What’s Your 2023 Budget?
What’s Your 2023 Budget?
Here’s our monthly budget for family of four, kids under age 10, HCOL, ~$1.5M portfolio, no debt, north of $200k annual income, we eat very high quality food, living in trailer on paid off bare land (budget was similar last year except we were paying more for housing previously):
Living/Utilities 600
Phones, vehicles 300
Food & Food related 2000
Medical 250
Miscellaneous 500
Total 3650
Will be using some income to start building in the coming year or two. We’ve kept everything pretty low-key so far.
What’s your budget for this year?
Living/Utilities 600
Phones, vehicles 300
Food & Food related 2000
Medical 250
Miscellaneous 500
Total 3650
Will be using some income to start building in the coming year or two. We’ve kept everything pretty low-key so far.
What’s your budget for this year?
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Re: Thread: What’s Your 2023 Budget?
Well this will force me to put pen to paper!
No debt.
1. Fixed costs incl prop taxes, private school payment, utilities, insurance = $5-6K
2. Discretionary costs: travel, eating out, groceries, = $4-6k
So, around $9 - $12k a month.
I’m looking forward to no private school payments.
No debt.
1. Fixed costs incl prop taxes, private school payment, utilities, insurance = $5-6K
2. Discretionary costs: travel, eating out, groceries, = $4-6k
So, around $9 - $12k a month.
I’m looking forward to no private school payments.
“At some point you are trading time you will never get back for money you will never spend.“ |
“How do you want to spend the best remaining year of your life?“
Re: Thread: What’s Your 2023 Budget?
Just moved to VLCOL area. No Debt. VPW withdrawl this year is $63,500.
Annual
Home Taxes/Insurance $ 2,160.00
Utilities $ 2,400.00
Groceries/Supplies $ 7,200.00
Cell phones/Internet $ 1,200.00
Clothing $ 1,200.00
Auto Insurance $ 1,740.00
Auto Fuel/Main. $ 2,100.00
Health Costs/ACA/Dentist $ 4,800.00
Pets $ 2,400.00
Auto Payment $ -
Home Upgrades/Repair $ 2,400.00
Misc./Savings $ 12,000.00
Wine $ 6,000.00
Gifts $ 1,200.00
Food Out $ 6,000.00
Travel $ -
Total Expenses $ 52,800.00
Annual
Home Taxes/Insurance $ 2,160.00
Utilities $ 2,400.00
Groceries/Supplies $ 7,200.00
Cell phones/Internet $ 1,200.00
Clothing $ 1,200.00
Auto Insurance $ 1,740.00
Auto Fuel/Main. $ 2,100.00
Health Costs/ACA/Dentist $ 4,800.00
Pets $ 2,400.00
Auto Payment $ -
Home Upgrades/Repair $ 2,400.00
Misc./Savings $ 12,000.00
Wine $ 6,000.00
Gifts $ 1,200.00
Food Out $ 6,000.00
Travel $ -
Total Expenses $ 52,800.00
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Re: Thread: What’s Your 2023 Budget?
Utilities/Housing
Natural Gas $420.00
Water/Sewer/Gbg $960.00
Electric $1,200.00
Property Tax $2,091.90
HOA $1,032.00
Utilities/Housing Total: $,5703.90
Insurance (Non-Auto)
Term Life M $435.00
Term Life F $215.00
Homeowners Insurance $672.00
Flood Ins $326.00
Umbrella $230.00
Insurance Total $1,878.00
Services/Memberships
Work Certification $56.33
Cell Phones 3 plans $136.80
Internet $659.88
Roadside Assistance $59.99
Services/Memberships Total $913.00
Automotive
Gasoline $1,320.00
Auto Insurance $1,008.00
Vehicle Licensing/Emissions $91.84
Auto Maintenance $1,440.00
Automotive Total $3,859.84
Miscellaneous
Gifts $660.00
Clothes $420.00
Misc/All Other $ 7,524.00 (this is everything house, household supplies, toiletries, OOP medical costs, etc.)
Food $3,420.00
Miscellaneous Total $12,024.00
GRAND TOTAL: $24,378.74
**W/Medical and Dental = $25,561.74
**Side Note, medical/dental premiums are not above, but those are $1,183 per year, deducted from paychecks.
Natural Gas $420.00
Water/Sewer/Gbg $960.00
Electric $1,200.00
Property Tax $2,091.90
HOA $1,032.00
Utilities/Housing Total: $,5703.90
Insurance (Non-Auto)
Term Life M $435.00
Term Life F $215.00
Homeowners Insurance $672.00
Flood Ins $326.00
Umbrella $230.00
Insurance Total $1,878.00
Services/Memberships
Work Certification $56.33
Cell Phones 3 plans $136.80
Internet $659.88
Roadside Assistance $59.99
Services/Memberships Total $913.00
Automotive
Gasoline $1,320.00
Auto Insurance $1,008.00
Vehicle Licensing/Emissions $91.84
Auto Maintenance $1,440.00
Automotive Total $3,859.84
Miscellaneous
Gifts $660.00
Clothes $420.00
Misc/All Other $ 7,524.00 (this is everything house, household supplies, toiletries, OOP medical costs, etc.)
Food $3,420.00
Miscellaneous Total $12,024.00
GRAND TOTAL: $24,378.74
**W/Medical and Dental = $25,561.74
**Side Note, medical/dental premiums are not above, but those are $1,183 per year, deducted from paychecks.
Re: Thread: What’s Your 2023 Budget?
Delete
Last edited by Mattsdad on Sat Jan 21, 2023 7:18 pm, edited 2 times in total.
Re: Thread: What’s Your 2023 Budget?
My wallet is my budget. I trust me.
Re: Thread: What’s Your 2023 Budget?
OP,
My house is paid off with zero debt. With the 15K of the annual mortgage payment gone. I plan to spend and save 60K per year on a household of 2. It is the same as 2022. I have to eat out more often and take more vacation to meet my goal.
