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Hello everyone,
For past few months, I have been trying hard to reduce my monthly expense but I couldn't reduce it much. So I'm just wondering what's the usual monthly expense you have, specially if you are married and don't have any kids. If I know yours or at least get some idea, then it will be easy for me to concentrate on specific categories. So here is my breakdown (average expense per category per month):
So now if I take all lower bound, then it gets $3706, if I take upper one, then it becomes: $4056. On an average it generally goes between $3700 - $4200. Does it look normal?
So in which category I am expending more than usual? What's your usual expense in those categories? If you share yours, it would be really helpful. Please feel free to criticize my expense breakdown. I'm open for any suggestions which can reduce my month expense.
If you want to share yours, you can use this template too:
-------------------------------------------------------------------- Rent/mortgage, insurance, rental insurance, etc: Phone + Internet: Electricity + gas, water: Auto Payment: Auto Insurance: Gas: Grocery: Foods (eating out, office lunch, etc): Entertainment, shopping, movie, etc: Debt: Misc: Average monthly total:
Family members: Location:
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How do you manage to have such low utilit bills? Roommate? My last utility bill was $300 due to global warming and I had to heat my house at 55-60 degree in the coldest winter we had for sometime. But all my other costs are way lower than yours. Our cars and house are paid for since we are pushing 30. My house was on a 15 years note but I borrowed my 401k to pay the last $80k for it. It is nice paying yourself and I am 2 years from done. S&P had zero return this year while my personal loan to myself is at 2.5%, much lower than my mortgage rate. My house is cheap, purchased at $230k and now worth $316k. It is a the biggest house in this neighborhood and I wished I had bought 2 small houses to rent one instead. I am waiting for price to reach $360k to sell and go nomad.
How do you manage to have such low utilit bills? Roommate? My last utility bill was $300 due to global warming and I had to heat my house at 55-60 degree in the coldest winter we had for sometime. But all my other costs are way lower than yours.
No roommate. We are just two (me and my wife). I think its because of San Diego weather. We hardly need A/C around here.
Hello everyone,
For past few months, I have been trying hard to reduce my monthly expense but I couldn't reduce it much. So I'm just wondering what's the usual monthly expense you have, specially if you are married and don't have any kids. If I know yours or at least get some idea, then it will be easy for me to concentrate on specific categories. So here is my breakdown (average expense per category per month):
My family size is the same as yours. The only difference is that I live in an area where the COL is average not high like in San Diego. I have always been consciously budgeting and it has done wonders for my networth. My first question is are you renting or own because you listed both under your housing expenses. In regards to my budget I know it down to the dollar. I set a budget for my discretionary spending and stick to it. And that’s the area you want to concentrate on if you want to reduce your budget.
1. Once you pay off your car(s) don't get stuck with another auto payment. Not having an auto payment will do wonders for your budget.
2. Instead of spending $300-400 between your food and the entertainment/shopping/movies; try to spend only $200 for both areas combined.
3. What is the debt for? If its credit cards, try to pay them off as quick as possible and then pay off the balance in full in the future. This way you will never pay extra in interest and completely eliminate this monthly revolving debt.
4. What is the misc. category for? Try to reduce this even further.
As a side note, the way your budgeting currently is actually pretty good. Make a few minor tweaks to your lifestyle and you will be saving like a champ!
Rent/mortgage, insurance, rental insurance, etc: $525.00 Phone + Internet: ~$20.00 (my share of the bill) Electricity + gas, water: ~$50.00 (my share of the bill, annually averaged across all seasons) Auto Payment: $0.00 Auto Insurance: $0.00 Gas: $0.00 Zipcar memebership and fees : ~$120.00 Cabs/Ride Share: $0 Public transportation: $10.00 Grocery: $250.00 Foods (eating out, office lunch, etc): < $10.00. I rarely eat out. Food included in groceries. Entertainment, shopping, movie, etc: ~$65.00 if travel to see family is included. Debt: $0.00 Misc: $30 for donations, health insurance taken directly from paycheck, moving costs of ~$30.00/month if you amortize them over the length of time I stay in one place. Clothing around $10.00/month if we use the past 12 months as the sampling period. Other retail purchases: ~$30.00 per month Average monthly total:
$1140 (excluding savings)
Family members: It's just me. I have roommates but no spouse and no kids Location: college Park, Maryland
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So in which category I am expending more than usual?
That really can't be answered without knowing your monthly income and savings rate. Your spending may look great, or not so much, depending on your overall situation.
Since you want to cut back though, the gas expense jumps out at me. Do you have long commutes with gas guzzling cars? The entertainment and eating out expenses should also be something you can lower if you want to.
Your spending looks average or even better than average to me. Our numbers aren't too far off except our gas is probably $60-80 and we have no debt. We also don't have an auto payment.
Rent/mortgage, insurance, rental insurance, etc:
$180, No mortgage, homeowners insurance only
$500 property tax
Phone + Internet:
$152
Electricity + gas, water:
$300-$450
Auto Payment:
$0, pay cash for cars
Auto Insurance:
$165
Gas:
$75, retired
Grocery:
$200
Foods (eating out, office lunch, etc):
$200
Entertainment, shopping, movie, etc:
$50
Debt:
$0
Misc:
$150 lawn maintenance
$100 pool maintenance
Average monthly total:
$2100
Family members:2, retired
Location: North Texas
Additional expenses during the past 6 months - $2,000 for two new water heaters
$11,000 pool remodel
$9,500 remove old landscape and install new.
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. Does it look normal? 
