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Old 09-09-2021, 08:45 PM   #61
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Originally Posted by RobbieB View Post
Yeah taxes are a big part. My Fed & State estimates are over a grand a month.

Throw in property tax and we're $1500/mo. And look out for the sales tax!
Do you get any help from the ACA for health insurance?
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Old 09-10-2021, 06:23 AM   #62
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We just save our monthly excess and it accumulates into a fund big enough to cover those "lumpy expenses."

I'm still amazed that we can life so comfortably and still sock away a good chunk every month.
True. I personally have a bigger sheet that allows for a "new" car every 6-7 years, annual health "events" & "maintenance". Since none of these have happened over the past 5 years, just keep them in the back of my mind.

We eventually will ER, so we'll refine everything at that time. Likely go to 1 car and ADA insurance to name a couple big adjustments. For now, we are good with the average past costs as a guide.
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Old 09-10-2021, 08:57 AM   #63
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Do you get any help from the ACA for health insurance?
The reason I ask is I know RobbieB you have some serious bills. I am guessing health care might be another one or at least it was before 65.
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Old 09-10-2021, 09:23 AM   #64
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We don't budget and we don't track expenses - we just make certain there is enough in the checking account.

I'm curious as I don't see most folks "budgeting" for replacement costs: Appliances, roof, HVAC, driveway, plumbing, exterior painting, interior rehab, cars, etc. YMMV
I keep sinking funds in savings specifically for things I'll want to buy down the road (like cars), and I keep those separate from our general savings bucket. I don't have to worry about any of the home improvement items you mention because we have decided to be lifelong renters. It's steady on the finances, and keeps us flexible enough to be able to easily lower/raise those expenses as we see fit.
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Old 09-10-2021, 09:37 AM   #65
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I keep sinking funds in savings specifically for things I'll want to buy down the road (like cars), and I keep those separate from our general savings bucket. I don't have to worry about any of the home improvement items you mention because we have decided to be lifelong renters. It's steady on the finances, and keeps us flexible enough to be able to easily lower/raise those expenses as we see fit.
Sounds good! We too rented for almost 15 years. It DOES have many advantages. Once we got kids, we committed to home ownership and still own a home 25 years later.
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Old 09-10-2021, 09:44 AM   #66
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No international travel, almost no shopping, and no restaurant meals or events over the past months just paid for our new roof and a new garage door.
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Old 09-10-2021, 09:58 AM   #67
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No international travel, almost no shopping, and no restaurant meals or events over the past months just paid for our new roof and a new garage door.
Heh, heh, we've all discovered at least ONE GOOD THING about Covid. Our expenses in 2020 were practically zilch beyond paying the required stuff. The premium on sanitizer and TP were easily absorbed into the budget. 2021 is turning out to be a bit more expensive as we finally got off the "rock." Still, we buy very little and eat out much less than we use to. I am hoping to BTD in 2022! I guess we'll see as YMMV.
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Old 09-14-2021, 04:11 PM   #68
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Orange County, CA.
Budget:
Housing expense $1,350... which includes $540 property taxes, $129 homeowners insurance, $244 utilities.
DMV renewals $50
Car Insurance $125
Medicare $223
Cigna drug plan $30
Misc expenses on credit card $1500 (non-fun)



So, about $3,300 a month


Not counting federal and state taxes since they are coming out of my wife's payroll check and we usually are pretty close to a wash each year.
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Old 09-14-2021, 04:16 PM   #69
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I am not sure the goal of the thread.

It is kind of like when my father asked me about how much I was spending on stuff or when I took him to a nice restaurant, I lied about the bill. Otherwise he would call me a spendthrift and would refuse to have me take him out again.

Haha, wife an I were at the airport with time to kill last week. Stopped for a snack and a couple of beers. When they were done I wanted to reorder, but I could see she was hesitant. She asked how much the beers cost, and I laughed and said, $3 each. We ordered another round for $9 a beer.
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Old 09-14-2021, 05:29 PM   #70
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Haha, wife an I were at the airport with time to kill last week. Stopped for a snack and a couple of beers. When they were done I wanted to reorder, but I could see she was hesitant. She asked how much the beers cost, and I laughed and said, $3 each. We ordered another round for $9 a beer.
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Old 09-14-2021, 07:38 PM   #71
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We don't budget and we don't track expenses - we just make certain there is enough in the checking account.

I'm curious as I don't see most folks "budgeting" for replacement costs: Appliances, roof, HVAC, driveway, plumbing, exterior painting, interior rehab, cars, etc. YMMV

Yeah, it seems a lot of people ignore these long term expenses that should be accounted for in the budget. I have always included them in my budgets for over 20 years as well as my prospective FIRE budget. Simply saying it's covered by an emergency fund or accounted for separately doesn't cut it - it's still an expense.
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Old 09-14-2021, 07:50 PM   #72
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Originally Posted by FANOFJESUS View Post
The reason I ask is I know RobbieB you have some serious bills. I am guessing health care might be another one or at least it was before 65.
Fed and state income tax are ~15 grand a year. I'm on medicare, wife is not, so $650/month for her. No ACA subsidy.
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Outgo $3500; Income $13,000 per month
Old 09-15-2021, 01:22 AM   #73
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Outgo $3500; Income $13,000 per month

Not counting travel, our expenses are around $3500 per month (mortgage, HOA fees, groceries, utilities, tv/internet/phones, eating out etc. Thanks to COVID and lack of travel, we have a ton of cash and are aggressively paying our mortgage - we have brought it down from 95K to 40K this year and will pay it off early next year. Cars are paid off. Mortgage is our only debt

On the income side, we are bringing in around 12-13 K per month, This includes a pension, 457b, sep IRA, wife social security, my spousal soc security, and some small TIAA accounts. We still have about one million in iraís that we are not touching

Bottom line: a very comfortable existence
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Old 09-15-2021, 06:35 PM   #74
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This is interesting information, but may I ask WHERE in this country you can live and pay $200-$300 per month in property taxes and $100- $160/ month in auto insurance?
We live in North Jersey, with a 2nd home at the Jersey shore and monthly property taxes alone on either home are more than your entire stated monthly budget (Jose and Fan). Yes, I realize our taxes are quite high here as I have lived in NJ all my life and it is HOT TOPIC political issue.

I guess this is why so many Retirees move to LCOL areas. Our family (kids and grandkids) all live in this area so moving to a LCOL area is not something that we would even consider. Do others here move away from their families in order to afford a comfortable lifestyle during retirement? To me, if I had to face that decision, I would keep working.
Yup. We did it. I already raised them. Doesn't need to cost me money just to be close. They can Facetime.
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your monthly budget before entertainment?
Old 09-15-2021, 07:17 PM   #75
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your monthly budget before entertainment?

All in, including a big bite for local/state/fed taxes, we are spending $7k/month.

We retired 18 months ago and spending hasnít quite leveled out yet. Monthly spending is a little high now but trending down as our kids are transitioning from students (on our payroll) to young working and financially independent professionals.
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Old 09-15-2021, 08:26 PM   #76
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Yup. We did it. I already raised them. Doesn't need to cost me money just to be close. They can Facetime.
I guess we all have different priorities.
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