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Old 03-08-2018, 06:53 PM   #21
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Allowance - we both get 100 bucks a week cash that we donít track, he buys cigars, I buy massages, gifts
Bike
Boat
Booze - just from liquor stores or wine clubs, not grocery store or restaurants
Dog Vet bills
Misc for haircuts, or items that we donít track
Newspaper
YMCA

Household cleaning supplies all go into food as itís all purchased at HEB
When we travel, restaurants and food are still categorized as such, not as travel
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Old 03-08-2018, 07:33 PM   #22
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Nothing to add.

Minor nit: descrectionary is misspelled. (should be discretionary and non-discretionary)

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Old 03-08-2018, 08:26 PM   #23
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I'm retired! I don't have time to do all that detailed breakout stuff. If I buy something at the grocery store, it goes under Groceries. To make my life easier, I have a Cash category that is supposed to include eating out, liquor, small purchases, and other totally discretionary expenses that I shouldn't need to track closely. But then I decided I needed to understand those discretionary expenses better, so now I have sub-categories under Cash for Dining, Liquor, Skiing, and a couple of others.

I've only been doing this tracking stuff for around 30 or 40 years. I'll figure it out some day!

BTW, you have a fine set of categories. Enjoy retirement. Don't get too hung up on the financial details.
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Old 03-08-2018, 08:51 PM   #24
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I don't do a budget any longer either.
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Old 03-08-2018, 10:40 PM   #25
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Entertainment could include other subcategories such as concerts and theatre (unless you never go). My entertainment category included dining out. Do you have any subscriptions? What about sports? I had a Golf category!
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Old 03-08-2018, 11:48 PM   #26
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I think most of these have been mentioned already, but we spend on wine/liquor, entertainment such as hosting parties and/or going out to live performances, gifts that arenít just holidays/birthdays, personal care (haircuts, cosmetics, pedicures), gym membership, sports equipment (SCUBA, bikes, SUP/kayak accessories), housekeeper, household cleaning products. However your best bet is to look at your own historical spending. If your categories capture your spending, youíre good.
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Old 03-09-2018, 12:00 AM   #27
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Here are my categories, and averages for the past five years of retirement (ages 64-69). Income tax amounts are not included because I don't want to and they wouldn't help you anyway.

CategoryAverages for 2012-2017Comments
Groceries$2,716Includes toiletries, detergent, etc.
Restaurants$3,154lunch every day plus some dinners
Gasoline$706Everything is close by.
Car$1,728insurance, maintenance, registration
House$7,726insurance (homeowners', wind-and-hail, and flood), prop. tax, mowing, maint.+upgrades
Utilities$3,856internet, nat. gas, electricity, water, trash, sewage, cell
Fitness$1,000gym, exercise, and weight loss expenses
Clothes$359casual retiree clothes and shoes
Miscellaneous$3,172Gifts, haircuts, computers, etc
Video Games, apps$477my hobby
Medical$8,645dental work, implants, surgery, deductible, co-pay, insurance, Medicare, prescriptions, OTC medications, etc
Income Taxes  
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Old 03-09-2018, 07:12 AM   #28
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Here is my list
Food & Dining (Groceries, Restaurants, Alcohol)
Dwelling (HOA, Improvement, Services, Supplies, Mortgage, Property Tax, Insurance)
Health (Dentist, Doctor, Eyecare, Gym, Vitamins, HSA, Pharmacy, Insurance)
Auto (Gas, Insurance, Service, Parking/Tolls, DMV, public transit)
Utilities (Cable, Gas, Electric, Cellphone, Water&Waste)
Travel (Transport, Lodging, Entertainment)
Shopping (Clothing, Electronics, Software, Household Items, Furniture, Sports)
Entertainment
Umbrella Ins
Gifts (Charity, Family)
Legal (attorney, cpa)
Personal Care (Hair, Nails, Massage, etc)
Pet (Vet, Food, Toys)
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Old 03-09-2018, 08:25 AM   #29
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Quote:
Originally Posted by Hermit View Post
I'm retired! I don't have time to do all that detailed breakout stuff. If I buy something at the grocery store, it goes under Groceries. To make my life easier, I have a Cash category that is supposed to include eating out, liquor, small purchases, and other totally discretionary expenses that I shouldn't need to track closely. But then I decided I needed to understand those discretionary expenses better, so now I have sub-categories under Cash for Dining, Liquor, Skiing, and a couple of others.

I've only been doing this tracking stuff for around 30 or 40 years. I'll figure it out some day!

BTW, you have a fine set of categories. Enjoy retirement. Don't get too hung up on the financial details.

Thanks for the response and the encouragement.

For me the detailed breakout is an exercise to help me determine, as close as possible, how we will use our revenue stream once I retire. Really, I just want to make sure I am not missing a significant money sink. Dental insurance and dental expense is one I missed but shouldn't have.