KlangFool
My house is paid off with zero debt. With the 15K of the annual mortgage payment gone. I plan to spend and save 60K per year on a household of 2. It is the same as 2022. I have to eat out more often and take more vacation to meet my goal.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Thread: What’s Your 2023 Budget?
What kind of mobile phone contract do you use that is only $136 a year for 3 lines??runner3081 wrote: ↑Mon Jan 16, 2023 6:29 am Utilities/Housing
Natural Gas $420.00
Water/Sewer/Gbg $960.00
Electric $1,200.00
Property Tax $2,091.90
HOA $1,032.00
Utilities/Housing Total: $,5703.90
Insurance (Non-Auto)
Term Life M $435.00
Term Life F $215.00
Homeowners Insurance $672.00
Flood Ins $326.00
Umbrella $230.00
Insurance Total $1,878.00
Services/Memberships
Work Certification $56.33
Cell Phones 3 plans $136.80
Internet $659.88
Roadside Assistance $59.99
Services/Memberships Total $913.00
Automotive
Gasoline $1,320.00
Auto Insurance $1,008.00
Vehicle Licensing/Emissions $91.84
Auto Maintenance $1,440.00
Automotive Total $3,859.84
Miscellaneous
Gifts $660.00
Clothes $420.00
Misc/All Other $ 7,524.00 (this is everything house, household supplies, toiletries, OOP medical costs, etc.)
Food $3,420.00
Miscellaneous Total $12,024.00
GRAND TOTAL: $24,378.74
**W/Medical and Dental = $25,561.74
**Side Note, medical/dental premiums are not above, but those are $1,183 per year, deducted from paychecks.
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Re: Thread: What’s Your 2023 Budget?
Mine is very easy
1. Save 150k across 401s, ibonds, iras, taxable
2. Spend the rest to whatever makes us happy
1. Save 150k across 401s, ibonds, iras, taxable
2. Spend the rest to whatever makes us happy
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Re: Thread: What’s Your 2023 Budget?
Tello - $6 per month (1gb + Unlimited texts - Number is w/Google Voice)
Red Pocket - $2.70 per month (200 minutes, 1000 texts, 200mb data)
Red Pocket - $2.70 per month (200 minutes, 1000 texts, 200mb data)
Re: Thread: What’s Your 2023 Budget?
Is it monthly or yearly?runner3081 wrote: ↑Mon Jan 16, 2023 6:29 am Utilities/Housing
Natural Gas $420.00
Water/Sewer/Gbg $960.00
Electric $1,200.00
Property Tax $2,091.90
HOA $1,032.00
Utilities/Housing Total: $,5703.90
Insurance (Non-Auto)
Term Life M $435.00
Term Life F $215.00
Homeowners Insurance $672.00
Flood Ins $326.00
Umbrella $230.00
Insurance Total $1,878.00
Services/Memberships
Work Certification $56.33
Cell Phones 3 plans $136.80
Internet $659.88
Roadside Assistance $59.99
Services/Memberships Total $913.00
Automotive
Gasoline $1,320.00
Auto Insurance $1,008.00
Vehicle Licensing/Emissions $91.84
Auto Maintenance $1,440.00
Automotive Total $3,859.84
Miscellaneous
Gifts $660.00
Clothes $420.00
Misc/All Other $ 7,524.00 (this is everything house, household supplies, toiletries, OOP medical costs, etc.)
Food $3,420.00
Miscellaneous Total $12,024.00
GRAND TOTAL: $24,378.74
**W/Medical and Dental = $25,561.74
**Side Note, medical/dental premiums are not above, but those are $1,183 per year, deducted from paychecks.
Re: Thread: What’s Your 2023 Budget?
Our income jumped up in 2022 due to rents increasingly above average in 21&22. Back to full travel plans in 23 will result in higher budget in 23!
Re: Thread: What’s Your 2023 Budget?
2023 Spending plan for 2 adults
Mortgage principal $12K
Mortgage interest $4K
Property taxes $4K
Home insurance $2K
Utilities $4K
Lawn care & gardening $1K
Home improvement $3K
Food & dining $10K
Auto incl gas $6K
Travel $8K
Shopping $6K
Gifts $1K
Entertainment $1K
Health insurance premiums & LTD $3K
HSA reimbursed expenses $2K
Plus charitable giving
Mortgage principal $12K
Mortgage interest $4K
Property taxes $4K
Home insurance $2K
Utilities $4K
Lawn care & gardening $1K
Home improvement $3K
Food & dining $10K
Auto incl gas $6K
Travel $8K
Shopping $6K
Gifts $1K
Entertainment $1K
Health insurance premiums & LTD $3K
HSA reimbursed expenses $2K
Plus charitable giving
Last edited by kd2008 on Mon Jan 16, 2023 8:49 am, edited 1 time in total.
Re: Thread: What’s Your 2023 Budget?
Code: Select all
Category Amount Yrly
PITI $28,445.00
Day Care $15,600.00
Groceries $12,000.00
OOP Medical $6,000.00
Home Maintenance $4,800.00
Cleaning Service (every 2 wks) $3,780.00
Utilities (PSEG, Verizon, Water) $3,096.00
Gifts $3,000.00
Shopping $3,000.00
Restaurants/Eating Out $3,000.00
Life Insurance $2,964.00
Car Insurance $2,520.00
Auto Maintenance $2,000.00
Misc $2,000.00
Lawn Care $2,000.00
Entertainment $1,800.00
Gas $1,800.00
Travel $1,200.00
Alcohol $600.00
Streaming $300.00
Jewelry Insurance $276.00
Cell Phone $196.20
Total $100,377
Personally, I feel we spend *a lot* without much to show for it.
Re: Thread: What’s Your 2023 Budget?
