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Young family here, trying to save as much money as possible to buy a house (maybe with a 1yr or 2 ), medical emergency, loss of job or whatever situation we might encounter in the future.
We have a (gross) H/H income of about 125k, and so far have been able to save at a rate of 25k /yr
I'm thinking that we should be able to save more, but we now have more expenses due to recently having a newborn baby.
So far these are some of our expenses.
-1,500 rent for a really small 2br (it's more like 1 1/2 br IMO)
-90 monthly car insurance (don't wanna get rid of the car, so that's out of the question)
-90 a month electric bill
-150 metrocard for both of us
-450 a month for future day care
-500 monthly in food (mostly take out or dine-in, with some weekend house cooking)
-30 internet
-115 for two cell phone lines
I'm thinking that our food bill is too high, and we should be bringing more homemade food to work.
lately we spend $20 everyday for lunch.
I also can lower my metrocard cost by going to work on a bicycle I just bought. But most of my other costs are fixed.
Rent is our biggest expense and we might reduce it by moving to another neighborhood, but I don't think it will be lowered too much to make a big differece.
I find it that even on 125k/yr for a family of 3, NYC is a city that doesn't allow you to save too much.
How do people making way less and with more children do it, is beyond me comprehension.
Not spending $20/day on lunch seems like an extremely easy "sacrifice" to save more. How about making extra servings for dinners that you can easily bring to work?
Otherwise, if the car is truly necessary, just being careful of your bills is really the best you can do.
about $10 each, but yea I agree with you. That's an area where we can save some money.
I got mixed feeling about this city. Sure there are lot of job opportunities, but you really need to be making a whole lot of money to live a relatively decent lifestyle.
This city will soon be populated by only the rich and poor. The middle-class is getting squeezed out.
about $10 each, but yea I agree with you. That's an area where we can save some money.
I got mixed feeling about this city. Sure there are lot of job opportunities, but you really need to be making a whole lot of money to live a relatively decent lifestyle.
This city will soon be populated by only the rich and poor. The middle-class is getting squeezed out.
NYC is an over-rated city. I said it before and will say it again.
Also if you're not making a boat-load of money like you correctly said, NYC will have you struggling or living pay-check to pay-check.
NYC is a good city for an ambitious, single guy (girl) looking to make some good money in the short run and later move on to greener pastures. This is not a city for everybody.
NYC is an over-rated city. I said it before and will say it again.
Also if you're not making a boat-load of money like you correctly said, NYC will have you struggling or living pay-check to pay-check.
NYC is a good city for an ambitious, single guy (girl) looking to make some good money in the short run and later move on to greener pastures. This is not a city for everybody.
I agree.
It seems to me that in order to save more money, you'd have to move to some ghetto or really far out neighborhood, eat mostly processed foods, and rarely go out.
And don't get me wrong, I don't eat losbter tails and filet mignon for dinner every day, but this city really can squeeze you out without having an expensive lifestyle.
I'm considering buying a home here, but now I got mixed feelings.
I agree on the lunch aspect, as well as reducing take out.
I bring lunch to work daily, I usually treat myself to a place nearby a few times a month.
After a long day, take out feels easier but we try to cook most meals.
You've done a great job of controlling your expenses and saving. However, I didn't notice any "entertainment" related expenses in your budget or is that covered by "internet"? Realistically, I'd say most people will catch a movie, download a song, or go bowling here and there. Also, what about things like medical bills/co-pays? If you are visiting a pediatrician then they alone can add up along with any prescriptions your family or child may need. In regard to your projected $450 a month for daycare--I assume that one of you makes significantly *more* than that per month right? Sometimes when you subtract commuting costs and daycare expenses a couple finds that its actually better if one parent stays home.
How do people do it? Well, they either make more money than you do, don't pay market rate for housing, or have relatives to provide free childcare.
If you can move to a cheaper city and maintain close to your current income level I think you'll have an easier time meeting your goals. However, that's not possible for everyone.
Yes I did notice alot of other expenses missing. Do you do anything for fun at all that requires $? Do you have cable? Do you put gas in your car? Change the oil? Have auto repairs? Tolls? How do you both share 1 metrocard? Only 1 of you work? What if you both want to take the train somewhere? Do you ever buy clothing for work or personal clothing or are you using the same socks from 15 years ago? Hair products/makeup and toiletries particularly for the female in the house?
I don't think you are really understanding how much you are actually spending.
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