U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 09-09-2010, 08:24 AM
 
588 posts, read 674,004 times
Reputation: 241

Advertisements

I have 2 kids. So we spend less on lunch money (husband brown bags it now bcs he gained like 5 lbs in a month eating crap like chipotle when he started his new job) but much more on groceries. These kids can EAT! Add in diapers, formula, clothes, preschool/daycare, etc. Kids are expensive!

We spend less on utilities- and we do have CAC but in the summer but gas bill is like $10. We spend about $250.

We mow our own lawn but I know it runs like $160-200 a month to have your lawn done in my area.

Also agree that houses are a money suck in terms of repairs, maintenance, etc. Ditto what the other posters have said above. We need a shed and a new roof. Already bought a mower, got a leafblower and hedge trimmer from a neighbor's garage sale. Really would like a snowblower this year if we have another bad winter. Want a new kitchen. It never ends!
Reply With Quote Quick reply to this message

 
Old 09-09-2010, 08:54 AM
A&H A&H started this thread
 
83 posts, read 145,964 times
Reputation: 19
I agree on even with $150K gross is on the tied side. A 500K house vs. 450K on mortgage is about $200 different a month. We have seen many houses priced along 450K where you find 40x100 cape, or areas just a little bit crowded. if you see a house that is 50K more but you see youself living there for the next 10 years, will you go for it?
Reply With Quote Quick reply to this message
 
Old 09-09-2010, 09:07 AM
 
7,340 posts, read 7,872,915 times
Reputation: 2904
Quote:
Originally Posted by A&H View Post
I agree on even with $150K gross is on the tied side. A 500K house vs. 450K on mortgage is about $200 different a month. We have seen many houses priced along 450K where you find 40x100 cape, or areas just a little bit crowded. if you see a house that is 50K more but you see youself living there for the next 10 years, will you go for it?
At this point I wouldn't buy ANYTHING unless I planned on living in it for 15-20 years, because barring some major economic boom, the market is not going to appreciate much as incomes are not going to improve.

I'd push closer to 500K in an area with lower taxes, although I'd avoid an area with a School district that has half day Kindergarten, as that means another 20k more in day care expenses factoring 2 kids.
Reply With Quote Quick reply to this message
 
Old 09-09-2010, 09:23 AM
 
Location: Long Island, NY
14 posts, read 21,045 times
Reputation: 14
Quote:
Originally Posted by Elke Mariotti View Post
This is a great exercise! I applaud you

see my comments in red - can't think of any other significant expenses at this hour
A lot depends on the size of your family and how "comfortable" you envision your life style...

i had to agree with this poster's assessment. I really think your utilities will be higher... I don't have gas, just electric and that bill has gone above 500 alone in the winter. Obviously its a because I don't have gas heat, but with gas prices I think it would still have to be higher than your guess at this time.

The other thing is your groceries. For myself, My husband and my 2 yr old I spend $80 a week, usually $60 but I allow $80 for my budget. Now I go out of my way to buy the cheapest cuts of meat, nothing over $5 in the meat department. I buy frozen vegetables, whatever is on sale that week. And then a bag of potatoes. That averages to just over 2 dollars per person per meal. Everything else, is strictly on an as needed basis. I don't buy chips or cookies of any kind. I don't buy paper towels. And my food store receipt will usually total just under $70, and that's with a store card to I should say. If you can be that strict, then by all means go for it. But if you know you can't, no big deal, just adjust
Reply With Quote Quick reply to this message
 
Old 09-09-2010, 11:18 AM
 
20 posts, read 24,212 times
Reputation: 21
Quote:
Originally Posted by A&H View Post
Recently we have been looing around to buy our first house and we tried to break down all the expenses. Below is what we've came up with based on a $500K house with 20% down payment. Are we close, way off, or right on? All expenses are broken down by month.

House Expenses
$2,003 mortgage ($500K/20%DP/30yr/4.4%)
$916 Tax ($11K/year)
$83 Home Insurance ($1K/yr)

On-going Expenses
$500 Utilities (water, gas, electricity, oil)
$150 Phone bill (family plan with 3 lines)
$300 Groceries
$650 Transportation (LIRR, subway, gas, insurance)
$240 Lunch money
$100 Cable bill
$800 College fund
$500 MISC (friends & family events)

The house expense is about $3,000 and other on-going expense is about $3,240. Total expense comes down to $6,240 a month (you can add additional car loan, student loan, other monthly debt if any. don't forget other expenses that come with kids.)

We did this calculation so we know what we are about to get ourselves into. Please share if we missed any other expenses. (I know I didn't include life insurance yet). Thanks.

Oh we also like to put some money away for savings (say $2K/month?)
oh man, I dont know how my parents are surviving if this is what their paying.
Reply With Quote Quick reply to this message
 
Old 09-09-2010, 11:32 AM
 
887 posts, read 1,221,987 times
Reputation: 833
You also need to include birthday gifts,Communion,Bat Mitzvah and Christmas expenses along with those wedding invites all us men dread.
Reply With Quote Quick reply to this message
 
Old 09-09-2010, 12:45 PM
 
Location: Island of long
3,587 posts, read 6,081,613 times
Reputation: 1129
The biggest thing to remember is future children. Will your income be reduced to 1 person withyou staying at home with Johnny? Or will you shell out $900-$1000 a month in child care? Kids change EVERYTHING!
Reply With Quote Quick reply to this message
 
Old 09-09-2010, 08:44 PM
 
Location: Tri-State Area
2,923 posts, read 3,137,526 times
Reputation: 1752
Quote:
Originally Posted by rocafeller05 View Post
The biggest thing to remember is future children. Will your income be reduced to 1 person withyou staying at home with Johnny? Or will you shell out $900-$1000 a month in child care? Kids change EVERYTHING!
IMO, youir being too generous with your pricing of childcare. The daycare places usually charge anywhere from 1300 to 1800 a month per child from birth up to 18 months, then prices decrease slightly down to about 1200 to 1400 a month. Babies need ALOT of extra attention (feedings, diaper changes, comforting).
Reply With Quote Quick reply to this message
 
Old 09-09-2010, 10:18 PM
PPL
 
94 posts, read 62,291 times
Reputation: 67
no kids? no plan to have kids?
imho, kids are big expense.
Reply With Quote Quick reply to this message
 
Old 09-10-2010, 01:15 AM
 
592 posts, read 946,567 times
Reputation: 488
JSHLEE---Don't know if you're still looking in here, but I LOVED your post. I know you were being serious. (Been there myself, especially when we were beginning our family like you are.) But to seasoned homeowner your post was a good chuckle because it's soooooo true!!! Believe me, it's all worth it, though. Keep on keepin on!

ROCAFELLER05---Also LOVED your words in capitals, "KIDS CHANGE EVERYTHING", very cute. So true! You just can't imagine beforehand, can you? Again, it's all worth it, though, isn't it? Enjoy!

TO THE OPer---You seem so levelheaded that I bet you'll do just fine. Best of everything in your new venture!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $89,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top