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Depends on where you live, as you know. We also live in a high tax, high expense state. I know it is ridiculous isn't it. I feel your pain. At least you are being responsible and putting money away for the kids college and your retirement. Those who spend, they are probably not doing this.
If you are like us, moving closer to work means, a. worse schools and neighborhoods, or b. good schools and more expensive housing and taxes. So that is not an option.
Seriously, I suggest get into shopping at aldi, or a discount food chain and making most food yourself. That is the last bastion of savings we have found where we can cut back. A lot of other stuff like gas, home fuel costs, medical, etc we really have no control over.
Don't let people feel bad about your eating out. It all depends on where you eat and what you order. There are times where we eat out and it it less than making it at home. For instance, chinese take out, and we can eat for 3 days on that. and it costs about $20+ dollars. You can't eat peanut butter and jelly all the time.
Trust me, we are between cheap and being frugal. I can control spending on things we don't need but my point is I'm stuck spending on things that I can no control of such as the cost of commute, property, income taxes, and living cost increases and other stealthy costs.
Like I said I have 2 cars that are both over 8 years old and I have fixed one tire recently instead of spending on swapping all 4 tires.
We don't have cable TV and the only thing we do is eat out 1 a week and try to eat healthier foods which I think is a small price to pay for our health.
With cut backs in our expenses we're still not making big gains. Just small ones but not enough to be consider well off.
I'm originally from NY (upstate Watertown) and my mom still lives there.
She continuously complains about taxes but won't move.
I LOL'ed at the part about you making $175k but don't have cable TV. What does that extra $100 a month get you?
It sounds to me like you're really doing better than the majority. If you can pay bills and taxes then you're doing good. Have you considered charitable donations? Speaking of... if you belong to a church there are a lot of free things there and it's so good for the kids. You might already. Do you follow Dave Ramsey? He's pretty amazing at spotting weak links in financial chains so-to-speak. You should give him a call on his radio show!
There are a lot of wonderful things in the world that don't involve spending money. (extra vacation? I could never afford the first one!)
With deductions for your children, you should be taking home about $115k per year after federal, state, and city taxes.
That's just under $10,000 per month. Even if I assume you are paying for the privilege of living in Manhattan and are spending $4000 per month on housing (which is wasteful and unnecessary), you should easily be able to fulfill all your other expenses on $5500-$6000 per month after taxes.
I'm really trying to fathom how to make a "frugal" budget in which you struggle, considering you make more than almost all of NYC and more than most of Manhattan.
Parking in Manhattan cost money, car insurance, car note, child education, gas, food, utilities, property tax, retirement contributions, health insurance, etc.
Originally Posted by james777 So the OP makes $175,000 a year in NYC. He probably pays $79,000 a year in taxes, leaving $96,000 a year, or $8,000 a month, for a family of five to live on. That is certainly doable. He should go out to Staten Island or a town in NJ and buy a house and commute so that the housing budget will stretch further.
Quote:
Originally Posted by thatguydownsouth
Commute time and affordability of houses based upon distance from jobs are inversely related in NYC. There is no such thing as save on commute and buy a cheaper house. Its one or the other. Pay high commute, or pay high rent.
I am well aware of the costs and logistics of commuting in NYC. My suggestion was for him to maximize what he is getting out of his salary in the NY metro area. He can do that by moving to the part of the NYC metro where the cost of housing is lower, because housing is one's biggest expense. The housing expense is highest in Manhattan, then lower in the three boroughs of Brooklyn, Queens, and the Bronx, and then it is lowest in Staten Island and North Jersey. If he moves to where it is lowest, he can save a bundle. Yes, it will be a longer commute, and a higher cost commute, but he can still save a bundle and build equity by buying in Staten Island or NJ, and not have to leave the NY metro, where opportunity in abounds in every field.
No poop!(aka no *****) $175K can't ends meet. Somebody has a lifestyle issue.
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