We've never been able to budget, more like I, as DW has no interest in finances at all, something that will have to change eventually.
One of my first posts here probably was which budgeting software was best, I even purchased a copy of Quicken, but to no avail, it never stuck. I am envious of the posters who can pull up what they spent on groceries, gasoline and utilities for the past 5 years.
We're still w*rking with a planned ESR for me in 5 years and total retirement for DW. I only have a rough outline for our retirement spend that I put together 4 years ago and looking at it now it is definitely a work in progress
I had estimated the following monthly expenses:
Cable/Cell phone $200 This should tighten up as kids move out
Power bill 350 We're on equal pay and it is 245 now, I expect/hope to downsize saving on this and also less when kids move out
Nat Gas 160 Equal pay right now at 84 should decrease with downsize
Water/Sewer 130 This has already increased to $155 and will probably go higher with the growth in the area, more for water and sewer.
Property taxes 335 this is already $150 a year under budget, would/should decrease with a downsize.
Home/Car ins 325 just above what we're paying now, should drop when kids get their own insurance.
Car payment/expense/gas 750 This would be an accrual for vehicle replacement, repairs and gasoline use.
Grocery/out to eat 1000 Just a guess, we are eating out now, way too much and with paying for the kids, it is probably higher than this.
Misc travel,clothes,fitness, medical 1000 Definitely underfunded, don't spend a lot on clothes, even working, but would like to add more to travel and medical shouldn't be too bad as long as I can stay part time at current job with full bene's
Home maint 350 Accrual for home items needing replacement
Fudge factor 450 To make up for going over budget on the above
Taxes 750 Estimating 15% in taxes State/Federal
This was also under the assumption that either the house would be paid off or there would be enough over the saving goal to pay in full.
Looks like we need to hammer out some more details since we are looking at 5 years out.
Good thing is current saving is almost to the goal we had for the end of 2021 with the FIRE goal of 2023