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01-01-2008, 10:31 AM
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#21
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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2007
Housing 5000
Car 2500
Food 2400
Health ins 700
Gifts 300
Clothes and Merchandise 200
Total 11,100
Not bad for two people
We think it is fun to save money
In the Midwest
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01-01-2008, 10:37 AM
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#22
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Mostly a West Point graduation and a college-search trip, during which we heard that sentiment expressed about 10 times a day...
The ultimate irony of vacationing Hawaii residents is at Disneyland & Vegas, where it's not unlikely for half the residents on a hotel floor to be from the same island. I think the hotels & casinos recruit our demographic...
Quote:
Originally Posted by LOL!
Didn't I ask about charitable contributions last year? What happened ?
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But then they wouldn't be anonymous, would they?
We greatly expanded that program this year and will keep it up with a percentage of our investment returns.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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01-01-2008, 10:42 AM
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#23
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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Wife and I. I wont break down the numbers. Just expenses listed including tax
However in 2006 it was 50000 + or - 500
2007 50000
But it includes all the usuals. House repairs and the unexpected dental work. Plus a couple great vacations. It was curious how close the numbers were. If push came to shove we could reduce that amount by an easy 5000 which is what we budget for our vacations. It will probably go up this year due to having a roof done that is a fairly large expense.
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01-01-2008, 11:08 AM
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#24
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Full time employment: Posting here.
Join Date: Jan 2008
Posts: 757
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Too Much
Here's our outflow:
Life Insurance (785)
Auto/Home Insurance (2,220)
Medical (616)
Property Taxes (3,263)
Cable TV (385)
Electricity (2,313)
Heating Oil (1,421)
Phone & Internet (952)
Water/Sewer (630)
Vacation (4,631)
Household (everything else; food, clothes, entertainment, etc) (47,057)
Mortgage (15,360)
Fed Tax (23,594)
State Tax (6,787)
Total before taxes: 79,633
I use quicken, but can't get used to itemizing past actual bills. We just lump sum everything together and budget off that.
Really need to get those tax bills down. Haven't found a way....yet!
Nano
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01-01-2008, 11:20 AM
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#25
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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$68,200.00 (net)
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01-01-2008, 11:39 AM
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#26
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 479
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Spent 62k not including taxes
Saved 25k
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01-01-2008, 11:44 AM
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#27
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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$99k including $36k penthouse rental and $10k snowbirding expenses and taxes
$53.3k net
__________________
For the fun of it...Keith
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01-01-2008, 11:47 AM
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#28
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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For wife and I, $63,800 (excluding taxes), down 1.4% from 2006. Car expenses jumped almost 40% from 2006 (lots of costly repairs for my 7year old VW plus higher gas prices), grocery costs increased nearly 10%, and we spent almost 35% more on gifts (mostly cash gifts to help family members). But durable good purchases decreased almost 20% and our utilities cost cutting measures are starting to pay off with a 15% drop from 2006. The results are surprising as I thought we spent a lot more money in 2007 than we did in 2006 (it just felt like a very expensive year for some reason).
But in 2007 our tax bill came to a record $32,500 (includes Federal, state and FICA), up 16% though income was up only 7%.
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01-01-2008, 01:14 PM
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#29
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Full time employment: Posting here.
Join Date: Oct 2007
Location: New York
Posts: 898
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I just finished this a few hours ago.
Excluding two large 'extraneous' items (some pricey art and a pricey room renovation):
Housing: $68,883
Utilities: $6,576
Cash*: $33,283
Medical/Dental: $2,833
Food&Drink: $7,227
Entertainment: $15,456
Travel: $17,470
Consumer Goods: $16,885
Gifts: $3,980
Misc: $4,245
Total: $168,839.
Including the 'exceptional' items we spent $202,976.
*Cash - I know this category is bogus, but such are the limits of my record keeping. In reality its a mixture of Food, Entertainment, and Transportation
Other notes on categories: 'Entertainment' includes eating out. 'Misc' includes public transportation. Lots of transportation costs (taxis) are hidden in that 'Cash' category, maybe even 8-10k worth.
__________________
Money's just something you need in case you don't die tomorrow.
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01-01-2008, 01:15 PM
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#30
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 398
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Mortgage (12,397)
Property Tax (2,970)
Charity (5,040)
Home Insurance (762)
Auto Insurance (467)
Auto Gas (829)
Cable TV (636)
Phone (343)
Internet (219)
Electricity and Gas (247)
Water (219)
Trash (142)
Medical (713)
Veterinary (345)
Food (1,646)
Misc (2,727)
Total (29,703) (plus 65,287 in estimated income taxes)
Previous Years:
1999 (30,915)
2000 (33,454)
2001 (27,325)
2002 (31,751)
2003 (29,757)
2004 (25,510) [plus 18K in veterinary bills]
2005 (29,424) [plus 5K in veterinary bills]
2006 (30,735)
2007 (29,703)
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01-01-2008, 02:03 PM
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#31
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,769
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I'm impressed with all the record keeping. I can only give a WAG at about 120K
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
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01-01-2008, 02:06 PM
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#32
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
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Single, $41,570, biggest expense: taxes. State, Fed and property= $9,081 .
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
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01-01-2008, 02:08 PM
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#33
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Full time employment: Posting here.
Join Date: Oct 2007
Location: New York
Posts: 898
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Quote:
Originally Posted by Bikerdude
Single, $41,570, biggest expense: taxes. State, Fed and property= $9,081 .
