
Personal care-$100 (manicures, waxing, barber, cleaners)
Utilities-$200
Extra curricular for kids-$200

These are just rough estimates, and it's impossible to calculate exactly because so many different expenses come up. For example: yom tov, seasonal, baby gear, day camp, vacation, day trips, and the list goes on...

I do not consider myself wealthy, but I do feel comfortable as I am able to afford many luxuries. Our main problem is debt that we owe which we are paying down, and that we don't own a house yet.
Now, I'm curious to hear how others manage.

amother

Wine

Thu, Jun 02 2016, 10:09 am

$1000 per month on clothes??? why do you shop every month?

We make a combined income of around $180,000, so monthly that $15,000
5 kids, NY

Tuition: $2100 per month (3 in private school, 1 in government funded program, 1 baby)
Babysitter - bec I work full time $1500 per month
Cleaning help- $200
Credit card debt: around $650 per month
Student loans: $450 per month
Cell phones: $120
Phone bill: $60
Electricity: $150
Water: $100?
Mortgage: $2350
Groceries : around $1800 (We dont eat out unless its anniverary/birthday)
Car insurance/lease- $300 I think
Gas: $200 (my husband commutes)
Pharmacy stuff: $100
Tzedakah: around $400 (yes I know should be more, but local rabbi says if no money for maaser, dont give)
Cant afford health insurance so dont have for me and hubby at the moment.
My kids health insurance in child health plus: $100

the numbers dont add up exactly but trust me we live month to month and dont save. BH we can afford what we need and some extras.

amother

Periwinkle

Thu, Jun 02 2016, 10:14 am

Income about $50k 2 kids

Rent 1100
Utilities 200 all together
Car insurance and gas $260
Food $1000 more or less. More if yt less if not.
Insurance $200
Phones about 80.
Clothing about 50-80
Medical stuff that isn't covered about $100-$200
Unexpected problems usually ends up being about $200/month
Taxes about $650/ month
Tzedakah about $200/month
The rest goes into savings. Usually we save $800-$1000/ month

Edited to add I Reread OP and I feel very comfortable. But I think that depends more on how you grew up more than anything else.

amother

Periwinkle

Thu, Jun 02 2016, 10:26 am

amother wrote:

Periwinkel, no tuition yet?

Nope. I'm pushing it off as much as possible, definitely until age 6. And I might homeschool and send to an after school Talmud Torah because there is no way I can pay tuition. Best case scenario it is $800/month/kid and we're hopefully having a 3rd and need to move to a 2 bedroom, which will cost between 500-700 month more. Also if I put my kids in school I need a 2nd car to get them and I can't afford that either.

amother

Green

Thu, Jun 02 2016, 10:27 am

We make around 40k per year after taxes. 2 kids. One starting pre1 and a toddler.

Monthly Expenses:

Rent- $900.00
Utilities: $200.00
Food: $1000.00
Car Payment: $361.00
Gas: $200.00
Insurance: $217.00
Health Insurance: $115.00
Student Loan: $100.00
Current year tuition was $260 I have not received my contract for next year. I expect it to be closer to $300.00

After the bills are paid what is left goes to miscellaneous expenses. Each month is different.

I do not save out of my paychecks but instead put away each tax return. We are tight but managing. I would say an extra $500.00 a month would help things feel a little more relaxed.

amother

Jade

Thu, Jun 02 2016, 10:29 am

amother wrote:

It adds up to about $10,500. What happens to the rest of the money?
Or is the 15,000 pretax?

What about clothing, toys, manicures, cleaners, pizza?

amother

Jade

Thu, Jun 02 2016, 10:33 am

amother wrote:

I added it up and it's a little more than $40,000. How does that work?

Also, your budget is so exact. Does that mean you can never make a spontaneous purchase? Can never go on a date with dh or day trip with the kids? What do you do about clothing?

amother

Periwinkle

Thu, Jun 02 2016, 10:39 am

amother wrote:

That rent is great. Where do you live if you don't mind me asking?

amother

Green

Thu, Jun 02 2016, 10:46 am

Nothing is exact. Sometimes my father will tell me to take the kids for pizza or my in laws will offer to help with something. My DH's income fluctuates too so if its a particularly good month we might spend a bit more. I got a bonus in the winter and let myself enjoy a bit. IYH I am at the beginning of my career after making a change a year and a half ago so I hope as my kids grow my income does too.

For me, some relatives like to buy the kids clothes and my grandmother likes to buy me clothes for my birthday. So I might only need a few items each season. DH is the master thrift and consignment shopper. He gets himself fantastic deals. Somehow we make it work. I might buget 1k for food and have a good month where I have spent 800 at the end.

amother

Blonde

Thu, Jun 02 2016, 11:08 am

amother wrote:

I really don't understand this. And I don't mean this in a rude way, I honestly don't judge others as I know my finances are down in the dumps but this total adds up to a little over $10k a month. Let's say it is $11K exact expenses, why do you think you are living month to month?
YOu don't save? You have a HOUSE! In NY that is quite a big deal. Are you in NY city or NY upstate (monroe, monsey, new square etc)?

We have a combined income of approx $5,700 a month. That is assuming dh doesn't get extra night jobs which he usually does because otherwise we can't make rent.
We pay health insurance, NY City rent, babysitter (I also work full time) plus tuition (2 kids).

We are still paying off credit card debt from last year Tishrei when I didn't get paid because I was in work maybe two days out of the whole month and we had two family weddings the week after!
Most months at this point we go over our budget by a few dollars and we use little incomes (odd jobs that I do and freelance my dh does) to cover. But THAT is called living month to month/paycheck to paycheck.

Maybe I am naive but if you own a house and you make $15,000 W/O paying health insurance, I really really don't understand how you are living month to month. And no savings?

amother

Beige

Thu, Jun 02 2016, 11:17 am

Combined monthly income: $9,700
Two kids. Dh job pays insurance Bh.

These are rough averages but will give you general idea.

Taxes: $1250
Mortgage: $2750
Tuition: $600
Daycare: $375
Therapy: $490
Utilities: $300
Transportation: $600
Food: $750
Clothes: $50
Tzedaka: $200
Cleaning help: $260
Internet: $50
Savings: $200
Household items: $100
Debt: $1500
Misc: $225 (toys, little luxuries, plumber, things that come up, etc)

I'd say we are comfortable bh. Expenses constantly change. Next year iyh our debt will go way down but tuition will go up as our second child goes to school. Therapy hopefully is only temporary. Cars were planning to give up one lease. I want to give more tzedaka and put away more savings.