Eye popping spending and overwhelmed about how to cut down to a reasonable lifestyle

[pacergal]

Thanks for the update and great progress!
We love updates from folks here. I think we can all learn something from others experiences.

 

[stephenson]

I'm still hmmm about a couple of things.

Sure, HCOL area, but $500K plus is pretty nice income.

How much is being SAVED? Tax deferred?

529 plans for kids?

Why a nanny? Nothing has been said about spouse working ... so, why?

Financial concerns, but beach house rental for other family, ordering food for same folks?

Ordering food for office staff? Proprietorship or part of larger company ...

Agree some positive changes, but wow ... so different from my life!

 

[MarieIG]

Yes, I was very pleased to read your update - in particular that you and your DW are working as a team to manage your budget.

With your income, you can still enjoy a very good lifestyle, and save for retirement.

 

[Koolau]

I'm still hmmm about a couple of things.

Sure, HCOL area, but $500K plus is pretty nice income.

How much is being SAVED? Tax deferred?

529 plans for kids?

Why a nanny? Nothing has been said about spouse working ... so, why?

Financial concerns, but beach house rental for other family, ordering food for same folks?

Ordering food for office staff? Proprietorship or part of larger company ...

Agree some positive changes, but wow ... so different from my life!

We are all w*rks in progress. Anyone who makes that much gets a bit of slack from me for making these good changes. We all still have things we could cut back on but we've decided we are willing to spend the money and it still fits our overall plan. Our new member is w*rking his way through his situation and seems to be making headway. I feel certain he will address any other issues in time. My hat is off to him.

 

[Katiek]

Thanks for the update! You make a great living so there's certainly no need to cut costs so much that you're not enjoying life or having to sacrifice special celebrations. But what's important is that you now know what you're spending on and you're making decisions based on what purchases/experiences mean the most to you and you're not just spending blindly.

 

[Markola]

Congrats! You’re on the expense and debt cutting groove that author Dave Ramsey is all about. His religious dimensions are optional but I still haven’t found a better book than “Complete Money Makeover.” That program works.

 

[pjigar]

Great progress but like I mentioned earlier: don't push too hard, too fast. Managing your (over) expenses it like dieting: if you push too hard then you may get burned out. Steady and slow wins the race. Good luck and keep us posted.

 

[steady saver]

I just happened upon this old thread and am impressed with the changes you and your wife had made. Would love to hear an update. Any small changes deserve celebrating and you had made some considerable ones up to your last post.

 

[Turtle]

I was delighted to find when doing taxes this year and needing to identify all our medical expenses that I could cut and past both our checking and credit card full year view into a spreadsheet. Used one for each source and then sorted by name. Wa LA Not only was it easy to identify and separate the med bills including sub types it also showed the activity and all the other usually places we used them. Well not as specific as Quicken it did help see a summary overview easily. Also have your term insurance in place.



BTW I do keep a monthly asset summary spreadsheet which includes monthly list of about $200 plus one-off expenses to refresh or memories.



Sounds like you are doing well overall. I would just say family money dynamics can be tricky so tread lightly maybe even back into it by together deciding what retirement spending goal is (even a best guess) and together look at the numbers to see if you are on track. I think I am trying to say just don't become a spending cop in an otherwise healthy relationship.