What was your 2024 total spending amount?

[Dtail]

Thank goodness we haven't hit it "yet", and hopefully never will. Unless we win the billion dollar lottery...

Or you could get your investment assets to 20m, that's all.

 

[Jeffman52]

118K including taxes.

 

[scrabbler1]

Total spending for 2024 is $21,700. After being in the $20k-$21k from 2020-2022, my spending spiked to $25k in 2023 due to small, late-year BTD and unexpected dental work. But in 2024, my spending dropped due to a decrease in dental work and getting moved from my ACA Silver plan to the New York Essential plan after NY increased its income limit from 200 x FPL to 250 x FPL. This change, which took place in April, eliminated my HI premiums and reduced my copays. I did my small BTD for the whole year, partially offsetting the other reductions.

 

[RetiredHappy]

Or you could get your investment assets to 20m, that's all.

Not going to happen, unless through inheritance. We know lots of super wealthy friends but none has expressed interest in naming us as their beneficiaries.

 

[aaronc879]

Not going to happen, unless through inheritance. We know lots of super wealthy friends but none has expressed interest in naming us as their beneficiaries.

I'm more likely to get millions thru the lottery than thru inheritance. It's very unlikely I will even get 6 figures thru inheritance.

 

[street]

All it would take to get 500K a year is to have ~13 million with a 4% WR.

 

[Alex The Great]

~$35K, one person
where about 40% is a property tax for a primary residence.

 

[athena53]

Well, now I don't feel too bad seeing some of the high numbers here. Leaving out what I spent from Dad's inheritance (a large amount but not life-changing, spending/donating it over 10 years), my total expenses were about $130K for one person. That works out to 19% charity, 19% home improvement, 6% mortgage, 12% Medicare premiums and out-of-pocket, the latter mostly dental, 11% taxes, 23% travel. I always find it reassuring to see how much could be cut back (mostly travel and charity) if I had to but my assets have been increasing 3.1%/year after withdrawals since I retired in mid-2014 so I'm still solvent.

I spent $38.31 on clothing, mostly souvenir T-shirts from places I'd visited.

 

[Gumby]

About a third of our spending this year was luxury travel, which was very fun. However, it provides a very easy target should we need to tighten our belts substantially. Over a quarter was tax. Just living our ordinary everyday lives doesn't cost a lot.

 

[Car-Guy]

About a third of our spending this year was luxury travel, which was very fun. However, it provides a very easy target should we need to tighten our belts substantially. Over a quarter was tax. Just living our ordinary everyday lives doesn't cost a lot.

True enough. I suspect if I cut out my annual new vehicle, gifting and hobby expenses, I would be about 75k and comfortable. Maybe less.

 

[38Chevy454]

Haven't totaled it all up, but probably around $120k total incl taxes.

With all of the discussion about taxes and insurance, I looked up those values for my 2024. Just prop taxes, HOA, house ins, car (daily and classic) ins, RV ins, health ins, and dental ins; I am just over $25,900 total for all of those. Those are all essentially fixed costs before adding up any normal living expenses like utilities, groceries, fuel; income taxes, house or car repairs/upgrades, non-ins medical costs, internet, travel, eating out, entertainment, etc. Makes it easy to see why my estimated $120k for the year can be realistic.

 

[steady saver]

I haven't finished reconciling our accounts - but it's going to be right at $70K for the two of us including everything BUT the additional $115K in cash gifts (we helped one son with a downpayment on his new house and gave a couple of other smaller cash gifts); it was not expected and his purchase was not made with it in mind. But he was so thrilled and so grateful. That was a FUN way to spend money!! So total was $185K but I tend not to "count" that for my overall budgeting purposes. Same for next year. The plan is to embark on a major remodel and that money has been earmarked for a couple of years and accounted for in FIRECALC. So even though we'll be spending it next year, I don't consider it as our normal spend because I'd already accounted for the "lumpy" expense.

My happiest realization is that this year we spent 27% (our highest category) on Vacation/Travel. Next year I would like it to be much more. Other than big expenses like helping out kids or this renovation, spending money is a learning curve for us and we have to be intentional about it. Lately when I go back and forth over something, I just tell myself, "this is ridiculous...we have "X" amount of $$." And then I usually buy it. We could spend so much more. I honestly don't think it's because I'm so frugal; it's just that I genuinely don't need a lot and I can only buy so much before it starts feeling just wasteful and yucky. I think my way into spending more is going to be through experiences. I will say that the podcaster/author Ramit Sethi has been helpful in encouraging us to rethink our spending.

Best wishes for a happy and healthy 2025!

 

[FLSUnFIRE]

I love seeing the ranges of the community here in how much and on what they spend.. especially as we are generally a "responsible" and self-sufficient group (as much as we can be self-sufficient in a modern economy of interdependence). Wants vs needs is pretty interesting too.... needs can be pretty low expense (helps to have high assets - ironically and perhaps a bit tragically). Statistically I could spend a lot more than I do but part of that is due to the recent generous market which can reverse just as quickly. I expect that eventually if my good fortune continues I will loosen up on a few luxuries and if/when I feel rich will be a bit more generous and up my charity/gifting. Realistically, there is not much I want more than I have.

