I'm looking for some feedback on our family spending. I've tried to keep categories to a minimum but feel free to ask for clarification.
My main concern is whether any category is wildly high or low as well as if anything is missing. My feelings on a day to day basis is that we don't spend a lot but then when it comes down to actually downloading transactions and organizing it there seems to be an incredible amount of spending that is totally unaffordable to an average American family of 5. Maybe this is normal spending and why so many American's have so much consumer debt but alas this is why I'm asking for some feedback. Please note that we can easily afford this budget with our household income; it isn't about affordability but rather if you spot anything that seems off or worse completely missing!
DETAILS:
Mid 30's Married Couple
Three children under 10 years old
MCOL
Below does NOT include income taxes, property taxes, mortgage payment info or charity giving as I feel like these things are controllable with major life changes (make/earn more income, move to more/less expensive property, give more/less to charity each year, etc)
Below is what we've spent the past 12 months rounded to nearest 100 dollars and displayed as monthly.
Code: Select all
CATEGORY...... MONTHLY DESCRIPTION
Auto................. 500 Gas, Maintenance, Repair
Auto Depreciation 700 Two new vehicles every 7 to 10 years
Beauty.............. 400 Clothes (mainly, blasted growing kids!), spa, haircuts
Education.......... 100 Hands on activities, books, supplies for school
Entertainment.......... 200 Movies, electronics
Food Dining Out 300 Takeout, restaurants, smoothies, donuts, etc
Food Groceries 1,000 Eat/Prep at home food, school lunch
Hobbies........... 500 Gym, sports, kids activities
Home.................. 500 Maintenance, repairs, HOA dues
Household Items 400 Cleaning supplies, organizational supplies, small furniture
Insurance – Auto 200 Auto Insurance
Insurance – Health 1,000 Health Insurance
Insurance – Home 200 Property Insurance
Insurance – Life/Umbr 200 Life & Umbrella Insurance
Legal................ 100 Attorney review contracts, misc
Medical Dental 700 Medical, dental
Miscellaneous...... 100 Small subscriptions or annual fees, once a year smallish stuff
Pet.................... 100 Pet food, vet visits, pet toys
Travel............... 1,300 Airfare, gas, rent a car, hotel, food while traveling
Utilities............. 500 Electricity, sewer, gas, garbage, internet, phone
TOTAL ANNUALLY: $108,000
This seems ludicrous to me because we don't drive fancy cars, don't buy fancy clothes, don't go to the store everyday, etc. We do vacation fairly frequently but only when we get a crazy good deal on airfare and hotel.
Your comments, suggestions, feedback and questions are appreciated.
EDIT 1:
I replied in this thread to address some comments. Thank you!!
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