2023 monthly budget:
Mortgage (includes taxes and insurance) - $839
Medical and dental insurance - $584
Utilities (natural gas, water/garbage, and electric) - $290
Cell phone - $35
Internet and home phone bundle - $110
Gas for car - $35
Groceries - $250
Car insurance - $45
Laundry (laundromat) - $16
Total: $2,205
I'm redirecting my career path this year so this will be interesting. Medical/dental insurance will decrease if I take a job which provides insurance.
Low cost-of-living area. Natural gas price has spiked to nearly three times what it was last year.
Normally my budget would include 10% tithe (on net income) and about 30% savings (split across retirement accounts and bank savings account) but I'm voluntarily unemployed as of this coming week. I'll start back up once I settle in a new job.
Mortgage (includes taxes and insurance) - $839
Medical and dental insurance - $584
Utilities (natural gas, water/garbage, and electric) - $290
Cell phone - $35
Internet and home phone bundle - $110
Gas for car - $35
Groceries - $250
Car insurance - $45
Laundry (laundromat) - $16
Total: $2,205
I'm redirecting my career path this year so this will be interesting. Medical/dental insurance will decrease if I take a job which provides insurance.
Low cost-of-living area. Natural gas price has spiked to nearly three times what it was last year.
Normally my budget would include 10% tithe (on net income) and about 30% savings (split across retirement accounts and bank savings account) but I'm voluntarily unemployed as of this coming week. I'll start back up once I settle in a new job.
Re: Thread: What’s Your 2023 Budget?
HHI: ~$350K
Save: ~$100K
I break budget into Housing / Auto / Household expenses:
Housing: $60K (includes mortgage, all taxes, all utilities, cell phones, etc.)
Auto: $13K (includes all insurance, registration, etc.)
Household: $100K (includes all food, dining, vacation, etc.)
Basically....get paid, invest/save, spend the rest.
Save: ~$100K
I break budget into Housing / Auto / Household expenses:
Housing: $60K (includes mortgage, all taxes, all utilities, cell phones, etc.)
Auto: $13K (includes all insurance, registration, etc.)
Household: $100K (includes all food, dining, vacation, etc.)
Basically....get paid, invest/save, spend the rest.
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Re: Thread: What’s Your 2023 Budget?
My budget is my planned WR out of my portfolio even though I'm not withdrawing. This allows me to save up quite a bit as well as get a feel for retirement life in terms of the volatility of budget.
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Re: Thread: What’s Your 2023 Budget?
I save first as some others
401k
Save monthly for next year's IRA
But my basic expenses ( monthly)
Rent $500
Utilities $80
Phone $50
Health insurance $100
Walmart $400(food,cat stuff, household stuff)
( I have no car, cable or subscriptions)
I ended up with almost $10,000 extra at the end last year I'm not sure exactly what I'm going to do with it. Last year was my first year being single in over 20 years so I'm spending way less
401k
Save monthly for next year's IRA
But my basic expenses ( monthly)
Rent $500
Utilities $80
Phone $50
Health insurance $100
Walmart $400(food,cat stuff, household stuff)
( I have no car, cable or subscriptions)
I ended up with almost $10,000 extra at the end last year I'm not sure exactly what I'm going to do with it. Last year was my first year being single in over 20 years so I'm spending way less
Re: Thread: What’s Your 2023 Budget?
Buy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.Johm221122 wrote: ↑ I ended up with almost $10,000 extra at the end last year I'm not sure exactly what I'm going to do with it. Last year was my first year being single in over 20 years so I'm spending way less
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Re: Thread: What’s Your 2023 Budget?
I have been thinking about buying I Bonds. Especially because I just went 100% stocks last year when market was down over 20% (my ability and my willingness to take risk are extremely high because I'm single)lakpr wrote: ↑Mon Jan 16, 2023 8:59 amBuy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.Johm221122 wrote: ↑ I save first as some others
401k
Save monthly for next year's IRA
But my basic expenses ( monthly)
Rent $500
Utilities $80
Phone $50
Health insurance $100
Walmart $400(food,cat stuff, household stuff)
( I have no car, cable or subscriptions)
I ended up with almost $10,000 extra at the end last year I'm not sure exactly what I'm going to do with it. Last year was my first year being single in over 20 years so I'm spending way less
Re: Thread: What’s Your 2023 Budget?
Family of 2 living in NYC, mid-30s, HHI $171k, NW $950k.
Annual 2023 Budget:
Savings- $70k (41%)
Taxes- $33k (19%)
Rent + Utilities- $47k (27%)
Insurance- $7k (4%)
Groceries- $6k (4%)
Vacation- $4k (3%)
Restaurants/Shopping/Other- $4k (2%)
Total Spending- $101k (61%)
Annual 2023 Budget:
Savings- $70k (41%)
Taxes- $33k (19%)
Rent + Utilities- $47k (27%)
Insurance- $7k (4%)
Groceries- $6k (4%)
Vacation- $4k (3%)
Restaurants/Shopping/Other- $4k (2%)
Total Spending- $101k (61%)
Last edited by nimo956 on Mon Jan 16, 2023 9:09 am, edited 1 time in total.
50% VTI / 50% VXUS
Re: Thread: What’s Your 2023 Budget?
If you believe in the concept of “dry powder”, i bonds make an excellent asset class to store cash that would never lose value.Johm221122 wrote: ↑Mon Jan 16, 2023 9:03 amI have been thinking about buying I Bonds. Especially because I just went 100% stocks last year when market was down over 20% (my ability and my willingness to take risk are extremely high because I'm single)lakpr wrote: ↑Mon Jan 16, 2023 8:59 amBuy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.Johm221122 wrote: ↑ I ended up with almost $10,000 extra at the end last year I'm not sure exactly what I'm going to do with it. Last year was my first year being single in over 20 years so I'm spending way less
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Re: Thread: What’s Your 2023 Budget?