 

[teej1985]

I love seeing the ranges of the community here in how much and on what they spend.. especially as we are generally a "responsible" and self-sufficient group (as much as we can be self-sufficient in a modern economy of interdependence). Wants vs needs is pretty interesting too.... needs can be pretty low expense (helps to have high assets - ironically and perhaps a bit tragically). Statistically I could spend a lot more than I do but part of that is due to the recent generous market which can reverse just as quickly. I expect that eventually if my good fortune continues I will loosen up on a few luxuries and if/when I feel rich will be a bit more generous and up my charity/gifting. Realistically, there is not much I want more than I have.

....Companionship? That's the trickiest one - finding someone whose desires are compatible financially, but in all the other ways too.

 

[FLSUnFIRE]

....Companionship? That's the trickiest one - finding someone whose desires are compatible financially, but in all the other ways too.

Talking materially but yes, connection and companionship are the needs I am most focused on meeting. I've posted some about that struggle.

 

[teej1985]

Talking materially but yes, connection and companionship are the needs I am most focused on meeting. I've posted some about that struggle.

I'd be interested to hear what strategies prove to actually be successful. Its something that holds me back from pulling the plug. I feel like if I FIRE, I will be spending even more time alone and while I do enjoy my own company, I'm pretty sure that I don't want it 24/7, I guess work is a bit of a brain distraction from the disappointment that is the lack of meaningful connections as I push towards 40.

 

[rkser]

Our top spending is on Taxes, Travel & Healthcare, all in $177k,
(not including Gifts which we transfer the ETF shares to kids)

 

[RetiredHappy]

I do admire that most of your total annual spendings were so much lower than our non-discretionary spendings. Here are our non-discretionary spendings:
- HOA $6,400 (doesn't pay for anything directly for the home - pays for 24x7 guard services and general area upkeep)
- Yard service $1,700
- Pool service $1,400
- House cleaning $4,000
- Water, sewer, garbage $3,000
- Pest control $500
- Property tax $4,500
- Homeowner insurance $1,500
- Internet, streaming $2,500
- Electricity and gas $7,200
- Phone/tablets subscription $2,200
- Auto Insurance $2,300
- Road Tax (DMV) $1,300
- Umbrella policy $250
- Medical Insurance, co-pay $31,000

All of the above is before food/grocery, personal items, travel, home maintenance, car maintenance and golf is already $70K. Even if we do not travel and not golf, and limit eating out, food would easily cost $30K and another $20K or so for the home and car. So $120K is bare minimum if we do nothing for pleasure.

 

[ClarkeK]

For two people:

All living expenses $35,000
Travel expenses $40,000

Total 2024 Spend $75,000

 

[MRG]

All in just north of 200k. It's a little higher than the plan but the market has been very kind to us. We've been traveling every year.

 

[tmm99]

Probably around 90K this year. Not sure on DH's side yet. (We have separate finances.)

 

[2017ish]

Well, now I don't feel too bad seeing some of the high numbers here. Leaving out what I spent from Dad's inheritance (a large amount but not life-changing, spending/donating it over 10 years), my total expenses were about $130K for one person. That works out to 19% charity, 19% home improvement, 6% mortgage, 12% Medicare premiums and out-of-pocket, the latter mostly dental, 11% taxes, 23% travel. I always find it reassuring to see how much could be cut back (mostly travel and charity) if I had to but my assets have been increasing 3.1%/year after withdrawals since I retired in mid-2014 so I'm still solvent.

I spent $38.31 on clothing, mostly souvenir T-shirts from places I'd visited.

Hah! Our clothing expenses also tend to be in the travel category. (Replacement tech gear after they've essentially worn out.) And the occasional wedding/funeral item every other year or so....

Like you, we like the gradual increase in assets and are reassured by our high travel budget (>50%), but although we could cut it easily, it would not be fun to do so!

 

[marinauser]

About $350k including the 4th quarter tax payment we will make in early January 2025. That includes a chunk put into our DAF. Like many, taxes are the biggest expense but not as bad as it could be since most of our income is qualified dividends and capital gains. SS kicks in next year and then two years later RMDs so Uncle Sam will start getting a bigger piece over the next few years. Top 5 categories: Taxes (income and property), Gifts and donations, travel, food (groceries and restaurants combined), and Health and Fitness (IRMMA, golf, health club).

 

[youbet]

This is an interesting thread. Perhaps I should start tracking spending (after 19 years of FIRE ) so I can participate more meaningfully. But, generally, this is where our money went this year in rank order.

1. Taxes
2. Two grandchildren in college
3. Routine household expenses (food, clothing, shelter, local transportation)
4. Medical including premiums, IRMAA, OOP, health club, etc.
5. Travel, entertainment, etc.
6. youbet "pub-money" I wasn't sure whether to put that in category #4 or #5 so calling it #6.

 

[TheWizard]

This is an interesting thread. Perhaps I should start tracking spending (after 19 years of FIRE ) so I can participate more meaningfully. But, generally, this is where our money went this year in rank order.

1. Taxes
2. Two grandchildren in college
3. Routine household expenses (food, clothing, shelter, local transportation)
4. Medical including premiums, IRMAA, OOP, health club, etc.
5. Travel, entertainment, etc.
6. youbet "pub-money" I wasn't sure whether to put that in category #4 or #5 so calling it #6.

Never heard of youbet pub money.
Please elaborate...