We used to do (versions) of this idea quite frequently here, but I quite like these on Refinery 29. The concept is simple: Take a look into how individuals spend their hard-earned money during a seven-day period.
Post by farfalla2011 on Apr 1, 2017 9:59:10 GMT -5
I'm totally bookmarking this for later! I already read one in my city. I had to laugh at the comment about avoiding the temptation of just grabbing breakfast tacos instead of eating at home. There are so many taco places in this city, it's so tempting! I can't tell you how often I caved to that temptation when I worked downtown. Thankfully, all the taco places are pretty inconvenient on my current drive to work lol.
I would love to do this. I'm also really interested in seeing what people pay in taxes, childcare, and housing on various incomes across the country. I hope to move to a more sustainable place than NY, NY in the next decade or so and feel like i really have no idea how much $ gets you what since there is so much state variability.
I know people have a lot of weird twisty feelings about money. But if we cannot have open dialogue about finances on a financial board, what's the point? It should be at least as easy to discuss tax liability as it is to discuss diva cups and yeast infections.
Post by daisypaloma on Apr 1, 2017 12:18:44 GMT -5
Thanks, farmvillelover for posting. If you don't mind me asking:
Are the monthly golf club dues/food the minimum required? It's a pipe dream for me whenever we get invited to dine with a family member.
How often do your maids come? How big is the house to be cleaned? We currently do an as needed basis but that would be one of the firsts to be increased if/when our finances stabilizes a bit.
I would love to do this. I'm also really interested in seeing what people pay in taxes, childcare, and housing on various incomes across the country. I hope to move to a more sustainable place than NY, NY in the next decade or so and feel like i really have no idea how much $ gets you what since there is so much state variability.
In Seattle - so HCOL at this point - we pay
$2300 mortgage for 2000sqft SFH - but buying today we'd pay almost $4000 $2300 FT infant care $1600 FT 3yo child care No state income tax, sales tax is 9.9%, our property taxes are reasonable compared to what I see on the east coast.
... I think the intersection of "places where your money goes far" and "places with growth in high wage jobs" is basically Minneapolis and then Austin right now.
Thanks, farmvillelover for posting. If you don't mind me asking:
Are the monthly golf club dues/food the minimum required? It's a pipe dream for me whenever we get invited to dine with a family member.
How often do your maids come? How big is the house to be cleaned? We currently do an as needed basis but that would be one of the firsts to be increased if/when our finances stabilizes a bit.
The golf club was 5500 roughly to join and TBH I don't know if that's an annual fee or a one time fee. 550 is 300 food and minimum and 250 dues. It's actually a great value (can't believe I'm saying that) bc in the spring, summer and fall children get golf lessons free 2x a week, and dues include taco Tuesdays where your entire family eats free and kids get childcare, and Friday Italian toscana night where the family eats free and there's kids club care!
Maids come once a week, 2000 sq door house. I've found at 80 a week this is on the cheaper end of what people pay around here
Yeah, with free dinners 2x/week for a family of 4 plus free golf lessons, $550/month does not sounds so bad. Do you ever get sick of the food choices or do they change things up a bit?
$80 for a 2k square feet home does sound cheap. We pay $65 for a 1,300 sf home when we get it cleaned.
I would love to do this. I'm also really interested in seeing what people pay in taxes, childcare, and housing on various incomes across the country. I hope to move to a more sustainable place than NY, NY in the next decade or so and feel like i really have no idea how much $ gets you what since there is so much state variability.
I know people have a lot of weird twisty feelings about money. But if we cannot have open dialogue about finances on a financial board, what's the point? It should be at least as easy to discuss tax liability as it is to discuss diva cups and yeast infections.
Thanks for sharing, @shoegal !
I'm willing to share. I'm in Buffalo, NY and would say this we are somewhere between L-MCOL. Some things are cheaper than average, some things are on par or even higher than higher priced areas (ahem, taxes).
Monthly fixed costs:
Mortgage - $1,400 PITI (house was $250k in 2011, we couldn't buy a comparable house in our neighborhood for under $400k now though. $600 of this is taxes and insurance, ugh)
Gas bill (heat, hot water) - $125-$150ish Electric - $90 Water and sewer - $45 Garbage - $15 Internet - $60 Cable - $65 Car Insurance (full coverage for two older-ish, not fancy cars) $90 Student Loans - $200 Gym and sports fees - $250ish Dog expenses (food, meds and grooming for one older dog) - $150 Fuel (2009 Outback and 2010 Prius) - $100 Groceries - $400 for two adults
We don't have kids, so I am not really current on the cost of childcare here. Everything else is variable (entertainment, home improvement, vacations) or we do annually (charity, house maintenance) so we just sort of cash flow that.
Oh, to address your comment on taxes. My house is assessed low currently, I am waiting for the city-wise reassessment next year which will increase my property taxes more, but right now on an assessment of just under $200k, I pay about $5,500 annually in property taxes. Our sales tax rate here is 8.75%, state income tax is 6.45%, and we are in the 33% federal bracket.