Whew. I thought we were the only ones spending this much.Jags4186 wrote: ↑Mon Jan 16, 2023 8:39 amGroceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.Code: Select all
Category Amount Yrly PITI $28,445.00 Day Care $15,600.00 Groceries $12,000.00 OOP Medical $6,000.00 Home Maintenance $4,800.00 Cleaning Service (every 2 wks) $3,780.00 Utilities (PSEG, Verizon, Water) $3,096.00 Gifts $3,000.00 Shopping $3,000.00 Restaurants/Eating Out $3,000.00 Life Insurance $2,964.00 Car Insurance $2,520.00 Auto Maintenance $2,000.00 Misc $2,000.00 Lawn Care $2,000.00 Entertainment $1,800.00 Gas $1,800.00 Travel $1,200.00 Alcohol $600.00 Streaming $300.00 Jewelry Insurance $276.00 Cell Phone $196.20 Total $100,377
Personally, I feel we spend *a lot* without much to show for it.
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Re: Thread: What’s Your 2023 Budget?
Monthly:
Rent - $1,280.00 (includes Water and Trash)
Dining - $100.00
Groceries - $360.00
Internet - $50.00 (AT&T Fiber 300 Mbps)
Electric - $85.00 (Averaged)
Subscriptions - $24.00 (Netflix/Hulu)
Gasoline - $50.00
Household - $50.00
Auto Wash - $8.00
Entertainment - $25.00
Misc. - (Haircut, Personal Grooming etc.) - $90.00
Planet Fitness - $11.00
Total Monthly: $2,133
Annual:
Tax Prep - $50.00
Auto Insurance - $1,000.00 ($500 x 2)
Auto Service - $200.00 ($100 x 2)
Auto Registration - $80.00
Norton Anti Virus - $40.00
Travel (Switzerland Fall '23) - $5,000.00 (excludes flights which I paid with miles)
Travel (Misc. local trips) - $2,500.00 (excludes about $500 in rewards that I had built up earlier)
Overflow fund - $1,000.00
YouTube Premium - $120.00
Total Annual: $9,990 (Already funded for the year in a separate savings account)
Health insurance covers my 2 x Dental cleanings a year, I don't have any other budgeted health expenses, anything that arises unexpectedly in that regard will be considered "Unbudgeted/Unexpected" and will be from my separate Emergency Fund.
I have no car payment, my car is paid off. No cell phone as I use Mint and already paid for the entire year at $15/month = $180/yr
Profile - Single, No kids, Zero debt, NW around $1.2M, 2022 Income was $240K, expected 2023 Income perhaps $210K (hoping LOL )
TOTAL BUDGET for 2023: $35,586
Rent - $1,280.00 (includes Water and Trash)
Dining - $100.00
Groceries - $360.00
Internet - $50.00 (AT&T Fiber 300 Mbps)
Electric - $85.00 (Averaged)
Subscriptions - $24.00 (Netflix/Hulu)
Gasoline - $50.00
Household - $50.00
Auto Wash - $8.00
Entertainment - $25.00
Misc. - (Haircut, Personal Grooming etc.) - $90.00
Planet Fitness - $11.00
Total Monthly: $2,133
Annual:
Tax Prep - $50.00
Auto Insurance - $1,000.00 ($500 x 2)
Auto Service - $200.00 ($100 x 2)
Auto Registration - $80.00
Norton Anti Virus - $40.00
Travel (Switzerland Fall '23) - $5,000.00 (excludes flights which I paid with miles)
Travel (Misc. local trips) - $2,500.00 (excludes about $500 in rewards that I had built up earlier)
Overflow fund - $1,000.00
YouTube Premium - $120.00
Total Annual: $9,990 (Already funded for the year in a separate savings account)
Health insurance covers my 2 x Dental cleanings a year, I don't have any other budgeted health expenses, anything that arises unexpectedly in that regard will be considered "Unbudgeted/Unexpected" and will be from my separate Emergency Fund.
I have no car payment, my car is paid off. No cell phone as I use Mint and already paid for the entire year at $15/month = $180/yr
Profile - Single, No kids, Zero debt, NW around $1.2M, 2022 Income was $240K, expected 2023 Income perhaps $210K (hoping LOL )
TOTAL BUDGET for 2023: $35,586
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Re: Thread: What’s Your 2023 Budget?
Actually I was thinking for cash reserves in retirement. I'm hopefully 10 years away from reaching my number. It would save me from having such a large cash reserve in my retirement accounts when I transition to a less risky portfolio.lakpr wrote: ↑Mon Jan 16, 2023 9:05 amIf you believe in the concept of “dry powder”, i bonds make an excellent asset class to store cash that would never lose value.Johm221122 wrote: ↑Mon Jan 16, 2023 9:03 amI have been thinking about buying I Bonds. Especially because I just went 100% stocks last year when market was down over 20% (my ability and my willingness to take risk are extremely high because I'm single)lakpr wrote: ↑Mon Jan 16, 2023 8:59 amBuy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.Johm221122 wrote: ↑ I ended up with almost $10,000 extra at the end last year I'm not sure exactly what I'm going to do with it. Last year was my first year being single in over 20 years so I'm spending way less
Re: Thread: What’s Your 2023 Budget?
Nope. I don't understand how families do it on signficiantly less, TBH. We don't go anywhere. We don't do anything.JimmyD wrote: ↑Mon Jan 16, 2023 9:17 amWhew. I thought we were the only ones spending this much.Jags4186 wrote: ↑Mon Jan 16, 2023 8:39 amGroceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.Code: Select all
Category Amount Yrly PITI $28,445.00 Day Care $15,600.00 Groceries $12,000.00 OOP Medical $6,000.00 Home Maintenance $4,800.00 Cleaning Service (every 2 wks) $3,780.00 Utilities (PSEG, Verizon, Water) $3,096.00 Gifts $3,000.00 Shopping $3,000.00 Restaurants/Eating Out $3,000.00 Life Insurance $2,964.00 Car Insurance $2,520.00 Auto Maintenance $2,000.00 Misc $2,000.00 Lawn Care $2,000.00 Entertainment $1,800.00 Gas $1,800.00 Travel $1,200.00 Alcohol $600.00 Streaming $300.00 Jewelry Insurance $276.00 Cell Phone $196.20 Total $100,377
Personally, I feel we spend *a lot* without much to show for it.
