Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I can’t say that I’ve ever really budgeted. A fortunate combination of being a high earner and a minimalist at heart meant the balances were always going up. Five years ago, I couldn’t have told you within 25k how much I spent each year.
Then came Obamacare. I was so pissed off that my private individual health policy doubled that I went on a mission to qualify for subsidies. I knew the way my investments were structured for tax efficiency that it would mean getting my expenses as low as possible. Much to my surprise, I had to do relatively little. I’ve tracked expenses for the last 4 years, and this is what the regularly occurring expenses look like:
Property taxes: 8500/yr
Food and drink: 7200
Directv 2050. If anyone can tell me how to get Boston cable sports channels in CA, let me know
Gas and electric. 900
Gardener. 900
Internet 900
Water. 600
Cell. 600
Garbage. 400
Car insurance. 1200
Home ins. 1400
Car regist. 400
Dog food,drugs. 1200
Total: 26250/yr
Variable expenses, including home repairs, car repairs, vet bills, entertainment, travel, and the very material things I buy, have averaged around 9k per year, for total expenses around 35k.
I've never been a budgeter, made a decent living, not a great saver, lived simple and now when I have less money in account, I buy less foods...but so far I'm eating well at 79.
I can’t say that I’ve ever really budgeted. A fortunate combination of being a high earner and a minimalist at heart meant the balances were always going up. Five years ago, I couldn’t have told you within 25k how much I spent each year.
Then came Obamacare. I was so pissed off that my private individual health policy doubled that I went on a mission to qualify for subsidies. I knew the way my investments were structured for tax efficiency that it would mean getting my expenses as low as possible. Much to my surprise, I had to do relatively little. I’ve tracked expenses for the last 4 years, and this is what the regularly occurring expenses look like:
Property taxes: 8500/yr
Food and drink: 7200
Directv 2050. If anyone can tell me how to get Boston cable sports channels in CA, let me know
Gas and electric. 900
Gardener. 900
Internet 900
Water. 600
Cell. 600
Garbage. 400
Car insurance. 1200
Home ins. 1400
Car regist. 400
Dog food,drugs. 1200
Total: 26250/yr
Variable expenses, including home repairs, car repairs, vet bills, entertainment, travel, and the very material things I buy, have averaged around 9k per year, for total expenses around 35k.
About what I said when you add a $3k mortgage/HOA/Property tax then $6k/mo gross income is easy to have for a (not extravagant nor uber wealthy) budget. There’s a big difference between budget living and having a budget.
Yeah Perry, I was surprised how consistent and rather low my spending was. I don’t budget, but track. Maybe that’s the same thing if , like me, you’re not a spender.
The only items I budget for each month is for property insurance, property taxes and car insurance, and put x dollars into a specific account each month to pay them in full when due. Each month I take 1k in cash to use for anything I would buy in a grocery or drugstore. I also put cash into an envelope for gas and replenish as needed, which isn’t monthly.
I don’t budget for any other items. I know I have sufficient funds deposited into my checking account to cover utilities, any other monthly bills, and any credit card purchases I make.
I have no need for a clothing budget, I buy when necessary only.
Thanks for clarifying. I had completely forgotten that phone service is considered a utility. "Irrigation pump" means you grow a large garden or that you maintain pasture land for grazing animals? I don't think I've ever had a monthly electric bill over $50 in the 16 years I've been here, but then my townhouse is only about 1600 sq. ft.
It's interesting how variable different people's needs can be.
Or the house itself. The house in Orange County I grew up in, was an all-electric from the 60s and if central air was on in the summer, it was like $500 a month. My thrifty parents preferred to suffer!
I did the "obsessive budgeting thing" before I retired, as I suppose almost everyone does, but it lasted only about two months before I realized it was an absurd waste of time and energy. I actually bought one of the most sophisticated budgeting software packages, which was almost comical in its complexity.
I think I am overly obsessive about budgeting because I always worked for my living and the way I am I keeping wondering how can we live if we're not working?
