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Old 03-19-2014, 12:40 PM   #41
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Ours is $2440/mo and that includes Fed and State taxes and Health Care insurance (HDHP via ACA w/ subsidy).

We are 2 adults with grown kids who are out of the house and independent. No home mortgage, no debt. Fairly low cost of living area (northeast Ohio). We think we are living quite well but to others we may look frugal. Our main splurge is DirecTV at $103/mo.

Vacations are not important to us so we don't budget for big expenses there. DHs Mom is 85 and lives in Denver so we make sure he or both of us travel to see her periodically.

DH's monthly pension is larger than the $2440 that it costs us to live every month, so that makes it all VERY SWEEET!
That is great. I would love to have our post kids expenses for two so low. I think even if we lived in an Earthship in the desert we would spend more than that in a year.
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Old 03-19-2014, 12:58 PM   #42
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Quote:
Originally Posted by Sue J View Post
Ours is $2440/mo and that includes Fed and State taxes and Health Care insurance (HDHP via ACA w/ subsidy).

We are 2 adults with grown kids who are out of the house and independent. No home mortgage, no debt. Fairly low cost of living area (northeast Ohio). We think we are living quite well but to others we may look frugal. Our main splurge is DirecTV at $103/mo.

Vacations are not important to us so we don't budget for big expenses there. DHs Mom is 85 and lives in Denver so we make sure he or both of us travel to see her periodically.

DH's monthly pension is larger than the $2440 that it costs us to live every month, so that makes it all VERY SWEEET!
Does this include your travel as well? You mention you like to travel - but I'm not clear if that's included.
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Old 03-19-2014, 02:00 PM   #43
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My fixed monthly expenses (for 1 adult and 1 kid in socal) are approx. $5k

Mortgage/taxes/insurance: $2000
Utilities/internet/gardener: $250
Car/dmv/aaa/gas: $775
Groceries/eating out: $700
Pets: $170
Childsupport/school: $780
Misc: $300
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Old 03-19-2014, 02:02 PM   #44
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Budget is $4,500 per month average including taxes but have been spending less than $4,000 since retiring in 2011.

I am single, no kids, live in a small co-op apartment in NYC.
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Old 03-19-2014, 02:33 PM   #45
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Does this include your travel as well? You mention you like to travel - but I'm not clear if that's included.

Nope, we don't travel much at all. Just an occasional trip to Denver, but we stay with DHs mother so it's just flight costs. This is once a year or every other year. In 2013 she came to visit us, so we didn't have to travel.

We save excess funds every month (my most rewarding hobby) so accommodating something like a flight to Denver is not an issue.
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Old 03-19-2014, 02:46 PM   #46
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We don't follow a budget, but we do check our net worth quarterly. If we gave two down quarters we'll begin scrutinizing our spending versus income to make sure we stay on track. We had met with a CFP a little over a year ago and our expenses are significantly lower than our retirement income.
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Old 03-19-2014, 03:26 PM   #47
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We don't have a budget but I do track what we spend. Last year we averaged $7,100/month.
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Old 03-19-2014, 04:14 PM   #48
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Wife & I. All kids grown, gone & self-sufficient. The two of us live on approximately $3500 per month. I am 56 and retiring in the next 3 - 4 months. Wife is 53, working a couple more years (her choice).

$1223 - mortgage, ins. & taxes
$500 - all utilities (elec, water, gas, sewerage, garbage, phone, cable/internet)
$400 - groceries
$300 - dining out
$300 - paying off new furniture at 0% for new retirement house
$375 - gas, insurance, maintenance (2 Toyotas)
$100 - med co-pays, prescriptions etc.
$300 - miscellaneous

Health insurance is figured outside this budget. It's deducted from my pay (and will be from my pension) before I get it, and therefore I'm not counting it as a budgeted item here. It's already been accounted for.

We won't have to begin portfolio withdrawals when I retire & start receiving my pension, because with her continuing to work, our monthly income will be $400 more per month than while I'm working. By the time she does stop working, it will be just about time for my military reserves pension to kick in, essentially replacing her working income. Portfolio will be in addition. There will probably be a one-time expense for a boat for my fishing hobby.

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.
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Old 03-19-2014, 04:50 PM   #49
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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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Old 03-19-2014, 04:55 PM   #50
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Old 03-19-2014, 05:31 PM   #51
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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...
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Old 03-19-2014, 05:59 PM   #52
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If this is for a month, it seems high (especially the property tax). If it's for a year you must be living in a small house in the country with the low utilities.
Property tax rate in TX is pretty high, 2% or more.
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Old 03-19-2014, 06:13 PM   #53
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Property tax rate in TX is pretty high, 2% or more.
Mostly more.
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Old 03-19-2014, 06:26 PM   #54
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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.
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Old 03-19-2014, 06:37 PM   #55
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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....
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Old 03-19-2014, 09:38 PM   #56
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Property tax rate in TX is pretty high, 2% or more.
I'm in TX (The Woodlands) and pay 1.62% with a homeowners exemption and an over 65 exemption.
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Old 03-19-2014, 10:13 PM   #57
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$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.
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Old 03-20-2014, 11:56 AM   #58
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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.
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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Old 03-20-2014, 02:20 PM   #59
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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).

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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Old 03-20-2014, 02:47 PM   #60
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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.
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
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