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I didn't include taxes in mine. Too early for me to figure that out yet!
__________________
Money's just something you need in case you don't die tomorrow.
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01-01-2008, 02:11 PM
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#34
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Posts: 1,228
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This thread is a good inspiration for me to calculate my spending. This year total 2007 spending was $84,200 not including taxes. This included a one time cash gift of $12k, and expenses related to fixing up my condo for sale, as well as moving and refurnishing expenses.
I am thinking that my ongoing living costs will be about $60k a year now that I'm living in the city... it's more expensive than the suburbs where I spent $51k last year.
BTW for those of you who aren't sure how to calculate your spending, you might want to try my super simple approach. I have a single checking account through which all spending flows, and I just get a year end spending report on it from my bank. To make this work I needed to have a separate checking account that I use for all transfers... any money that will leave the account into another of my financial accounts. I am careful that any money going out of the spending checking account is actually spending, and any money going out of the transfer checking account is actually not spending.
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01-01-2008, 02:44 PM
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#35
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,294
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2 adults, 1 income, no mortgage, North Texas......expenses $43,755.00 (not including fed tax)
Did save $51,500 for retirement fund...hubby wants to hang it up in 2009.
__________________
There's no need to complicate, our time is short..
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01-01-2008, 03:03 PM
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#36
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Recycles dryer sheets
Join Date: Jul 2005
Posts: 423
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Don't mean to hijack the thread, but I am just wondering how you guys do the record-keeping to keep track of all these categories? Do you use a digital tool like wesabe/yodlee/quicken or are you just unbelievably disciplined at keeping up spreadsheets?
I really liked my AmEx as they produced a nice end of the year categorized spending list for me, but now that I switched to the EmigrantDirect cashback card, I don't think they have that feature.
I try to do all my spending on credit, but some large expenditures can't be done that way (like my rent and electricity). Plus in NYC, many restaurants are cash-only, as crazy as that is.
I'd love to track all expenses as well, but i just know I am not disciplined enough if it requires paperwork...
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01-01-2008, 03:47 PM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,317
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A lot!
DD is in her final year at NYU: $50K -kaching.
New furniture and house upgrades preparatory to DW's ER: kaching.
Regular expenses: kaching.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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01-01-2008, 03:48 PM
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#38
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,294
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Quote:
Originally Posted by Olav23
Don't mean to hijack the thread, but I am just wondering how you guys do the record-keeping to keep track of all these categories? Do you use a digital tool like wesabe/yodlee/quicken or are you just unbelievably disciplined at keeping up spreadsheets?
I really liked my AmEx as they produced a nice end of the year categorized spending list for me, but now that I switched to the EmigrantDirect cashback card, I don't think they have that feature.
I try to do all my spending on credit, but some large expenditures can't be done that way (like my rent and electricity). Plus in NYC, many restaurants are cash-only, as crazy as that is.
I'd love to track all expenses as well, but i just know I am not disciplined enough if it requires paperwork...
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For expenses, I have just one excel spreadsheet for each year. The biggest PITA was setting up the catagories. Every once in a while I'd have to add a new one. Most of our expenses are on 2 credit cards, so that makes it pretty easy. I post the other expenses when I receive the bills. The cash part goes into a misc fund, but it is never over $200 a month. If it were, I would separate those as well.
To me, this is an important step to retirement. We have to know how much it takes to pay the bills, where the money goes and what we could cut if there is a need.
__________________
There's no need to complicate, our time is short..
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01-01-2008, 03:50 PM
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#39
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by Olav23
Don't mean to hijack the thread, but I am just wondering how you guys do the record-keeping to keep track of all these categories? Do you use a digital tool like wesabe/yodlee/quicken or are you just unbelievably disciplined at keeping up spreadsheets?
I'd love to track all expenses as well, but i just know I am not disciplined enough if it requires paperwork...
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Quicken. A few minutes a day or a half-hour a week.
What matters is finding a method that works for you. The software is pretty much a personal preference as is the degree to which you drill down into categories.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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01-01-2008, 03:50 PM
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#40
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Full time employment: Posting here.
Join Date: Oct 2007
Location: New York
Posts: 898
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Quote:
Originally Posted by Olav23
Don't mean to hijack the thread, but I am just wondering how you guys do the record-keeping to keep track of all these categories? Do you use a digital tool like wesabe/yodlee/quicken or are you just unbelievably disciplined at keeping up spreadsheets?
I really liked my AmEx as they produced a nice end of the year categorized spending list for me, but now that I switched to the EmigrantDirect cashback card, I don't think they have that feature.
I try to do all my spending on credit, but some large expenditures can't be done that way (like my rent and electricity). Plus in NYC, many restaurants are cash-only, as crazy as that is.
I'd love to track all expenses as well, but i just know I am not disciplined enough if it requires paperwork...
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I do it on a spreadsheet. Once a month, I paste the activity from my Visa, the wife's Visa, and our checking account into a spreadsheet. From there I select a category for each line item and the spreadsheet totals it for me.
The problem I have is the 'cash' bucket becomes a catch-all which limits the utility of my system. I too live in NYC and spend a lot in cash. To really track that I'd have to take notes during the day or update a spreadsheet each night, something I'm probably not disciplined enough to do. One thing I could do is use my debit/credit card whenever I can, at least that would minimize the 'cash' bucket.
__________________
Money's just something you need in case you don't die tomorrow.
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