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Re: Thread: What’s Your 2023 Budget?
We're in the same boat. After all necessary expenses and savings are accounted for, there's really nothing left over. We're just about able to eek out a decent vacation once a year, but definitely nothing extravagant. Inflation has obliterated our spending power and our wages aren't even close to keeping pace.Jags4186 wrote: ↑Mon Jan 16, 2023 9:44 amNope. I don't understand how families do it on signficiantly less, TBH. We don't go anywhere. We don't do anything.JimmyD wrote: ↑Mon Jan 16, 2023 9:17 amWhew. I thought we were the only ones spending this much.Jags4186 wrote: ↑Mon Jan 16, 2023 8:39 amGroceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.Code: Select all
Category Amount Yrly PITI $28,445.00 Day Care $15,600.00 Groceries $12,000.00 OOP Medical $6,000.00 Home Maintenance $4,800.00 Cleaning Service (every 2 wks) $3,780.00 Utilities (PSEG, Verizon, Water) $3,096.00 Gifts $3,000.00 Shopping $3,000.00 Restaurants/Eating Out $3,000.00 Life Insurance $2,964.00 Car Insurance $2,520.00 Auto Maintenance $2,000.00 Misc $2,000.00 Lawn Care $2,000.00 Entertainment $1,800.00 Gas $1,800.00 Travel $1,200.00 Alcohol $600.00 Streaming $300.00 Jewelry Insurance $276.00 Cell Phone $196.20 Total $100,377
Personally, I feel we spend *a lot* without much to show for it.
Re: Thread: What’s Your 2023 Budget?
We feel the same way, which is part of the reason why we made a radical change to get off of the big mortgage/big rent treadmill. As we have the money, we will be building a modest house.
I’m excited about this thread so that we can all realize/confirm that in most locations our money isn’t going nearly as far as it did compared to even 2019, and incomes don’t seem to be keeping up in many industries unless you’re fortunate. Budgets are always a very personal thing, and it’s always interesting to see that someone in an HCOL can spend $120,000 per year and it be a very similar lifestyle to someone spending $65,000 per year in an LCOL.
Re: Thread: What’s Your 2023 Budget?
$36,000 (take home)
$5400 - Food
$4585 - Housing (PI)
$4392 - Insurance (auto, umbrella, homeowners, life)
$4640 - Utilities (electric, LP, garbage, internet, cell phones, TV)
$4000 - Vacation
$1500 - Animals
$1500 - Christmas and gifts
$2000 - Car Maint
$2000 - House Maint
$2400 - Gas
$3600 - tuition (might pull some from ESA if things are tight)
$1200 - household and Misc
$1200 - 529
$5400 - Food
$4585 - Housing (PI)
$4392 - Insurance (auto, umbrella, homeowners, life)
$4640 - Utilities (electric, LP, garbage, internet, cell phones, TV)
$4000 - Vacation
$1500 - Animals
$1500 - Christmas and gifts
$2000 - Car Maint
$2000 - House Maint
$2400 - Gas
$3600 - tuition (might pull some from ESA if things are tight)
$1200 - household and Misc
$1200 - 529
Last edited by cshell2 on Mon Jan 16, 2023 11:36 am, edited 1 time in total.
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Re: Thread: What’s Your 2023 Budget?
+1!
I have found that life does not seem to care a whit about how I expect my expenses to roll out. So we don't budget, we spend for everything we need and spend for some of our wants just like we always have done.
During the accumulation years some folks seem to spend $X then save, we have always saved $X, then spent. With our savings out of the way, we knew we could spend down to the last dime. If savings are pulled out of your paycheck it is easy to run your household and be assured you are addressing your savings/investments for your eventual retirement
After 52 years of having a household, DW and I have managed to stay out of the financial ditches and in the right lane of life's road for the most part. Might have done better with using a budget, but we are in a very good place in retirement so I suppose good enough is good enough.
It is possible we have to replace our aging (but sound) roof this year, so $15K-$20K might be necessary to be able to maintain our current insurance policy. I very much doubt I could get a new policy with our existing roof. Insurers are skittish about old roofs in Florida.
Spending over the last 5 years:
2017 - $106,694
2018 - $128,919 (remodel, $25,000, $50,000 over two years)
2019 - $122,916 (remodel, $25,000, $50,000 over two years)
2020 - $125,814 (remodel $17,000, extra taxes for TIRA to Roth conversion)
2021 - $127,131 (paint, drywall repair downstairs and upstairs)
2022 - $105,278
2023 - $ ???
We seem to come in around $100,000 each year unless we have home projects going on. Our WR has been conservative even in the years we spent heavily on home projects.
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
Re: Thread: What’s Your 2023 Budget?
We don't have a budget (e.g. constraint our spending to a specific number). However we have been keeping track of expenses for the past decade. So we have very good data on running average of annual expense for the past 10 years, 5 years, etc.TinyHouse wrote: ↑Mon Jan 16, 2023 12:01 am Here’s our monthly budget for family of four, kids under age 10, HCOL, ~$1.5M portfolio, no debt, north of $200k annual income, we eat very high quality food, living in trailer on paid off bare land (budget was similar last year except we were paying more for housing previously):
Living/Utilities 600
Phones, vehicles 300
Food & Food related 2000
Medical 250
Miscellaneous 500
Total 3650
Will be using some income to start building in the coming year or two. We’ve kept everything pretty low-key so far.
What’s your budget for this year?
So we don't know what our 2023 spending would be yet. We'll know when we close the books at the end of 2023.
Time is the ultimate currency.
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Re: Thread: What’s Your 2023 Budget?
Looks like I'm the winner so far
Annual base salary is $500k but bonuses and raises will likely land us around $650k by end of year.
