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My husband and I spend about 20% of our NET income on our mortgage. We don't have car payments (we save and buy them with cash). We are fortunate to both have good jobs in an area with decent cost of living, so we try to live well within our means so that we can meet our other financial goals (paying down student debt, put a good chuck away for retirement, rainy day fund, etc.) Each person's situation is different though, and you have to consider your salary, cost of living in your area, your other financial obligations, etc. You are smart to be planning your budget and should probably talk to others in Northern Virginia about utilities and other costs that vary from place to place so you can get a realistic estimate of other monthy expenses. Housing is a significant part of your monthy expenses, so keeping the cost of that down as much as you can helps a lot. Good luck!
About 25% on rent
About 8% on car payment
About 27% on student loans (minimum payments!!!!! )
Most of the rest on bills and living expenses. I'm single and live comfortably in a below average apartment. I don't live extravagantly. I was unfortunate enough to not have a car bought for me in high school and the crappo one I bought myself in college died after I graduated so I had no choice but to take on a car payment (I was broke at the time). I'm able to save a couple hundred every month when I have moderate one time expenses (plane ticket home for xmas or other things along those lines). I make good money for my age group but bad money for my position/experience/credentials. When I think about all that money going toward my student loans instead of a 401k it makes my cry and throw up a little . . .
We get penalized by the IRS in ways that singles do not.
Perhaps, but I think that's just a drop in the bucket. Married couples (lower income in particular) with kids also get a lot of goodies that singles do not. My cousin has three kids. Probably makes $20,000 a year max. She got back $8k last year on her tax returns, mostly due to child tax credits. My parents received them, too.
Perhaps, but I think that's just a drop in the bucket. Married couples (lower income in particular) with kids also get a lot of goodies that singles do not. My cousin has three kids. Probably makes $20,000 a year max. She got back $8k last year on her tax returns, mostly due to child tax credits. My parents received them, too.
Seriously, you are complaining about that? That has nothing to do with being married(that has to do with having children just so you know), if a couple were married and had NO children, they would be taxed more heavily than a single person.
Perhaps, but I think that's just a drop in the bucket. Married couples (lower income in particular) with kids also get a lot of goodies that singles do not. My cousin has three kids. Probably makes $20,000 a year max. She got back $8k last year on her tax returns, mostly due to child tax credits. My parents received them, too.
We have no kids, and make considerably more than that. We are taxed considerably higher than two non-married individuals with the same incomes. Considerably.
We have no kids, and make considerably more than that. We are taxed considerably higher than two non-married individuals with the same incomes. Considerably.
It does not matter, you are still taxed more. And I got married a year ago, I thought the same thing. I did a test run on married filing seperately and married filing jointly, it's about the same. I was shocked, I started to think, besides love and a life long partner, why did I get married again? lol
It does not matter, you are still taxed more. And I got married a year ago, I thought the same thing. I did a test run on married filing seperately and married filing jointly, it's about the same. I was shocked, I started to think, besides love and a life long partner, why did I get married again? lol
Interesting. I am not married, so I have no idea. I always assumed that filing separately was the same as filing as two single people.
Yes, if anything married filing sperately can be taxed even higher if there is a large disparity between the incomes. The difference we pay as a result of the "marriage tax" would pay for a nice Caribbean cruise every year.
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