What's your monthly budget

[Nick59]

I voted for $1000 - $1999, but that excludes vacations. The range selected covers core expenses, non-core but usual expenses. Vacation I kept out as it's so discretionary; if included it would have bumped me up to the next higher tier.

 

[rescueme]

Vacation I kept out as it's so discretionary...

For DW, it's a necessity (I included it) ...

 

[Texas Proud]

I seem to be the high one... over $5K... but that includes income taxes, auto, home insurance etc...

 

[Sue J]

Planning or actually doing?

He's looking at apartments next week. I knew he was getting serious when he bought a new router.

"What's the new router for?"
"I'll need one when I move out."
*big cheesy grin*

 

[Moscyn]

Having seen the replies, I know I have not calculated mine right. I have left out larger regular utility expenses/rates for home, club fees, etc as DH handles all that. So, my number represents my personal expenses and the portion of joint expenses which I pay (which is a much smaller portion).

 

[obgyn65]

Hello Khan - I noticed you posted recently (9/20) that your annual income is about $75k ("gross income and one person with varying amounts of cats"). Yesterday you wrote you spend only $1,500 a month and you "give away whatever's left over". That's about a couple of thousand dollars a month being given away. Thank you Khan for being so generous, you have a very kind heart.

~$1500/month

I give away whatever's left over

 

[obgyn65]

These figures are very helpful. Thank you for sharing, Independent.

I'll bet the FIRE group has spending that is very close to average (we probably have above average incomes and assets).

Here is the "official" average monthly spending for two person families according the the BLS:



Age Group ----------------- 55-64 65-74
--------------------------- ----- -----
Food at home ---------------- 320 321
Food away from home --------- 257 198
Mrtg Int, RE Tax, Rent ------ 614 424
Other Housing --------------- 973 863
Clothing -------------------- 164 140
Transportation -------------- 874 747
Healthcare ------------------ 369 510
Entertainment --------------- 281 279
Personal care prod & svcs ---- 58 ,55
Alcohol / Tobacco ------------ 79 ,58
Reading / Education ---------- 88 ,43
Contributions --------------- 259 213
Personal Insurance ----------- 49 ,49
Other ----------------------- 114 ,69
-------------------------------------
Total --------------------- 4,497 3,969


Net of Mrtg, RET, Rent,HC - 3,515 3,034
--- Net per person -------- 1,757 1,517

It's no surprise that the poll is showing "over $3,000" as the most common response and another bump at $1,500-$1,999. The higher number is couples and the lower number is singles.

http://www.bls.gov/cex/2008/CrossTabs/sizbyage/atwo.xls

 

[Khan]

Hello Khan - I noticed you posted recently (9/20) that your annual income is about $75k ("gross income and one person with varying amounts of cats"). Yesterday you wrote you spend only $1,500 a month and you "give away whatever's left over". That's about a couple of thousand dollars a month being given away. Thank you Khan for being so generous, you have a very kind heart.

$75K was my last year of employment.

Income now is ~$30K.

 

[rescueme]

I seem to be the high one... over $5K...

Nope ...

Not looking to "one better" you; in fact, I wish our expenses were much less, but then life dosen't always give you what you want...

 

[fisherman]

For our family of four with these exclusions its $3600. That does not count $485 per month in Real Estate tax no mortgages or any debt anyway, $500 per month in Health Ins. premiums and a line item for the health deductible if we meet it of $583. All number are per month.

 

[FANOFJESUS]

$833 for two with these exclusions.

 

[W2R]

I don't really have a budget, per se. I checked $1000-$1999, which covers all of my expenditures except income tax.

This figure includes the cost of my car divided by the number of years it is kept, and also included is everything else - - such as all travel, gifts, utilities, evacuation expenses, and property tax (which is low, here).

I buy everything I want, but obviously would be spending a lot more if I lived in a more expensive location and/or was supporting a family.

 

[FreqFlyer]

I checked $1,000 to $1,999. Excluding my share of the mortgage/utilities/RE tax I spend an average of $2,000 per month (maybe a little less).

My biggest category is food. I probably spend $500 to $600 per month on groceries and eating out. I eat out for lunch every day at work and often pick up the tab for groceries for our 2 person household.

 

[ksr]

My house is paid for so I have no mortgage/rent, and the other two exclusions (property taxes and health insurance) are by far my biggest expenses. The remainder of my monthly budget is around $750.

 

[martyp]

I leave work in Dec and officially retire in Feb 2011 but my DW and I put together our retirement planning worksheet with expenses of $5200/mo after mortgage for two people. I have 47 line items for insurance, utilities, transportation, food & personal, entertainment, and medical. I have $500/mo for travel which would allow us a trip to Europe every yr or couple of yrs. Also, budgets for future cars, car maintenance, and house maintenance. I am determined to bring this expense rate down once Feb rolls around and I actually have to live on a retirement budget. Anything I can save on this monthly budget can be put into continuing to contribute to my retirement savings accounts.

 

[Rustic23]

My budget is what I could spend in any given month, not what I will spend. My budget is what I could spend and not run out of money before I die. I expect to spend less than what I have budget in most categories. Some areas like Utilities, $300 a month, are within a percent or two. Other areas like Travel, $2,000 a month, could be spot on, but are most likely over. I look more to annual spending than monthly spending, as most of my non housing and health spending tend to be quite discretionary.

 

[chinaco]

Wow, according to the BLS survey I am way low on my alcohol consumption... I guess I better pick up the pace.

 

[accountingsucks]

Excluding property tax my monthly budget is 1300. That only represents recurring expenses and nothing for vacation.

 

[plex]

Those are and will continue to be my top 3 costs so...its going to be really low. Probably somewhere in the $300 to $400/month range. Largest categories in order are Food ($100), Auto ($80), and Entertainment ($70). Utilities would be 4th if that isn't counted in housing.

 

[accountingsucks]

Those are and will continue to be my top 3 costs so...its going to be really low. Probably somewhere in the $300 to $400/month range. Largest categories in order are Food ($100), Auto ($80), and Entertainment ($70). Utilities would be 4th if that isn't counted in housing.

I can not under any scenario see how someone can live on a food budget of just $100 per month. Definitely not a healthy diet with fruits, vegetables and decent cuts of meat. Just curious, but can you tell us what you ate in the last few days as an example.

 

[Rich_by_the_Bay]

What about income tax? Include or exclude as an expense?

 

[Ronstar]

Haven't looked at our budget in a while, but I know we're over $3k a month. I'm keeping a sizable toy budget as long as I have to work until DW retires.