Annual Expense Poll

[Rich_by_the_Bay]

We do this periodically, and I thought it would be interesting to set a new baseline reflecting the ongoing "misery of 2008."

Choose your annual household expenses amount excluding taxes and extraordinary one time purchases, like RVs and vacation homes.

 

[ProspectiveBum]

Looks like I'm the lone spendthrift around here. Actually, more than 40% of our outflow is going to daycare and to pay down the mortgage. In 3 years we'll be done with daycare, and in 8 years the mortgage will be retired. At that point, we'll really be able to ramp up our ER savings.

 

[mickeyd]

I find that if I can manage to spend between $2k-$3k each month, and can avoid many large expenditures (i.e. new car, big vacation etc), life comes at me really slow. Even with a couple of $4k-$5k expenditures this year (fence and A/C unit) I still have managed to LBYM for yet another year!!!!!...so far....

 

[OAG]

Climbing fast this year - 24K-36K bracket now. HELOC Interest to do the SS Mulligan. RE Taxes headed up for a 25% increase in School Taxes (have not had a kid in schools for 25 years but "it's for the kids" (actually it is for the teachers and the NEA, since 89% of school expenses go towards salaries)).

 

[bbbamI]

Choose your annual household expenses amount excluding taxes and extraordinary one time purchases, like RVs and vacation homes.

....and motorcycles?

 

[W2R]

Looks like I'm the lone spendthrift around here. Actually, more than 40% of our outflow is going to daycare and to pay down the mortgage. In 3 years we'll be done with daycare, and in 8 years the mortgage will be retired. At that point, we'll really be able to ramp up our ER savings.

Some of those voting are including a mortgage or rent, others are living in paid off homes.

Some of those voting are single and living alone, others have families with a spouse, many children, and/or aged parents to support.

Don't feel like too much of a spendthrift - - from what you said above, your budget appears to simply reflect your life circumstances! Likewise, I am in the <$24,000 category but if I still had my mortgage (or rent), or if I was living with Frank, I wouldn't be.

I think I will post another poll related to the above categories of circumstances. I would be interested to know!

 

[FIREd]

Last year we spent $69,128.

This year we have spent less than $50,000 so far, so I think that, by year end, our annual expenses could very well be below $60,000 for the year, which would be the lowest it's been since 2001.

Next year, I expect our expenses to increase quite a bit. We have 2 overseas trips planned (like this year) plus one wedding to attend in San Francisco. And my wife would like to treat herself to a nice watch, though we'll first have to see how the economy fares. Maybe I should count the watch as an extraordinary one time purchase, because it truly is a once in a lifetime purchase...

DINKs, expenses include $10K annual for mortgage, $5K annual for disability and life insurance. Some money goes to support parents, but it's still very reasonable.

 

[audreyh1]

But I haven't reigned in expenses yet! Spending habits are pretty much the same as they have been all year and were last year.

If I do start cutting back, it will probably be later next year as my short term cash hoard starts to dwindle and I start looking ahead at withdrawals. I shouldn't need to do any portfolio withdrawals until late 2010 (knock on wood), but I expect that by late 2009 I'll be looking ahead.

Audrey

 

[W2R]

But I haven't reigned in expenses yet!

I am not laughing AT you, but WITH you! I feel like that a lot, too.

 

[shotgunner]

Single, paid off house, included property tax (high in NH as there is no sales or income tax), and health insurance, $34K annual out flow, have not really made any attempt to rein in expenses since I am working P/T 20 hours a week which provides about $20K net annually.

 

[Rich_by_the_Bay]

....and motorcycles?

That's a necessity.

 

[Khan]

Not including car, taxes, and charity for 2007: just under $19,000.

 

[audreyh1]

I am not laughing AT you, but WITH you! I feel like that a lot, too.

Oh Want2retire! I always know that you are laughing WITH me!

Audrey

 

[Dawg52]

I voted for bracket 2, but I'm just barely in there. I'm around 25-26K.

 

[Corporateburnout]

Not sure how a couple live on anything less than 60K per year. I voted 84k-96K. I believe we can reduce our spending to about 65K when we retire.

 

[Goonie]

I voted for bracket 2, but I'm just barely in there. I'm around 25-26K.

Me too....it would be less if we didn't travel as much....but since we can't with us when we go, we're gonna enjoy it along the way.

(if it wasn't for travel, we'd easily be way less than $24K.....probably less than $20K)

 

[dex]

We do this periodically, and I thought it would be interesting to set a new baseline reflecting the ongoing "misery of 2008."

Choose your annual household expenses amount excluding taxes and extraordinary one time purchases, like RVs and vacation homes.

Is this for everyone? Working, non working, single, etc?

 

[Bikerdude]

This poll could be misleading due to some people being retired and some still working. I would think retired folk would be cutting back more than someone who still has a job. Just my .02 worth.

 

[SecondCor521]

I was going to post a number, but then there were so many caveats. The way RIT asked for the number, I calculated $40,600 per year. It should be way less than half that amount after the kids are grown and gone and the mortgage is paid off. Probably closer to one third.

2Cor521

 

[unclemick]

2007 - 50k including taxes, all trips and parties, everything. My FireCalc and ORP number is up in the 60's - but my nerves given Mr Market of late won't let me go there.

Dat's a long long way from my personal all time low of 12k one year in the early 90's starting ER.

heh heh heh - . I usually spend what I think I'm 'allowed' to spend. Whatcha think maybe a hot tub for winter 2009? .

 

[FANOFJESUS]

16k for the two of us with no debt.

 

[DAYDREAMER]

22k for two of us and two dogs/1cat.

Living expenses to take home pay(after 401k's)=22000/130000=17%

Now, if i include hobbies, well, it goes to 50%

If the economy starts to affect me directly, the hobbies go out the window.
Hobbies are snowmobiling/biking in the winter, and boating/biking in the summer. Biking may end up being the hobby of choice for the future.

 

[Moemg]

This year is basically the same as last year . I calculate my yearly spending allowance on Jan.1 and since I do a straight 4% next year may need a little tweaking of the budget but no terrible cut backs .

 

[ziggy29]

I'd guess around $50,000 right now, but we could easily get it to under $40,000 if we needed to do so without unacceptable sacrifices.

 

[youbet]

Divided our total expenses for 2007 by 2 and entered that. Seems like it was appropriate to account for the difference between a couple and a single. Obviously a couple requires at least double the dollars a single needs!