What’s Your 2023 Budget?

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TinyHouse
Posts: 423
Joined: Mon May 30, 2022 9:05 pm

What’s Your 2023 Budget?

Post by TinyHouse »

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?
Wannaretireearly
Posts: 4847
Joined: Wed Mar 31, 2010 4:39 pm

Re: Thread: What’s Your 2023 Budget?

Post by Wannaretireearly »

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.
“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?“
HDM1004
Posts: 52
Joined: Thu Sep 30, 2021 9:33 am

Re: Thread: What’s Your 2023 Budget?

Post by HDM1004 »

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
runner3081
Posts: 5978
Joined: Mon Aug 22, 2016 3:22 pm

Re: Thread: What’s Your 2023 Budget?

Post by runner3081 »

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.
Mattsdad
Posts: 84
Joined: Tue Feb 08, 2022 8:17 pm

Re: Thread: What’s Your 2023 Budget?

Post by Mattsdad »

Delete
Last edited by Mattsdad on Sat Jan 21, 2023 7:18 pm, edited 2 times in total.
8301
Posts: 942
Joined: Thu Dec 22, 2022 1:52 pm

Re: Thread: What’s Your 2023 Budget?

Post by 8301 »

My wallet is my budget. I trust me.
KlangFool
Posts: 31426
Joined: Sat Oct 11, 2008 12:35 pm

Re: Thread: What’s Your 2023 Budget?

Post by KlangFool »

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
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
coachd50
Posts: 1777
Joined: Sun Oct 22, 2017 10:12 am

Re: Thread: What’s Your 2023 Budget?

Post by coachd50 »

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.
What kind of mobile phone contract do you use that is only $136 a year for 3 lines??
faanger101
Posts: 335
Joined: Sat Jul 30, 2022 6:20 pm

Re: Thread: What’s Your 2023 Budget?

Post by faanger101 »

Mine is very easy

1. Save 150k across 401s, ibonds, iras, taxable
2. Spend the rest to whatever makes us happy
:sharebeer
runner3081
Posts: 5978
Joined: Mon Aug 22, 2016 3:22 pm

Re: Thread: What’s Your 2023 Budget?

Post by runner3081 »

coachd50 wrote: Mon Jan 16, 2023 7:48 am What kind of mobile phone contract do you use that is only $136 a year for 3 lines??
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)
8301
Posts: 942
Joined: Thu Dec 22, 2022 1:52 pm

Re: Thread: What’s Your 2023 Budget?

Post by 8301 »

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.
Is it monthly or yearly?
Stoic9
Posts: 369
Joined: Mon Dec 10, 2018 6:14 am

Re: Thread: What’s Your 2023 Budget?

Post by Stoic9 »

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!
kd2008
Posts: 1267
Joined: Sun Feb 15, 2009 5:19 pm

Re: Thread: What’s Your 2023 Budget?

Post by kd2008 »

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
Last edited by kd2008 on Mon Jan 16, 2023 8:49 am, edited 1 time in total.
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: Thread: What’s Your 2023 Budget?

Post by Jags4186 »

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
Groceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.

Personally, I feel we spend *a lot* without much to show for it.
Ivygirl
Posts: 1212
Joined: Sun Apr 06, 2014 1:36 pm

Re: Thread: What’s Your 2023 Budget?

Post by Ivygirl »

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.
LAS_Rick
Posts: 20
Joined: Sat Oct 02, 2021 7:21 pm

Re: Thread: What’s Your 2023 Budget?

Post by LAS_Rick »

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.
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Thread: What’s Your 2023 Budget?

Post by Marseille07 »

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.
Johm221122
Posts: 6372
Joined: Fri May 13, 2011 6:27 pm

Re: Thread: What’s Your 2023 Budget?

Post by Johm221122 »

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
lakpr
Posts: 11519
Joined: Fri Mar 18, 2011 9:59 am

Re: Thread: What’s Your 2023 Budget?

Post by lakpr »

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
Buy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.
runner3081
Posts: 5978
Joined: Mon Aug 22, 2016 3:22 pm

Re: Thread: What’s Your 2023 Budget?

Post by runner3081 »

8301 wrote: Mon Jan 16, 2023 8:16 am Is it monthly or yearly?
Yearly.
Johm221122
Posts: 6372
Joined: Fri May 13, 2011 6:27 pm

Re: Thread: What’s Your 2023 Budget?

Post by Johm221122 »

lakpr wrote: Mon Jan 16, 2023 8:59 am
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
Buy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.
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)
nimo956
Posts: 913
Joined: Mon Feb 15, 2010 5:07 pm

Re: Thread: What’s Your 2023 Budget?