Thanks for the continued responses. And perhaps this discussion is helpful to some of our new members. I know similar discussions on these forums have really heelped me.
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Old 03-09-2018, 09:41 AM   #30
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I think accrual for auto replacement was being suggested too. If you plan on buying a new car every 10 years, at $20K over trade in, for example, you might want to budget $2000 each year.
Regarding annual accruals for future expenses, do you withdraw the annual accrual amount each year even if the accrual period might be several years in the future? If so, where/what type of account do you store the withdrawn amount?
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Old 03-09-2018, 09:56 AM   #31
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Here's what I use:
http://www.gceenterprises.com/jlcnuke/blank_budget.xls
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Old 03-09-2018, 10:21 AM   #32
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Regarding annual accruals for future expenses, do you withdraw the annual accrual amount each year even if the accrual period might be several years in the future? If so, where/what type of account do you store the withdrawn amount?
I don't. I think some do, so they can answer with what they do.

For me it's mental accounting. I made a pretty good budget as I was approaching ER, and included such capital replacements. But the extent of my budget tracking is to track the outflows from my checking account (including CC payments) every month and having a yearly and running 12 month total. I do make notes in my spreadsheet of exceptional expenses such as a car purchase.

The OP seemed to want to track more closely, and this is a big item that appeared to be missing, though it could be handled separately.
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Old 03-09-2018, 10:24 AM   #33
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If I'm looking for a comprehensive list of potential expenses, I'd use one of the Consumer Expenditure Survey tables. They have the bonus of showing average expenses for other people. (I wouldn't go into their incredible detail on food)

Here's one for couples over age 65 https://www.bls.gov/cex/2016/CrossTa...byage/atwo.PDF
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Old 03-09-2018, 10:34 AM   #34
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Regarding annual accruals for future expenses, do you withdraw the annual accrual amount each year even if the accrual period might be several years in the future? If so, where/what type of account do you store the withdrawn amount?


I started off by pulling the monthly requirement from the portfolio and sending accrual amounts to a dedicated online savings account monthly. It was too many transactions so I decided to simplify by leaving the annual amounts invested in the portfolio and taking them as needed. Every year I pay the insurance, property taxes and a few others in a lump sum. Having a CD ladder as a buffer supports this.
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Old 03-09-2018, 10:43 AM   #35
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for a couple of years I tracked expenses in 20 categories to compare to my pre-RE budget. The top 10 represented 70% of our spend. I have since backed off to three broad categies

Income taxes
Capital (large items that have long useful life -- e.g. car)
Everything else
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Old 03-09-2018, 11:05 AM   #36
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Originally Posted by jebmke View Post
for a couple of years I tracked expenses in 20 categories to compare to my pre-RE budget. The top 10 represented 70% of our spend. I have since backed off to three broad categies

Income taxes
Capital (large items that have long useful life -- e.g. car)
Everything else
Yeah, that's actually what I do. Most income taxes don't even count against my budget because I've already discounted the capital gains taxes and IRA distribution taxes in my investment net worth. That way my budget isn't thrown off in a year like 2017 when I decided to take a large CG and take the tax hit. I do include taxes I pay on investment interest, dividends, and MF CG distributions.
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Old 03-09-2018, 11:27 AM   #37
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Originally Posted by W2R View Post
Here are my categories, and averages for the past five years of retirement (ages 64-69). Income tax amounts are not included because I don't want to and they wouldn't help you anyway.

CategoryAverages for 2012-2017Comments
Groceries$2,716Includes toiletries, detergent, etc.
Restaurants$3,154lunch every day plus some dinners
Gasoline$706Everything is close by.
Car$1,728insurance, maintenance, registration
House$7,726insurance (homeowners', wind-and-hail, and flood), prop. tax, mowing, maint.+upgrades
Utilities$3,856internet, nat. gas, electricity, water, trash, sewage, cell
Fitness$1,000gym, exercise, and weight loss expenses
Clothes$359casual retiree clothes and shoes
Miscellaneous$3,172Gifts, haircuts, computers, etc
Video Games, apps$477my hobby
Medical$8,645dental work, implants, surgery, deductible, co-pay, insurance, Medicare, prescriptions, OTC medications, etc
Income Taxes  
"Groceries including detergent". Tide pods are not food W2R
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Old 03-09-2018, 11:29 AM   #38
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"Groceries including detergent". Tide pods are not food W2R
OK, I'll try to remember that.

What I meant is that "groceries" includes all that other non-food stuff that people buy when they shop for groceries.
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Old 03-09-2018, 11:55 AM   #39
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Quote:
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"Groceries including detergent". Tide pods are not food W2R
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Old 03-09-2018, 12:25 PM   #40
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Hum, from personal experience with my lovely DW I would include Amazon Prime. Our front door step always has an obstacle to clear. Does Property Insurance include Flood Insurance? I recommend it. Under transportation I do not see "car maintenance." Even if new, oil changes and such could eat up a couple of hundred bucks annually. If the car is 5 years or older, I would show 1,000. Very comprehensive, good luck.
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