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Mortgage: $0- paid off house
Utilities: $400
Cable/Internet: $250
Cell Phone: $22
Grocery store Items: $400
Restaurants: $130
Car Related (Insurance/Payments, oil changes, gas, etc.): $180
Pet care: $54
Entertainment: $125
Insurance: $67
Home Related Expenses: $40
Vacation/Travel: $ 100
Charitable giving: $160
Retirement savings:$600
Other ( personal property taxes, as well as a few expensive ): $130
I'm doing some research on how people in the Southeast spend their $60K salary. Would anyone be willing to share their budget breakdown here? I'd also love to know what industry you work in. Something like this would be super helpful:
If you can get detailed on what you're splurging on, that would be helpful too (i.e. eating out, uber, etc)
Thanks for your help!
I am single with no kids and live in the SF Bay Area of California on about $53,000 (gross).
$1034 - Rent on a studio apt. (a major bargain for this area).
$0 - Student Loans
$0 - Car payment (paid cash a year ago for a 2 year old economy car).
$88 - Internet/cell phone. I don't have cable and don't want it.
$400 - Food, includes eating out.
$35 - Gas. I live walking distance to work. I highly recommend living as close to work as possible.
$150 - Renter's/car/health insurance. I am lucky to have cheap heath insurance, but I do pay over 15% of my salary toward my pension. Yes, it's great to have one in the long run, but it really cuts down on your take home pay (I don't pay into SS).
$1450- Savings. Most of it goes to tax deferred retirement accts. Couldn't save that much without the tax break.
$30 - Utilities. Mild climate and small apartment in California = little need for heat and air conditioning. I don't even have an air conditioner--and only wish I had it about 15-20 days a year.
$250 - Misc. (travel, vacations, haircuts, car repairs, savings for next car). I'm fortunate to have friends/family in places like Palm Springs and Florida, so I can vacation cheaply. Beach is a 45 minute drive. It's beach weather here 6-7 months out of the year, although the Pacific Ocean is cold year 'round.
The spending part comes to just under $2000 a month, so might as well round up and call it $2k.
Last edited by mysticaltyger; 08-25-2017 at 02:21 AM..
I am single with no kids and live in the SF Bay Area of California on about $53,000 (gross).
$1034 - Rent on a studio apt. (a major bargain for this area).
$0 - Student Loans
$0 - Car payment (paid cash a year ago for a 2 year old economy car).
$88 - Internet/cell phone. I don't have cable and don't want it.
$400 - Food, includes eating out.
$35 - Gas. I live walking distance to work. I highly recommend living as close to work as possible.
$150 - Renter's/car/health insurance. I am lucky to have cheap heath insurance, but I do pay over 15% of my salary toward my pension. Yes, it's great to have one in the long run, but it really cuts down on your take home pay (I don't pay into SS).
$1450- Savings. Most of it goes to tax deferred retirement accts. Couldn't save that much without the tax break.
$30 - Utilities. Mild climate and small apartment in California = little need for heat and air conditioning. I don't even have an air conditioner--and only wish I had it about 15-20 days a year.
$250 - Misc. (travel, vacations, haircuts, car repairs, savings for next car). I'm fortunate to have friends/family in places like Palm Springs and Florida, so I can vacation cheaply. Beach is a 45 minute drive. It's beach weather here 6-7 months out of the year, although the Pacific Ocean is cold year 'round.
The spending part comes to just under $2000 a month, so might as well round up and call it $2k.
$600 Mortgage
$150 internet, cable (no phone bill, paid for by work, health ins. paid by work)
$220 house/auto/umbrella insurance
$100 property tax
$120 utilities (down to $50 in winter)
$120 gas
$400 food, includes eating out
$100 dogs - food, vet
$200 - stuff, what I dont spend goes into savings
$200 - savings
I'm doing some research on how people in the Southeast spend their $60K salary. Would anyone be willing to share their budget breakdown here? I'd also love to know what industry you work in. Something like this would be super helpful:
If you can get detailed on what you're splurging on, that would be helpful too (i.e. eating out, uber, etc)
Thanks for your help!
I'm retired and on a pension and it's just me. It is my only income (except for last year's tax refund) and it comes monthly so it's like having a paycheck because it's a specific amount. I net $62,244 annual/$5187 mo. currently.
I live in East Tennessee.
$1025 rent (2br, 2ba) No HOA (water/sewer is included in my rent) rent amount hasn't changed in 3 yrs.