Post by nimo956 »

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%)
Last edited by nimo956 on Mon Jan 16, 2023 9:09 am, edited 1 time in total.
50% VTI / 50% VXUS
lakpr
Posts: 11519
Joined: Fri Mar 18, 2011 9:59 am

Re: Thread: What’s Your 2023 Budget?

Post by lakpr »

Johm221122 wrote: Mon Jan 16, 2023 9:03 am
lakpr wrote: Mon Jan 16, 2023 8:59 am
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
Buy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.
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)
If you believe in the concept of “dry powder”, i bonds make an excellent asset class to store cash that would never lose value.
OatmealAddict
Posts: 1193
Joined: Fri Sep 27, 2013 4:03 pm

Re: Thread: What’s Your 2023 Budget?

Post by OatmealAddict »

Jags4186 wrote: Mon Jan 16, 2023 8:39 am

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
Groceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.

Personally, I feel we spend *a lot* without much to show for it.
Whew. I thought we were the only ones spending this much.
stocknoob4111
Posts: 3495
Joined: Sun Jan 07, 2018 11:52 am

Re: Thread: What’s Your 2023 Budget?

Post by stocknoob4111 »

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 :D )

TOTAL BUDGET for 2023: $35,586
Johm221122
Posts: 6372
Joined: Fri May 13, 2011 6:27 pm

Re: Thread: What’s Your 2023 Budget?

Post by Johm221122 »

lakpr wrote: Mon Jan 16, 2023 9:05 am
Johm221122 wrote: Mon Jan 16, 2023 9:03 am
lakpr wrote: Mon Jan 16, 2023 8:59 am
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
Buy I bonds. And if you want, shift bonds to equities in your retirement accounts to keep your asset allocation on target.
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)
If you believe in the concept of “dry powder”, i bonds make an excellent asset class to store cash that would never lose value.
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.
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: Thread: What’s Your 2023 Budget?

Post by Jags4186 »

JimmyD wrote: Mon Jan 16, 2023 9:17 am
Jags4186 wrote: Mon Jan 16, 2023 8:39 am

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
Groceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.

Personally, I feel we spend *a lot* without much to show for it.
Whew. I thought we were the only ones spending this much.
Nope. I don't understand how families do it on signficiantly less, TBH. We don't go anywhere. We don't do anything.
OatmealAddict
Posts: 1193
Joined: Fri Sep 27, 2013 4:03 pm

Re: Thread: What’s Your 2023 Budget?

Post by OatmealAddict »

Jags4186 wrote: Mon Jan 16, 2023 9:44 am
JimmyD wrote: Mon Jan 16, 2023 9:17 am
Jags4186 wrote: Mon Jan 16, 2023 8:39 am

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
Groceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.

Personally, I feel we spend *a lot* without much to show for it.
Whew. I thought we were the only ones spending this much.
Nope. I don't understand how families do it on signficiantly less, TBH. We don't go anywhere. We don't do anything.
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.
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TinyHouse
Posts: 423
Joined: Mon May 30, 2022 9:05 pm

Re: Thread: What’s Your 2023 Budget?

Post by TinyHouse »

Jags4186 wrote: Mon Jan 16, 2023 8:39 am
Personally, I feel we spend *a lot* without much to show for it.
It’s the housing and daycare mostly, but you could cut out alcohol lol. We stopped drinking a few years ago, and it has helped the budget (and health) :mrgreen:
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Topic Author
TinyHouse
Posts: 423
Joined: Mon May 30, 2022 9:05 pm

Re: Thread: What’s Your 2023 Budget?

Post by TinyHouse »

JimmyD wrote: Mon Jan 16, 2023 9:54 am Inflation has obliterated our spending power and our wages aren't even close to keeping pace.
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.
cshell2
Posts: 1194
Joined: Thu May 09, 2019 10:29 am

Re: Thread: What’s Your 2023 Budget?

Post by cshell2 »

$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
Last edited by cshell2 on Mon Jan 16, 2023 11:36 am, edited 1 time in total.
Broken Man 1999
Posts: 8620
Joined: Wed Apr 08, 2015 11:31 am
Location: West coast of Florida, near Champa Bay !

Re: Thread: What’s Your 2023 Budget?

Post by Broken Man 1999 »

8301 wrote: Mon Jan 16, 2023 7:33 am My wallet is my budget. I trust me.
+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
H-Town
Posts: 5876
Joined: Sun Feb 26, 2017 1:08 pm

Re: Thread: What’s Your 2023 Budget?

Post by H-Town »

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?
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.

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.
CletusCaddy
Posts: 2678
Joined: Sun Sep 12, 2021 4:23 am

Re: Thread: What’s Your 2023 Budget?