Code: Select all
Mortgage interest $18,360
Property tax $22,000
Property insurance $3,300
Health & life insurance $7,128
Utilities $4,353
Home maintenance $6,000
Car depreciation $6,000
Gas $1,800
Daycare $52,080
Cleaners / landscaping $5,508
Subscriptions $2,400
Medical OOP Max $6,000
Charity $10,000
Doordash $3,000
Costco $6,000
Target $4,000
Whole Foods $2,300
Trader Joe's $1,800
Amazon $9,000
Restaurants $17,000
Other spending $12,000
Kids activities $6,240
Vacation $24,000
Investment ER & interest $5,500
Annual spending $235,769
Last edited by CletusCaddy on Mon Jan 16, 2023 11:23 am, edited 1 time in total.
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Re: Thread: What’s Your 2023 Budget?
What I’ve found intriguing is after paying off my mortgage two years ago, my spend skyrocketed. I think it’s post Covid travel last year.CletusCaddy wrote: ↑Mon Jan 16, 2023 11:04 am Looks like I'm the winner so farAnnual base salary is $500k but bonuses and raises will likely land us around $650k by end of year.Code: Select all
Mortgage interest $18,360 Property tax $22,000 Property insurance $3,300 Health & life insurance $7,128 Utilities $4,353 Home maintenance $6,000 Car depreciation $6,000 Gas $1,800 Daycare $52,080 Cleaners / landscaping $5,508 Subscriptions $2,400 Medical OOP Max $6,000 Charity $10,000 Doordash $3,000 Costco $6,000 Target $4,000 Whole Foods $2,300 Trader Joe's $1,800 Amazon $9,000 Restaurants $20,000 Other spending $12,000 Kids activities $6,240 Vacation $24,000 Investment ER & interest $5,500 Annual spending $238,769
Discussion in our house was, can we try to reign in travel costs to something reasonable (30-35k) vs the 55-60k we spent last year (a couple of special/unique trips with assoc costs)
Thanks for sharing.
“At some point you are trading time you will never get back for money you will never spend.“ |
“How do you want to spend the best remaining year of your life?“
Re: Thread: What’s Your 2023 Budget?
Retiree here. Our yearly spending is between $33,000 (2016) to $75,000 (2021). We don’t budget anymore because of Covid and entering my slow go years. We just don’t spend that much anymore. Last year, we bought a new car. Our social security and pensions cover our yearly needs (with cola). My wife will let me know if we overspend. That’s happened once in 44 years of wedded bliss! Besides the car, any extra spending is for Roth conversions. So we are averaging around $45,000 a year. (If necessary we could spend over $140,000 each year.)
Re: Thread: What’s Your 2023 Budget?
Married, mid 20s, no kids (yet ) in MCOL area
$1,040 - Mortgage
$715 - Taxes & Insurance
$300 - Utilities (gas, electric, water, internet)
$200 - Gasoline
$200 - Fitness
$750 - Food
$73 - Cell phone
$735 - Medical premiums and OOP Max
$500 - Auto and Home maintenance
$500 - Miscellaneous spending
$5,012 - Monthly Budget
In 2022 (first full year owning our home), I tracked every expense and we came to $55,200 (~4,600 per month) so I feel that this budget is relatively accurate. The $1000/mo budgeted in auto/home/misc serves as a catch-all that approximates lumpy expenses and other items that don’t happen monthly (impromptu repairs, weekend trips). I feel that we generally spend whatever we feel like on things that we enjoy and don’t worry about it very much.
$1,040 - Mortgage
$715 - Taxes & Insurance
$300 - Utilities (gas, electric, water, internet)
$200 - Gasoline
$200 - Fitness
$750 - Food
$73 - Cell phone
$735 - Medical premiums and OOP Max
$500 - Auto and Home maintenance
$500 - Miscellaneous spending
$5,012 - Monthly Budget
In 2022 (first full year owning our home), I tracked every expense and we came to $55,200 (~4,600 per month) so I feel that this budget is relatively accurate. The $1000/mo budgeted in auto/home/misc serves as a catch-all that approximates lumpy expenses and other items that don’t happen monthly (impromptu repairs, weekend trips). I feel that we generally spend whatever we feel like on things that we enjoy and don’t worry about it very much.
Last edited by ranger3 on Tue Jan 31, 2023 9:13 am, edited 2 times in total.
Go Bills
Re: Thread: What’s Your 2023 Budget?
For those above "complaining" spending too much, I feel a lot the same way. We used to live on less than $20K a year before kids, but our budget now seems really high and I am sometime struggling to get a grip with this. I understand our lives can be seen as privileged in many ways; at the same time we also don't spend frivolously or wear anything name brands.
Family of 5, 3 under 10. L/MCOL
And those don't yet include annual expenditures, which are:
Not included is vacations, which we will have to cash flow somehow, and often opportunistically taken to coincide with my work travel when the time works (with some of the kids at school age).
Family of 5, 3 under 10. L/MCOL
Code: Select all
Monthly Annual Comments
Mortgage $1,500.00 $18,000.00
Home Imprvmen, Maint. $500.00 $6,000.00
Groceries $1,000.00 $12,000.00
Auto (Gas, Taxes, etc) $350.00 $4,200.00
Car Payment $650.00 $7,800.00 Bought a minivan with 3rd kids. 3 more years of payments.
Car Service & Parts $100.00 $1,200.00
Bills & Utilities $400.00 $4,800.00
Entertainment $100.00 $1,200.00
Eating Out / Take out $200.00 $2,400.00
Charitable Gifts $800.00 $9,600.00
Education $1,000.00 $12,000.00 (Extracurriculars, School Support, Supplies)
Kids $100.00 $1,200.00 (clothing, shoes, etc)
Daycare $1,500.00 $18,000.00
Everything Else $500.00 $6,000.00
Discretionary $500.00 $6,000.00
Total $9,200.00 $110,400.00
Code: Select all
Term Life Insurance $2,100.00
Auto Insurance + Umbrella $1,200.00
Home + Flood Insurance $2,000.00
Property Tax + HOA $2,000.00
Family Support 3,000.00
Mobile Phones $500.00
Total $25,000
Re: Thread: What’s Your 2023 Budget?