Part of what I am worried about is I am one of those that still has a mortgage and I would feel a whole lot better without one but the numbers keep telling me we'll be just fine even with the mortgage.
After we pay all of our Medicare premiums and supplement plans along with dental and life insurance we should have $4,335.87 left over every month. Our monthly expenses are as follows:
Mortgage &Tax $999.90
HOA Fee $239.00
Homeowners Insurance $20.92
Utilities $127.00
Cable/Internet $155.77
Cell Phone $200.77
HVAC Furnace Maintenance $20.00
Church $110.00
Auto Insurance $43.33
Auto Maintenance & Gasoline $200.00
Gifts $150.00
Pharmacy $150.00
Food $433.00
Entertainment $433.00
Clothes, Hobbies and Beauty Shop $216.50 Total Expenses $3,499.19
If we stay within budget we should have $836.68 left over every month and if I pay that on the mortgage we can be rid of it in a few short years. If I kept working putting that income against the mortgage the mortgage would be gone in less than two years which would put an additional $750 into our monthly budget.
There are places we could cut back on too. The biggest is the cell phones and there plans that are a whole lot cheaper we could use after I totally quit work.
Basically food, entertainment "play money" would be $250/week and that is how we would budget that as a lump sum.
Looking at these numbers my mind tells me we are in extremely good shape, even if we do still carry a mortgage, but this little nagging voice in the back of my head keeps nagging me about working because I always worked.
I'm scared to take the big step. Living in a relatively low cost of living are in the Midwest I know I am ready to take the big step but I'm still scared... maybe if I worked another 20 years..... if only social security kept adding an additional 8% per year for not taking benefits to age 90.....? Big baby I am!
I've never budgeted my entire life. I don't see any reason to start now that I am retired.
Same here. At least we do it very loosely. We just made sure our income was going to exceed our outgo by as much as possible, and after the bills are paid each month we tuck away the remainder in two different places, one for saving and one for the unexpected, including having some fun.
I think I am overly obsessive about budgeting because I always worked for my living and the way I am I keeping wondering how can we live if we're not working?
Part of what I am worried about is I am one of those that still has a mortgage and I would feel a whole lot better without one but the numbers keep telling me we'll be just fine even with the mortgage.
After we pay all of our Medicare premiums and supplement plans along with dental and life insurance we should have $4,335.87 left over every month. Our monthly expenses are as follows:
Mortgage &Tax $999.90
HOA Fee $239.00
Homeowners Insurance $20.92
Utilities $127.00
Cable/Internet $155.77
Cell Phone $200.77
HVAC Furnace Maintenance $20.00
Church $110.00
Auto Insurance $43.33
Auto Maintenance & Gasoline $200.00
Gifts $150.00
Pharmacy $150.00
Food $433.00
Entertainment $433.00
Clothes, Hobbies and Beauty Shop $216.50 Total Expenses $3,499.19
If we stay within budget we should have $836.68 left over every month and if I pay that on the mortgage we can be rid of it in a few short years. If I kept working putting that income against the mortgage the mortgage would be gone in less than two years which would put an additional $750 into our monthly budget.
There are places we could cut back on too. The biggest is the cell phones and there plans that are a whole lot cheaper we could use after I totally quit work.
Basically food, entertainment "play money" would be $250/week and that is how we would budget that as a lump sum.
Looking at these numbers my mind tells me we are in extremely good shape, even if we do still carry a mortgage, but this little nagging voice in the back of my head keeps nagging me about working because I always worked.
I'm scared to take the big step. Living in a relatively low cost of living are in the Midwest I know I am ready to take the big step but I'm still scared... maybe if I worked another 20 years..... if only social security kept adding an additional 8% per year for not taking benefits to age 90.....? Big baby I am!
Homeowners insurance is only $20/month?? Wow, I wish! (Although, no HOA/no mortgage/low property taxes, so it all works out in the long run )
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
)