$600 to savings every month
$214 apartment cleaning per month
$0 loans (not carrying credit card debt, either - pay it off in full every month)
$0 car payment (bought car outright)
$0 dry cleaning (big expense when working - now live in cheaper machine washable clothes in retirement)
$60 - $80 electric
$30 prescriptions (have 1 that's not covered by insurance or medicare)
$134 Medicare (Other Health insurance is direct debited from Gross, not net)
$389 Internet, TV and Telephone Land Line (same company includes movies paid for)
$107 Cell phone
$600 Food (includes eating out and take out in addition to supermarket)
$30 Gasoline for car (not commuting for work is big savings - one or two "vacation" road trips per year bumps this amount up since I drive every day of 2 week trip - do everyday type things within a 3 mile radius of home and can go weeks without needing gasoline for car)
$400 misc (books, camera related, clothes)
Cannot recall Renter Insurance and Auto Insurance (2016 car) amount - pay it twice a year. No property taxes (assume it's part of rent). Play clothes (in retirement) are cheaper than work clothes. Also not included is 2 week "photography vacation" that is cheap except for hotel.
I am single with no kids and live in the SF Bay Area of California on about $53,000 (gross).
$1034 - Rent on a studio apt. (a major bargain for this area).
$0 - Student Loans
$0 - Car payment (paid cash a year ago for a 2 year old economy car).
$88 - Internet/cell phone. I don't have cable and don't want it.
$400 - Food, includes eating out.
$35 - Gas. I live walking distance to work. I highly recommend living as close to work as possible.
$150 - Renter's/car/health insurance. I am lucky to have cheap heath insurance, but I do pay over 15% of my salary toward my pension. Yes, it's great to have one in the long run, but it really cuts down on your take home pay (I don't pay into SS).
$1450- Savings. Most of it goes to tax deferred retirement accts. Couldn't save that much without the tax break.
$30 - Utilities. Mild climate and small apartment in California = little need for heat and air conditioning. I don't even have an air conditioner--and only wish I had it about 15-20 days a year.
$250 - Misc. (travel, vacations, haircuts, car repairs, savings for next car). I'm fortunate to have friends/family in places like Palm Springs and Florida, so I can vacation cheaply. Beach is a 45 minute drive. It's beach weather here 6-7 months out of the year, although the Pacific Ocean is cold year 'round.
The spending part comes to just under $2000 a month, so might as well round up and call it $2k.
Amazing....
You're awesome!
So you don't pay into SS.. that means your employer does on your behalf, right?
Lord.. I don't know.. I am around $55k.. Upstate of SC, in IT.. Breaks down to about $1400 and some change, paid bi-weekly. 6% goes into a matching 401k.
$500 mortgage which includes HOI and taxes into escrow. (Bought house out of foreclosure)
No student loans
no car payment
Cable/Internet/Phone - About $200
Hulu,Amazon Prime, Netflix - about $35/mo
Gym membership - $37/mo
Gas - Around $100/mo.. Live 30 miles from work
Car insurance - $75/mo roughly
Electricity varies.. $40/mo in winter, $150 in summer. But, in winter, kerosene can run $50/mo.. No water bill as I'm on a well and septic.
Food.. I don't have a clue what I spend. Too much, probably. Living single there's all kinds of problems. Hard to make portions the right size and not toss things..
I generally get about $1000 a month in savings.. But.. Not always. And it rarely goes into savings. I mean, I'd say $4000-5000 a year goes into various things like putting gutters up on the house, getting the driveway re-graveled.. Things like that. So I don't always put it in savings. And there's more.. Water heater blowing up.. Having floor replaced from said water heater.. Rebuilding a deck.. $3000 a year for vacations.. I count that in this 'incidentals'.
So you don't pay into SS.. that means your employer does on your behalf, right?
I thought some professions, don't pay into Social Security like some state or local police personnel and firefighters are exempt from Social Security, having retirement pensions funded. Also some state and local government workers might not pay into social security, so I'm assuming this poster might fall into one of those categories.
Thanks so much! WOuld you be willing to share your age, city + profession?
maybe social security and address too?
what is the point of all the detail? do you lack imagination on how you should be budgeting your cash?
Since every situation is different, I fail to see the point in looking at detailed budget break downs other than to satisfy your morbid curiosity.
you make $x
you pay $y for bills (mortgage, food, gas)
you save $z for the future
x-y-z = discretionary spending money.
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(i.e. eating out, uber, etc)
