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3. Car rental fees & taxes: Sometimes the add on feeds are as much as the base rental fee for ST rentals)
Just say no. Between your regular car insurance and the credit card you use, you're probably already covered (check it out first, but I had one mishap and was fully covered). Fill up with gas on the way back.
Cell phones: I think what kills many people is the contracts in which your phone is "free" but you have to stay on for two years. Essentially you're financing your phone. (I bought mine outright 4.5 years ago.) If you upgrade the 2-year clock starts ticking again. Multiply that times 2 adults and a couple of teenagers, each with his/her own phone and the numbers get serious, especially if you use a lot of data because you're on-line all the time streaming music and videos and playing games. (Some unlimited data plans may be available but they're expensive.)
I made my kids pay for whatever phone they want out of their own earnings. They choose very carefully when it's their own money they are spending.
I finally moved my oldest to her own prepaid phone plan. She hardly notices the $10/month charge on her credit card but she's been on her own since freshman year.
My highest expenses:
House taxes
House Insurance
Food (and we eat very simply and hardly ever eat out)
Medicine (now that DH is on something pretty high)
Health insurance.
I always feel like the expenses for me are kind of this and that, nothing takes up too much of the budget at present. We have almost no mortgage so that’s smaller than my cell phone bill lol but then cable Internet and TV is $200, health insurance is about $285, home and auto insurance is $400, probably food is the largest expense but breaking property tax down to month instead of its annual payment would be $700/month there. Still it’s mostly just a lot of smaller expenses that then add up to the total.
I’m not sure what I spend on hobbies or collectibles per month, it really depends I think, sometimes it’s nothing other times it’s $300. It’s variable.
Income taxes are really low in retirement since it's just dividends and cap gains which rolls in at the heady rate of 0%.
Your notion of taxes in retirement sure doesn't match mine. I made estimated State and Federal Tax payments of early $13,000 last year and it looks like I'll owe close to $4,000 more. And I haven't even started taking IRA withdrawals yet.
As an expat living in Thailand...food 200 Accident and medical emergency insurance at 103....beer 90...electric 45...condo maintenance fee 25...transport 25 ..broadband and Fox news 20...mobile phone <3...water<3….
The sky is the limit on what you could spend on imported food, wine, and entertainment...
I read over a lifetime, interest is at the top for Americans.
Yes, mortgage is a killer, but at least you have some place to live. Car, well, maybe you drive 50 miles per day roundtrip plus paying toll to cross a bridge like I do to go to work. I already drive a dumpy Civic hybrid. If I have to buy a new car, I'd have to spend even more money. Food, well, when my 2 boys become teenagers in a few years, I imagine I'd be broke from buying even more food than I do now.
What's worse is the rising cost of fixed expenses that I HAVE to pay, like gas, electricity, and water!! I am very frugal and I enjoy conserving, but unless everyone in my family wants to live by candlelight or take a shower once a week, then we have to use the water & electricity.
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