What is your monthly budget?

Mulligan said:
Once the new furniture ($300 per month) is paid off, that amount will drop from the list above. Of course, there's always someplace to take it's place. We are going to do our level best not to incur any debt, though. However, I don't have a problem with zero-interest debt if it makes sense at the time.

Marty I agree completely with the "always something to take it's place". I didn't retire until I had a $2000 monthly cushion in budget. In theory I should be able to save that each month, but in reality it is never more than $1000. Roof, dishwasher, water heater, car repairs, presents....Seems like always something every month. I am glad I didn't cut my retirement budget close to the bone, or there would always be problems, or part time work to compensate for shortfall.


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Once she quits working, my 2 pensions will cover the monthly budget with a small cushion. Our combined TSP & 401k's will cover anything additional we might need. Also, she will begin SS at 62. I didn't mention my small WEP-reduced SS, but it will hopefully be enough to cover Part B when we get there. We should have a $1000+ "cushion" without paying off the mortgage, or around $2000 if we do pay off the mortgage. There are still a few details that haven't been ironed out yet...
 
My monthly budget is about $3000 which includes $755 monthly rent on my apartment. I don't keep to an exact budget but that is the best estimate I can give.
 
We average ~3K per month. No mortgage but Texas property taxes still take a big chunk. Since we live out in the country on acreage commuting expenses take the largest bite....
 
$4500 after income tax... Wife and I.

No mortgage, no debt.

Includes all living expenses, utilities, property tax, insurance, travel, home/auto repair and maintenance.

We usually don't spend $4500 every month... monthly savings are kept in a separate account to pay for the unexpected home/auto repairs and travel without dipping into investment accounts.
 
Mulligan said:
Marty I agree completely with the "always something to take it's place". I didn't retire until I had a $2000 monthly cushion in budget. In theory I should be able to save that each month, but in reality it is never more than $1000.
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Incidentally, $2k is my planned padding for RE monthly expense. It will pay for the unexpected, and any leftover will go toward traveling. I am hoping I will have healthy leftover ($15k/year) for traveling budget. But given your example, $12k is more realistic. Or ... I will give in to OMY syndrome and increase my RE monthly padding expense (to travel and see the world).
 
robnplunder said:
Incidentally, $2k is my planned padding for RE monthly expense. It will pay for the unexpected, and any leftover will go toward traveling. I am hoping I will have healthy leftover ($15k/year) for traveling budget. But given your example, $12k is more realistic. Or ... I will give in to OMY syndrome and increase my RE monthly padding expense (to travel and see the world).
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My 2k monthly padding also includes any travel. I'm not a serial travel but like to go 4-5 times a year in country for 4-6 days at a time. I also have $500 entertainment budget and usually when I travel that gets lumped into the vacation trip, minimizing my budget strain. My income budgeting is easier than most as it is solely pension based.


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mcdevin1970 said:
I know this will vary greatly, but would be interested to know what the average is here in the forum. What area of the country you live, married single, mortgage or not would be helpful info. Also, where does the majority of your expenses come from.
As I prepare for possible Semi-er soon, would be curious as to what those that have successfully er'd budget for monthly expenses.
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Around $4400. not including travel
We have 2 houses and our 2nd home has a mortgage. ($1650 mo.)
Will be down to 1 house in the near future
 
2013 was my first year tracking expenses and I spent $5K a month not including income taxes, other payroll deductions, and retirement savings (am not yet retired and am single). I made my final mortgage payment in January so expenses should be $4K a month in 2014. By downsizing in retirement to a home with lower utilities and less yard and doing my own housework, I'm hoping to cut my basic expenses down to $3.5K a month. I should then have about a $2K a month cushion for travel, entertainment, etc.
 
DW and I spend about $4400/ month preretirement. At retirement we're planning for $5-$6000 with healthcare being the wildcard. As a plan B we have a second home we could sell which would reduce expenses by about $6000 per year. In any event I would feel better if we had it nailed down closer. But that's life.
 
We spend between 5-6k per month. 2A2C. No mortgage. In Australia.

We plan on FIRE next year (we were planning last year but wanted to create a larger buffer in the end) and we will have around a 10k per month budget.