You guys rock for posting. I will add mine later (just got off work and am meeting H out)
niq I actually am hoping my H can switch to a lower paying field with perhaps better work life balance for the next phase of our life. I have a very mobile job (healthcare)
I would love to do this. I'm also really interested in seeing what people pay in taxes, childcare, and housing on various incomes across the country. I hope to move to a more sustainable place than NY, NY in the next decade or so and feel like i really have no idea how much $ gets you what since there is so much state variability.
I know people have a lot of weird twisty feelings about money. But if we cannot have open dialogue about finances on a financial board, what's the point? It should be at least as easy to discuss tax liability as it is to discuss diva cups and yeast infections.
Thanks for sharing, @shoegal!
Monthly Estimates Housing: 1200 1100 sq ft on 7 acres outer STL metro Prop taxes last year were 2600ish, but we're partial ag zoned and 40ft outside of city limits. Same house value less than a mile away, taxes were 8900. Water 40 Electric/gas 200 Trash/recycling 25 Internet/tv 160 (sports channels!)
This is fascinating. I'm a little afraid to see how much I spend a week. I should do it and see what happens.
That's funny you say this, I've read a bunch of the entries now and I feel like I am some sort of miser compared to most of them. I am wondering if I just totally underestimate what I spend every week, though.
Thanks for sharing niq. My mom constantly tries to convince us to move back and I tell her that COL is so much higher than when I used to live there and daycare costs are crazy. She lives south where it's more reasonable, but my office is downtown.
COL in Austin is going the way of Seattle. You can still find affordable housing further out, but traffic is a nightmare because the infrastructure hasn't been able to keep with the rapid population growth.
Gross income: $344,205 401k: $32,481 Roths: $11,000 Taxes: $120,935 (yes, that's 39% effective rate... $82,247 to fed, $25,751 to NY and $12,937 to NYC) Net income: $179,789
Spending Housing (1BR in full service building, so no gym membership) $66,609 (monthly: $5,551) Food $18,612 (monthly: $1,551) Life insurance: $1,849 ($154) Shopping (electronics, household, clothing): $11,568 ($964) Pets (dog walker, vet, pet insurance, supplies): $8,235 ($686) Donations: $6,905 ($575) Medical: $6,864 ($572) Personal Care (skincare, hair, makeup): $5,926 ($494) Bills/Utilities (cell, internet, cable, etc): $4,339 ($362) Travel: $4,298 ($358) Cabs/Trains: $973 ($81) Work expenses $585 ($49) Gifts, entertainment, Misc: $6,367 ($531)
Leftover $36,659 Just priced out our closest daycare which would be $34,800 (not pregnant and don't want to be any time soon but planning for the future)
we had the same QOL in Chicago on less income and I felt like we could have more easily absorbed the costs of a kid (extra BR, daycare) without cutting our monthly spending. I realize we have an epic shit ton we could cut (particularly my shopping and personal care). BUT I'd also prefer my husband work a job where he's consistently home before I'm asleep/not traveling all the time. Right now, it feels like the more we make the more we spend, and I don't necessarily feel more happy by making more and spending more. And while I like NYC and LOVE my job, I don't think I'm attached to either one to feel happy spending $1M on rent over the next 10 years. I would like to better align our spending with our values and what truly brings us joy.
Basically, I want to move to a tiny tiny but lovely house/apartment with a small yard or patio. I'd like this close to a university medical center and walking distance from a couple of shops/restaurants. preferably temperate weather and MCOL-MHCOL. Does this exist?
This is fascinating. I'm a little afraid to see how much I spend a week. I should do it and see what happens.
That's funny you say this, I've read a bunch of the entries now and I feel like I am some sort of miser compared to most of them. I am wondering if I just totally underestimate what I spend every week, though.
That's the same way I felt. But I think if I actually tracked I'd be in for a surprise.
Basically, I want to move to a tiny tiny but lovely house/apartment with a small yard or patio. I'd like this close to a university medical center and walking distance from a couple of shops/restaurants. preferably temperate weather and MCOL-MHCOL. Does this exist?
Yes, St. Louis. The Central West End used to fit this bill (I haven't been there in a decade, but it looks like it is still thriving). Weather would be better than Chicago. Barnes-Jewish is an excellent hospital and the teaching hospital for WashU.
ETA: Edward Jones has their HQ there if your H wants to go that route.
tacom- I'm assuming your H is in finance? Have you thought about Boston at all? I have a lot of friends who started in NYC finance and are here now.
There are some great towns within 5-10 miles of the city center with good subway and commuter rail options and fantastic public schools like Brookline and Newton. You can't rent a 2 bedroom condo downtown for what you are paying now, but you can in other neighborhoods of the city or own or rent one in Brookline for that price.
We have the best hospitals in the country, lots of neighborhoods with high walkability scores, and easy access to anything.
