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Feel free to break down discretionary vs non discretionary expenses. What amount of money is exactly needed for you to live on?
need and want are very different .... you can double our cash flow and we would simply enjoy more of it in our lifestyle ...
we are retired in queens ny and live on about 140-150k a year. we went over that last year with my 15k in dental . the year before we bought a new car and went over .
I live in central Florida. My general monthly budget is around $2220, but that doesn't include any money I spend on travel. In 2019 I spent an average of $500 a month on travel.
Of that $2220 budget, about $1860 is fixed expenses. I have no mortgage, only my monthly condo maintenance, and no car payment. I rarely drive anywhere -- my 2013 Honda Civic has only 37,000 miles on it -- so gasoline expense is minimal. I guess my biggest category of expenses is various kinds of insurance (health, condo, auto, long term care).
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Location:
'Sasquatch Country' (county in USA with most reported sightings, and a law to protect!) Income tax free state, 20 min from Sales tax free state ! (benefits from each state)
monthly: (~$2000) $760 = Fixed
Food and entertainment = $100 ($100 cash goes into the 'Food Envelope' on the 1st of the month, when it is empty... we get 'creative', as we have for over 40 yrs)
Meds = ZERO
Fuel= ZERO (Brew my own since 1976)
Auto= $200 (repairs, insurance, registration, including cost of vehicle (Whole (running) vehicle cost $35. That was over 20 yrs ago, used , bought at abandoned car auction... ))
Utilities (home) = $100 (cheap electricity, heat with wood from my forest, no need for AC, well for water, septic for sewer)
Utilities (phone / data) = $76
Home repairs / maint = $200
Home Ins = $84
$1240 =FIXED - Expensive but NOT discretionary... (property taxes) $2200 = Fixed, not discretionary, doing without (Healthcare).
Home Taxes = $1240/ month (up from $72/ month, same house, just more worn out) Assessor really likes it, says his parents will enjoy it when we lose it to him in a tax fight. Health Care = $2200 / month (if we could afford it, so we don't have it)
Discretionary; (<$7000),
Travel - $0 - $3500 / month (travel most of the time, when we want to, can be gone a year for ~ $40,000 or less depending on region and transportation)
Toys... $0 - $3500 / month (bulldozers / tractors / trucks / RV's / Motorcycles / tools) All are vintage - so no BIG bucks spent. - someone (?) will have a very nice 'estate sale' (3 Estate Sales - ONE in EACH of our different USA locations)
Feel free to break down discretionary vs non discretionary expenses. What amount of money is exactly needed for you to live on?
Needed? Not sure. I think I looked at that one time and it was like 35k/year, but that doesn't include any major repairs or emergency spending, or taxes.
Miami,Florida,single, almost senior citizen person/ Monthly amounts...health Ins. is $430 a month
(After my employer pays the other half of $430..taken out of pay so I don't consider it here)
No cell phone expense...flip phone pay as you go appx. $100 a year paid by my employer)
No vacations in 20 years...no movies or concerts in 13 years...no drugs,tobacco,sex..No gambling in 3 years...I'm basically a monk in progress.
Rent ..............$1200(2 bedroom condo...way under market in Miami..peaceful,safe community 3 1/2 miles from work)
Groceries........$500(NEVER eat out,very rarely buy cooked food or have delivery/drive thru...includes pet stuff,housewares,personal/hygiene stuff. Eat very healthy;no cheap carbs or junk food. Shop at Publix,which is not cheap...I do have an Aldi appx 5 miles from me..maybe I should give it a try)
Car.................$279(Brand new lease...22 year old car died last month)
Auto Insurance$115(Estimated;it just went up because of the new lease..Renewal In July)
Gas................$40
Triple A...........$8(Average...with new car will probably get rid of it after 40 years of membership)
Electricity........$65
Cable..............$195(Comcast bundle 220 channels with Fast Internet and land line...Contract expires in February....YouTube TV here I come!)
Meds/Dr..........$160(This is after co-payments...Currently on 9 different medications and have to make 2 Doctor visits a month for injections)
Various Subscriptions $80(Averaged...Netflix $14;digital newspaper $7,Amazon prime $10...
magazine $7,record club $30,AVG $4(Computer protection software)
Charity...$20(Appx...Give a few $ off/on to handicapped people I see in public on a regular basis)
My debt payments are currently $2377 a month,which is overwhelming as I get charged appx.
$1340 a month in interest...which is more than my rent,
Because of this I have a monthly cash flow deficit of appx $350...which of course,I have to rely on my credit cards,getting deeper in the hole.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Suburb east of Seattle -
With the house payment, 1 truck payment and a new roof loan in addition to the routine expenses we spend about $6,000/month.
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, bought at abandoned car auction... ))