Post by CletusCaddy »

Looks like I'm the winner so far

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
Annual base salary is $500k but bonuses and raises will likely land us around $650k by end of year.
Last edited by CletusCaddy on Mon Jan 16, 2023 11:23 am, edited 1 time in total.
Wannaretireearly
Posts: 4847
Joined: Wed Mar 31, 2010 4:39 pm

Re: Thread: What’s Your 2023 Budget?

Post by Wannaretireearly »

CletusCaddy wrote: Mon Jan 16, 2023 11:04 am Looks like I'm the winner so far

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
Annual base salary is $500k but bonuses and raises will likely land us around $650k by end of year.
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.

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?“
AlohaBill
Posts: 759
Joined: Thu Jan 24, 2008 12:20 pm
Location: California

Re: Thread: What’s Your 2023 Budget?

Post by AlohaBill »

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.) :beer
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ranger3
Posts: 30
Joined: Wed Jul 14, 2021 9:21 pm
Location: Great Lakes

Re: Thread: What’s Your 2023 Budget?

Post by ranger3 »

Married, mid 20s, no kids (yet :mrgreen:) 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.
Last edited by ranger3 on Tue Jan 31, 2023 9:13 am, edited 2 times in total.
Go Bills
armeliusc
Posts: 544
Joined: Wed Dec 21, 2011 8:40 am

Re: Thread: What’s Your 2023 Budget?

Post by armeliusc »

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

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
And those don't yet include annual expenditures, which are:

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		
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).
Nver2Late
Posts: 713
Joined: Tue Jan 26, 2021 10:30 am

Re: Thread: What’s Your 2023 Budget?

Post by Nver2Late »

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)
    3780: Auto (Fuel, repair, maint)
    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.
    spammagnet
    Posts: 2477
    Joined: Wed Apr 27, 2016 9:42 pm

    Re: Thread: What’s Your 2023 Budget?

    Post by spammagnet »

    KlangFool wrote: Mon Jan 16, 2023 7:38 am... I have to eat out more often and take more vacation to meet my goal.

    KlangFool
    That sounds like my wine budget. It's a goal, not a limit.
    ETCS10
    Posts: 27
    Joined: Sat Apr 16, 2016 11:38 am

    Re: Thread: What’s Your 2023 Budget?

    Post by ETCS10 »

    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.
    aaaaaa111111
    Posts: 153
    Joined: Tue Jan 04, 2022 3:29 pm

    -----

    Post by aaaaaa111111 »

    -----
    Last edited by aaaaaa111111 on Fri Nov 10, 2023 3:11 pm, edited 1 time in total.
    Normchad
    Posts: 5630
    Joined: Thu Mar 03, 2011 6:20 am

    Re: Thread: What’s Your 2023 Budget?

    Post by Normchad »

    JimmyD wrote: Mon Jan 16, 2023 9:17 am
    Jags4186 wrote: Mon Jan 16, 2023 8:39 am

    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
    Groceries includes everything we buy at the grocery store including all sundries like diapers, soaps, detergents, paper products etc.

    Personally, I feel we spend *a lot* without much to show for it.
    Whew. I thought we were the only ones spending this much.
    You’re not alone. I’ll spend more. Probably $110-120K in total. No mortgage.
    shell921
    Posts: 623
    Joined: Fri Jul 06, 2018 5:13 pm

    Re: Thread: What’s Your 2023 Budget?

    Post by shell921 »

    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
    Mattsdad
    Posts: 84
    Joined: Tue Feb 08, 2022 8:17 pm

    Re: Thread: What’s Your 2023 Budget?

    Post by Mattsdad »

    Delete
    Last edited by Mattsdad on Sat Jan 21, 2023 7:17 pm, edited 1 time in total.
    Ron Ronnerson
    Posts: 3559
    Joined: Sat Oct 26, 2013 6:53 pm
    Location: Bay Area

    Re: Thread: What’s Your 2023 Budget?

    Post by Ron Ronnerson »

    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
    Jags4186
    Posts: 8198
    Joined: Wed Jun 18, 2014 7:12 pm

    Re: Thread: What’s Your 2023 Budget?

    Post by Jags4186 »

    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).
    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".
    kleiner
    Posts: 341
    Joined: Tue Jun 02, 2020 8:45 am

    Re: Thread: What’s Your 2023 Budget?

    Post by kleiner »

    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
    Mattsdad
    Posts: 84
    Joined: Tue Feb 08, 2022 8:17 pm

    Re: Thread: What’s Your 2023 Budget?

    Post by Mattsdad »

    Delete
    Last edited by Mattsdad on Sat Jan 21, 2023 7:16 pm, edited 4 times in total.
    investnoob
    Posts: 481
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    Location: Ottawa
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    Re: Thread: What’s Your 2023 Budget?

    Post by investnoob »

    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.

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