We haven't used a formal budget, but instead I do track spending just for information purposes annually and try to make adjustments over time.
2022 Expenses (I use Quicken)
5300: Insurance (home, auto umb, life)
14080: Food (grocery)
2496: Household (non food household items, home maint)
4819: Dining
1183: Pet
4329: Utilities (water, gas, electric, trash)
1993: Internet (phone, wireless, streaming, internet)
1070: Clothing
6037: Miscellaneous (charity, fees, gifts, cash, etc)
6743: Recreation (vacation, recreation, fun stuff)
51,830: Subtotal Expenses - I'll take that.
Now the bummer part:
20507: Medical insurance premiums
21432: Medical OOP (medical, pharmacy, dental, vision expenses)
57014: Taxes (sales, property, income, payroll)
150,783: Total 2022 Expenses (this number is concerning to me - it was 132,000 in 2021)
Edit: Which number is "X"?
2022 Expenses (I use Quicken)
5300: Insurance (home, auto umb, life)
14080: Food (grocery)
2496: Household (non food household items, home maint)
4819: Dining
1183: Pet
4329: Utilities (water, gas, electric, trash)
1993: Internet (phone, wireless, streaming, internet)
1070: Clothing
6037: Miscellaneous (charity, fees, gifts, cash, etc)
6743: Recreation (vacation, recreation, fun stuff)
51,830: Subtotal Expenses - I'll take that.
Now the bummer part:
20507: Medical insurance premiums
21432: Medical OOP (medical, pharmacy, dental, vision expenses)
57014: Taxes (sales, property, income, payroll)
150,783: Total 2022 Expenses (this number is concerning to me - it was 132,000 in 2021)
Edit: Which number is "X"?
Last edited by Nver2Late on Mon Jan 16, 2023 12:02 pm, edited 1 time in total.
"Better is the enemy of good." Good is good.
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Re: Thread: What’s Your 2023 Budget?
Budgeted $52k based off the past 5 years history, this does not include travel. The big unknowns are 2023 will be our 1st full year in retirement and inflation. We have an additional $13k in pension income to cover the unknowns before tapping investments.
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Re: Thread: What’s Your 2023 Budget?
You’re not alone. I’ll spend more. Probably $110-120K in total. No mortgage.JimmyD wrote: ↑Mon Jan 16, 2023 9:17 amWhew. I thought we were the only ones spending this much.Jags4186 wrote: ↑Mon Jan 16, 2023 8:39 amGroceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.Code: Select all
Category Amount Yrly PITI $28,445.00 Day Care $15,600.00 Groceries $12,000.00 OOP Medical $6,000.00 Home Maintenance $4,800.00 Cleaning Service (every 2 wks) $3,780.00 Utilities (PSEG, Verizon, Water) $3,096.00 Gifts $3,000.00 Shopping $3,000.00 Restaurants/Eating Out $3,000.00 Life Insurance $2,964.00 Car Insurance $2,520.00 Auto Maintenance $2,000.00 Misc $2,000.00 Lawn Care $2,000.00 Entertainment $1,800.00 Gas $1,800.00 Travel $1,200.00 Alcohol $600.00 Streaming $300.00 Jewelry Insurance $276.00 Cell Phone $196.20 Total $100,377
Personally, I feel we spend *a lot* without much to show for it.
Re: Thread: What’s Your 2023 Budget?
This was my monthly budget for 2022. I'll be having to budget more in some categories for 2023.
...................
Property taxes : 475
Health co pays: 37
Groceries/Household Items: 550
Electricity & gas: $135
Vacations: 250
Restaurants: 250
Internet/Land Line/Cable: 306
Water 278
Car Regis: 25
Misc 512
Gasoline for car : 175
Vitamins/supplements : 200
Rx co-pays : 30
Pet Care: 150
Car Ins: 100
Charity: 65+
Swim Spa: 100
Haircuts: 39
Gardener 200
House Cleaner 125
Home Ins: 200
Brush clearing: 166
Christmas: 50
Clothes: 40
AAA: 12
HO insur & eQuake ins : 235
Gifts : 55
Dental : 60
Health Club membership : 42
Car insurance wash/maintenance : 345
TOTAL : $ 4,557
Monthly income from pensions:
$5,799
[not quite $6k ]
difference between income and expenses is $$1,222
...................
Property taxes : 475
Health co pays: 37
Groceries/Household Items: 550
Electricity & gas: $135
Vacations: 250
Restaurants: 250
Internet/Land Line/Cable: 306
Water 278
Car Regis: 25
Misc 512
Gasoline for car : 175
Vitamins/supplements : 200
Rx co-pays : 30
Pet Care: 150
Car Ins: 100
Charity: 65+
Swim Spa: 100
Haircuts: 39
Gardener 200
House Cleaner 125
Home Ins: 200
Brush clearing: 166
Christmas: 50
Clothes: 40
AAA: 12
HO insur & eQuake ins : 235
Gifts : 55
Dental : 60
Health Club membership : 42
Car insurance wash/maintenance : 345
TOTAL : $ 4,557
Monthly income from pensions:
$5,799
[not quite $6k ]
difference between income and expenses is $$1,222
Re: Thread: What’s Your 2023 Budget?
Delete
Last edited by Mattsdad on Sat Jan 21, 2023 7:17 pm, edited 1 time in total.
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Re: Thread: What’s Your 2023 Budget?