Basically, I want to move to a tiny tiny but lovely house/apartment with a small yard or patio. I'd like this close to a university medical center and walking distance from a couple of shops/restaurants. preferably temperate weather and MCOL-MHCOL. Does this exist?
I feel like a lot of university towns will fit this bill. My H is an academic, so we only daydream about university towns with good med centers, lol. Right now, I live in Nashville my favorite Vanderbilt-adjacent neighborhood fits this bill (although the summer gets pretty hot and humid!).
Post by sarapocalypse on Apr 2, 2017 9:14:24 GMT -5
Love reading all of these! So interesting to see how people make it all work in different parts of the country.
Here's ours. MCOL. Take-home pay is budgeted at $6,285 per month (I get paid monthly and H is paid bi-weekly. His 2 "extra" paychecks are used for savings or vacations).
PITI: $1,495 Cars (2 cars. 1 is 0% and the other is 1.99%. Both bought brand new a couple of years ago): $745 Car Insurance (cover our 2 everyday drivers and H's Jeep that he drives periodically): $200 Electricity (on the even billing plan): $170 Water/Sewer/Trash/Recycling: $55 Medical copays: $50 Internet/Netflix/Hulu/Sling: $130 Cell phones: $150 Dogs (food, treats, pet insurance, meds for 2 dogs): $190 Groceries/Restaurants/Alcohol (2 adults): $1,000 Gas/Tolls: $300
That leaves $1,800 for savings, fun, misc. house stuff (maintenance/improvements, etc.), and other variable items (clothes, haircuts, etc.).
No kids yet. I don't even want to think about having to add in daycare to our budget.
we had the same QOL in Chicago on less income and I felt like we could have more easily absorbed the costs of a kid (extra BR, daycare) without cutting our monthly spending. I realize we have an epic shit ton we could cut (particularly my shopping and personal care). BUT I'd also prefer my husband work a job where he's consistently home before I'm asleep/not traveling all the time. Right now, it feels like the more we make the more we spend, and I don't necessarily feel more happy by making more and spending more. And while I like NYC and LOVE my job, I don't think I'm attached to either one to feel happy spending $1M on rent over the next 10 years. I would like to better align our spending with our values and what truly brings us joy.
Basically, I want to move to a tiny tiny but lovely house/apartment with a small yard or patio. I'd like this close to a university medical center and walking distance from a couple of shops/restaurants. preferably temperate weather and MCOL-MHCOL. Does this exist?
I think life similar to what you describe exists in more places than people traditionally think about, you just have to be open minded about it and seek it out. And of course, most people can't have everything on their wish list. Just using my life as an example, living in Buffalo isn't for everyone. Obviously, it doesn't quite meet your temperate weather request, lol, but while we do have cold and often harsh winters, we have four distinct seasons (including hot, beautiful summers). And there is a lot of poverty and salaries tend to be lower, and I think it's often hard for people too see past these things. But the flip side of some of that is that you can have a very nice life on less, there are some very beautiful old neighborhoods, tons of culture and things to do, and if you end up in a well-paying job, it is pretty easy to have just about everything you want (within reason, of course).
I posted some of our numbers in my earlier post, but can compare based on some of the things you posted so you can probably more accurately gauge how much further money goes elsewhere. And, of course, the possibility that you can actually earn good money elsewhere. I definitely think places and lives like mine exist elsewhere outside of VHCOL that get overlooked and I think you and Mr. Tacom can find that for sure. Out of curiosity, is going back to Chicago an option?
That's funny you say this, I've read a bunch of the entries now and I feel like I am some sort of miser compared to most of them. I am wondering if I just totally underestimate what I spend every week, though.
That's the same way I felt. But I think if I actually tracked I'd be in for a surprise.
Same! I was actually just thinking about this, because I am planning to run out to Macy's today to try and find new bed pillows. I totally would never have thought about that, but I would be that woman now "$200 at Macys, but we totes needed new pillows!"
tacom Philadelphia has several university medical centers, including pediatrics. I don't know if qualify the weather has moderate, it's similar to NYC. COL isn't insane. I think data shows a lot of young people move from NYC to Philly. Another option would be Atlanta. I'm not well versed on different cities in Texas but I know there are a lot of university medical centers throughout the state.
Basically, I want to move to a tiny tiny but lovely house/apartment with a small yard or patio. I'd like this close to a university medical center and walking distance from a couple of shops/restaurants. preferably temperate weather and MCOL-MHCOL. Does this exist?
Yes, St. Louis. The Central West End used to fit this bill (I haven't been there in a decade, but it looks like it is still thriving). Weather would be better than Chicago. Barnes-Jewish is an excellent hospital and the teaching hospital for WashU.
ETA: Edward Jones has their HQ there if your H wants to go that route.
Charlotte, NC is another mid-size city that is a hub for the banking industry but has decent QOL for COL and good weather.