You all are an amazing resource – Chose a stable but lower salary here – submitting budget for critique and commentary… would sure like to retire one day but barring salary increase/promotion… not seeing how saving $1,000+ a month is going to work out for my wife, son and I given inflation. (I do receive an additional 5.14% of my salary paid by my employer into 401K retirement). Have 16 years of Social Security Paid in already. (Salary averaged $55,000 gross for 8 years prior to changing job a year ago).
Net Salary Income: $2,292 monthly (this is the total after fed taxes, ss, medicare, health insurance, mandatory 3% retirement contribution by myself and parking are deducted). No state tax in FL.
*My salary only – my frugal-minded amazing wife takes care of the homefront and our 9 month old son and we both are 100% on board with this arrangement and lifestyle. We prioritize family time together and eliminating wasted travel time to and from work.
Additional income: $144 in interest monthly (after taxes) Additional income 1099 MISC: $250 monthly (after taxes) Additional income: $40 monthly (GPT ad phone apps) Total additional net income: $434 monthly
Expenses: $1,560 monthly
Insurance Car 1: $100 a month = $1200 annual (2014 17,700 miles, Mitsubishi SUV paid in cash) Drivers, 31 married male, 29 married female. Driven 7,500 miles a year.
Insurance Car 2: $83 a month = $1,000 annual (2006, 87,000 miles, Nissan paid in cash) Drivers, 31 married male, 29 married female. Driven 7,500 miles a year.
Insurance Home: $71 a month = $850 annual (studs-in along with belongings and liability).
HOA fees: $204 a month = $2,448 annual (includes external home insurance and roof, mowing of grass, community pool and tennis courts)
Term Life Insurance: $50 a month = $600 annual (for me only).
Property Tax $69 a month (includes street lighting and trash services as well).
Cellphones: $45 a month = $540 annual (this includes 2 phones with 2 gb of data a month each, unlimited text and talk for our free (used, passed along to us) iphone 6 phones (t mobile family plan, split across 7 people and divided evenly).
Internet: $45 a month = $540 annual (60 mbps, fought with spectrum retention to get this deal for 12 months). Cable/Hulu/Netflix/Youtube etc… = $0 (canceled cable 6 years ago and never looked back – OTA antenna works for Football during the season, Olympics etc…).
Fuel for Vehicles: $85 monthly (28 mpg car, 28 mpg for SUV) = $1,020 a year Tolls: $24 monthly (for trips to parents on the weekends, $4 round trip).
Groceries: $400 monthly (70% generic brand Aldi, 5% dollar store for frozen fruit and 25% generic Walmart or generic Target real sales for everything else) Includes baby food from aldis, discounted sale target brand diapers, protein powder, vitamins, cleaning supplies on occasion, diaper spray etc… all encompassing).
Electricity and water/sewer: $160 a month ($100 electric and $60 water). (LED 8 watt light bulbs installed everywhere, power strips for LCD 32 inch tv, receiver, subwoofer etc… turned off overnight and when not in use).
Random Co-Pay health visits/expenses: $20 a month (estimated). Our insurance is HMO State of Florida Insurance and is incredible (paid $250 for son’s c-section delivery and hospital stay).
Miscellaneous spending and gifts: $100 a month. (frugal/heavily discounted ROSS, clearance or discounted gift card Birthday & Christmas gifts - family and large in-law family), occasional dollar store/goodwill toy/clothing item for child or pistachios for my wife and I, annual car registration fees, rare restaurant trip).
*ADDED: Annual Vacation: $83 a month. ($1,000, 10 day vacation each year). Includes 10 day car rental, fuel, Air BNB with full kitchen to save on food costs and all other costs involved with vacation.
Other notes: Florida (So AC is very necessary electricity-wise). We own our townhome (paid it off in under 10 years this April) No debt or interest paid to anyone whatsoever. Have a solid chunk of money in liquid savings earning us the interest above (average is 3% interest on those savings). Live within 10 miles of my work so fuel cost is low and no tolls on the way to work. (Bicycling or bus is not an efficient time option, busy roads, nor enjoyable due to Florida weather… profuse sweating due to heat and horrific humidity).
Car insurance is the lowest I can find for our area – priced around all other legit companies – although I could potentially save a hundred in home insurance (but with a less reliable home insurance company here in Florida).
I see that most folks fail to list their health insurance costs, car insurance costs, life insurance etc… when they detail their budgets so I have attempted to be thorough. Stock adverse (due to the insane inflated bubble – may buy in if it collapses again). One war or USA mass attack event away from losing my life savings is not a wise choice to me.
Improvements/Ideas/Critiques? I appreciate them in advance!
August 01, 2017 at 11:17AM