We’ve got some fairly big changes planned for our spending in 2023. My spouse and I are both 48 years old. I’m an elementary school teacher and my wife is a stay-at-home parent; she is likely retired as of age 43. After maxing out my 403b and 457b for the past few years, we’re now entering the next phase where we begin to ease off the gas pedal and slowly start to coast. I’ve reduced my 403b contributions from $20,500 in 2022 to $3000 in 2023 and will spend the money instead. We're reducing our saving rate from about 50% to 40%.
I plan to go to part-time work in 7 years (at age 55), reducing hours worked from the current 1300 per year to around 1000 hours per year. Retirement should be fully covered by my pension of $105k/year (in 2023 dollars, with annual cost-of-living adjustment and 100% survivor benefits) starting around age 60. After retiring, I should receive full health benefits paid for by my employer prior to reaching Medicare age. My wife should get social security of around $2k/month. Our current net worth is $1.55m.
All figures below for 2023 are annual.
Total 2023 Gross Income: Approximately $148k ($132k from job, $10k in interest, $3k in gifts, $3k from bank/credit card/brokerage bonuses)
Total Spending Including Taxes: $89,400
Mortgage Interest: $10,800
Property Taxes: $10,700
HOA: $3600
House Cleaning: $2700
Home Improvements/Repairs: $1800
TV/Internet: $2k
Electricity & Gas: $3k
Cell Phones: $500
Water: $500
Garbage: $400
Health Insurance: $0 (receive subsidy through ACA covering 100% of premiums)
Auto/Homeowner’s/Umbrella Insurance: $2k
Life Insurance: $1800
Gas for Cars: $2400
Car Maintenance/Repairs: $1200
Groceries/Household Items: $12k
Vacations: $6k
Restaurants: $7k
Misc: $7k
Health and Dental (out-of-pocket): $1800
Clothing/Shoes: $1k
Entertainment/Activities: $3k
Union Dues: $1,300
Long-Term Disability: $400
Medicare: $2k
Federal Income Tax: $3.5k
State Income Tax (California): $1k
Total Savings: $58,750
Pension Contributions: $13.5k
HSA: $7750
403b: $3000
457b: $22500
Mortgage Principal: $12k
I plan to go to part-time work in 7 years (at age 55), reducing hours worked from the current 1300 per year to around 1000 hours per year. Retirement should be fully covered by my pension of $105k/year (in 2023 dollars, with annual cost-of-living adjustment and 100% survivor benefits) starting around age 60. After retiring, I should receive full health benefits paid for by my employer prior to reaching Medicare age. My wife should get social security of around $2k/month. Our current net worth is $1.55m.
All figures below for 2023 are annual.
Total 2023 Gross Income: Approximately $148k ($132k from job, $10k in interest, $3k in gifts, $3k from bank/credit card/brokerage bonuses)
Total Spending Including Taxes: $89,400
Mortgage Interest: $10,800
Property Taxes: $10,700
HOA: $3600
House Cleaning: $2700
Home Improvements/Repairs: $1800
TV/Internet: $2k
Electricity & Gas: $3k
Cell Phones: $500
Water: $500
Garbage: $400
Health Insurance: $0 (receive subsidy through ACA covering 100% of premiums)
Auto/Homeowner’s/Umbrella Insurance: $2k
Life Insurance: $1800
Gas for Cars: $2400
Car Maintenance/Repairs: $1200
Groceries/Household Items: $12k
Vacations: $6k
Restaurants: $7k
Misc: $7k
Health and Dental (out-of-pocket): $1800
Clothing/Shoes: $1k
Entertainment/Activities: $3k
Union Dues: $1,300
Long-Term Disability: $400
Medicare: $2k
Federal Income Tax: $3.5k
State Income Tax (California): $1k
Total Savings: $58,750
Pension Contributions: $13.5k
HSA: $7750
403b: $3000
457b: $22500
Mortgage Principal: $12k
Re: Thread: What’s Your 2023 Budget?
That idea is all well and good if you are actually going to do it. I'd rather spend my retirement around my family and friends, not move to the middle of no where and "start over".Mattsdad wrote: ↑Mon Jan 16, 2023 12:57 pm I never hear financial folks ever say this, but I feel fortunate I am in a HCOL during my working years, as 15-20% savings is a much bigger number here than elsewhere. So, technically better retirement numbers than those in LCOL. This is magnified if one moves to a LCOL area for retirement (which LCOL’s don’t have an option to do - unless they move to VLOL area - and they are priced out of HCOL retirement areas as well).
Re: Thread: What’s Your 2023 Budget?
We live in northern New Jersey. Take home pay is about $400k. I have captured the expected main expenses. In addition to this, there are variable expenses, mainly medical and vacations. In addition one of my children is still in college so there is about $50k of outflow on that but that's from a separate account so I don't include it here.
Utilities 6300
Home insurance 2600
Home cleaning 3500
Landscaper 4000
Property tax 15500
Food and dining 12000
Car insurance, fuel and maintenance 7700
Highway tolls 3400
Internet, cell 3500
Media, entertainment 2700
Hobbies 4000
Clothing 3500
Gym and fitness 10000
Personal care 1000
Total 79700
Utilities 6300
Home insurance 2600
Home cleaning 3500
Landscaper 4000
Property tax 15500
Food and dining 12000
Car insurance, fuel and maintenance 7700
Highway tolls 3400
Internet, cell 3500
Media, entertainment 2700
Hobbies 4000
Clothing 3500
Gym and fitness 10000
Personal care 1000
Total 79700
Re: Thread: What’s Your 2023 Budget?
Delete
Last edited by Mattsdad on Sat Jan 21, 2023 7:16 pm, edited 4 times in total.
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Re: Thread: What’s Your 2023 Budget?
Not sure if I really have what I consider to be a budget. I have a "target" that I will likely exceed. I am targeting spending of $4k a month but will probably spend $5k a month. I am single and live alone. Mid-40s.
$4k a month is around %65 of my take home pay, while $5k a month is around 75% of my take home pay.
Annual targets are below.
$4k a month is around %65 of my take home pay, while $5k a month is around 75% of my take home pay.
Annual targets are below.