Our children are young and we want to travel and live in various places in the world. The COL in our home country is ridiculous.

We will also be investing a lot to have a large buffer for the children's future.
 
Presently $1800 per month for me + $1800 for DW is in our unbudgeted budget.
Thus $3600 is our spending per month. ($1800 travels much longer distances when it gets combined) Work schedules prevent us from much travel.
Our portion of healthcare insurance is included, It is partially paid by employer. Savings are not included. Since maxing Roths for both are taken out first, we spend what is left.
 
Spent $63-64k last year but almost $18k of it was from remodeling expenses.

Still working so not paying health care premiums yet.

This is in South Bay Area.
 
$3k pm All In. No mortgage. North East Florida.

$1,400 pm is what it cost to run the house. (No food or entertainment)
 
My current monthly expenses (not including taxes and healthcare as that comes out of current paycheck) are $3000 per month. When I retire at 55 I plan on ~$4000 from 55 to 60 when my taxes will be low and~ $5000 once I pull income from my retirment funds and will pay more in taxes. Travel and helath care are included for retirement.
 
PS - I did not include taxes. Mine was all net income spending.
 
Net income spending is about $3300 including mortgage, for family of five. Pre-retirement with young kids. Expenses will most likely increase substantially as kids grow up.
 
I no longer believe it is a good idea to give absolute numbers on this website. So let's just say my monthly budget is about average...
 
obgyn65, would you care to give us an idea why you believe it is not a good idea to give absolute numbers. I have met about seven people, in person, on the board. Looking at my personal data, login, and avatar, I would say there are several others that might be able to figure out who I am. But I don't see the risk. Even if my neighbors know I spend about $3,500 a month, what are they going to do with the information, and how do they know I am really telling the truth, the whole truth and nothing but the truth.

I don't mean this to put you off or upset you, I just wonder if there is a train of thought I have not followed.
 
Rustic23 said:
obgyn65, would you care to give us an idea why you believe it is not a good idea to give absolute numbers. I have met about seven people, in person, on the board. Looking at my personal data, login, and avatar, I would say there are several others that might be able to figure out who I am. But I don't see the risk. Even if my neighbors know I spend about $3,500 a month, what are they going to do with the information, and how do they know I am really telling the truth, the whole truth and nothing but the truth.

I don't mean this to put you off or upset you, I just wonder if there is a train of thought I have not followed.
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Can't speak for the good doc but it seems some of the folks are critical of the higher income/net worth/higher spending folks. . .note: I said SOME. By and large, this is a great site with great insight and contributors.
 
My perception is that most people participating on this website here seem to be good, honest, smart, kind-hearted persons. I would in fact enjoy meeting most people participating here to discuss FIRE goals. However, I also had a few very ugly PMs and been on the receiving end of pretty harsh criticisms more than once because I happen to be very conservative with my investments while being frugal. That's all I am willing to share. Are you pleased you asked ? :) I am at home having a beer, had a long day, apologies if you thought my comment was directed at you. It was not.

Rustic23 said:
obgyn65, would you care to give us an idea why you believe it is not a good idea to give absolute numbers. I have met about seven people, in person, on the board. Looking at my personal data, login, and avatar, I would say there are several others that might be able to figure out who I am. But I don't see the risk. Even if my neighbors know I spend about $3,500 a month, what are they going to do with the information, and how do they know I am really telling the truth, the whole truth and nothing but the truth.

I don't mean this to put you off or upset you, I just wonder if there is a train of thought I have not followed.
Click to expand...
 
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I guess I have not seen that, but there again, I never paid much attention. I would assume, not necessarily a good idea I know, that other things is post and login names give some idea at to ones wealth. i.e. I assume Doctors make/made more than I, but not necessarily saved it. But thanks for the post, I had not thought of that.

OB, no harm no foul. I use to get pretty rapped around the axle over some of the political threads on here, but I try to ignore them now. I now try to share my limited knowledge, have a good time, and learn something every once in a while. Just wanted to make sure I had not missed anything. As far a being a conservative investor, I relate to that. I know my investments are not anywhere close to a lot of folks on here. However, it works for me, and I sleep real good every night.
 
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