NT: Official Personal Finances Thread

[mojodmonky1]

Wife and I pull in about 9-10K a month after taxes.....but

I pay:
$1200/month in daycare
$750 in car payments
$2300 in rent
$600 in utlities
$300 for car insurance
$600 to 401K and savings (kids already have 60k aside for college, so not saving much for that)

Plus gas, food, entertainment, etc...

Leaves us with about 3-4K a month and somehow we spend it.  But in the last 2 years I have taken vacations to the mediterranean twice, been to Paris, Amsterdam, Prague, London as well.


Can't take it with you...and somehow I manage to carry a credit card balance of aroud 5k all the time.

pay off that CC balance man!

and how old are your kids where you get to take that many vacations? damn you doin somethin right. I got 2 kids and I'm not going anywhere anytime soon. Last vacation I took was to Hawaii with the extended family last year and traveling with 1 kid (my 2nd wasnt born yet) was a hassle even with the help of my in laws.

I know where that extra $3-4K is going if your household is anything like my household. YOUR WIFE. I try to put everything on the CC every month (except mortgage+HOA fees) and then pay it off in full. That way its real easy for me to track and also get to stack CC rewards points for free. I need to 5 finger check my wife this month cause our statement is $9,700 this month. :x Looks like my kids are going to state school at best or they better get some scholarships.

 

[jewseejay]

If your clearing 120k after taxes you really dont have any financial concerns.


You might have some spending habits that need curbed but yea. If your bring home exceeds 6 figures you can live well anddd plan for your future without stressing it

 

[sneaksoy]

Will you explain this please?

Thank you.

I love this thread

On a real basic level, it's almost like a savings and checking account combined. You'll get a slightly higher rate than a savings account but most MMA have the ability to write checks against them like a checking account. You have to put in anywhere from $500-$5000 to start one usually but otherwise its as liquid as a checking account. Return on investments is great but liquidity is often forgotten and ignored.

 

[mojodmonky1]

If your clearing 120k after taxes you really dont have any financial concerns.


You might have some spending habits that need curbed but yea. If your bring home exceeds 6 figures you can live well anddd plan for your future without stressing it

i know this is going to sound pompous and arrogant but i disagree.

i hate to beat a dead horse but the cost of living is always a factor. @GeneralJumpman mentioned that he pays $1,200/mo for childcare. That is non-existent in my area. Bootleg daycares start at $1,000/mo for a baby. If you got 2 kids, youre looking at $2,000/mo for bottom of the barrel childcare. I'll cheap out on a lot of things, but my child's care is not one of them. For a well respected daycare you are looking to pay $1,300/child, easy, and thats if you can get in. I've been on some waiting lists for almost 3 yrs now and still nothing. Since the wait lists are so crazy, I had to get a nanny and I lowballed the "S" out of her. Even when we lowballed her, its still costing me $2,800/mo. Going rate for an experienced nanny with good referrals in my area is no less than $3,500 but probably closer to $3,500-4,000 average (2 kids).

the stress is always there man. i stress everyday bout how im gonna put my kids through college and how im gonna be able to retire before i die.

 

[capital sb]

On a real basic level, it's almost like a savings and checking account combined. You'll get a slightly higher rate than a savings account but most MMA have the ability to write checks against them like a checking account. You have to put in anywhere from $500-$5000 to start one usually but otherwise its as liquid as a checking account. Return on investments is great but liquidity is often forgotten and ignored.

There are MMAs that require no minimum to open.

 

[Xennial]

i know this is going to sound pompous and arrogant but i disagree.

i hate to beat a dead horse but the cost of living is always a factor. @GeneralJumpman mentioned that he pays $1,200/mo for childcare. That is non-existent in my area. Bootleg daycares start at $1,000/mo for a baby. If you got 2 kids, youre looking at $2,000/mo for bottom of the barrel childcare. I'll cheap out on a lot of things, but my child's care is not one of them. For a well respected daycare you are looking to pay $1,300/child, easy, and thats if you can get in. I've been on some waiting lists for almost 3 yrs now and still nothing. Since the wait lists are so crazy, I had to get a nanny and I lowballed the "S" out of her. Even when we lowballed her, its still costing me $2,800/mo. Going rate for an experienced nanny with good referrals in my area is no less than $3,500 but probably closer to $3,500-4,000 average (2 kids).

the stress is always there man. i stress everyday bout how im gonna put my kids through college and how im gonna be able to retire before i die.

Yeah daycare in California is anywhere from $1,000-$3,000 a month per kid.  That's why my daughter's mother working from home almost 100% of the time saves a good amount of money

 

[mojodmonky1]

i know this is going to sound pompous and arrogant but i disagree.


i hate to beat a dead horse but the cost of living is always a factor. @GeneralJumpman mentioned that he pays $1,200/mo for childcare. That is non-existent in my area. Bootleg daycares start at $1,000/mo for a baby. If you got 2 kids, youre looking at $2,000/mo for bottom of the barrel childcare. I'll cheap out on a lot of things, but my child's care is not one of them. For a well respected daycare you are looking to pay $1,300/child, easy, and thats if you can get in. I've been on some waiting lists for almost 3 yrs now and still nothing. Since the wait lists are so crazy, I had to get a nanny and I lowballed the "S" out of her. Even when we lowballed her, its still costing me $2,800/mo. Going rate for an experienced nanny with good referrals in my area is no less than $3,500 but probably closer to $3,500-4,000 average (2 kids).


the stress is always there man. i stress everyday bout how im gonna put my kids through college and how im gonna be able to retire before i die.

Yeah daycare in California is anywhere from $1,000-$3,000 a month per kid.  That's why my daughter's mother working from home almost 100% of the time saves a good amount of money

yeah its crazy. if youre not making at least $50K gross it doesnt make sense to keep working cause all you'll be doing is working to pay someone else to watch your kid. At that point you might as well just watch your own kid. If you have multiple kids that number goes up.

 

[generaljumpman]

pay off that CC balance man!

and how old are your kids where you get to take that many vacations? damn you doin somethin right. I got 2 kids and I'm not going anywhere anytime soon. Last vacation I took was to Hawaii with the extended family last year and traveling with 1 kid (my 2nd wasnt born yet) was a hassle even with the help of my in laws.

I know where that extra $3-4K is going if your household is anything like my household. YOUR WIFE. I try to put everything on the CC every month (except mortgage+HOA fees) and then pay it off in full. That way its real easy for me to track and also get to stack CC rewards points for free. I need to 5 finger check my wife this month cause our statement is $9,700 this month.

Looks like my kids are going to state school at best or they better get some scholarships.

My kids are 6 and 4.  They have came with us to all of the vacations, it does not make for the most relaxing vacations but we have no other choice and the kids love the beach so they really enjoyed Mallorca and Malta in the mediterranean.  I am originally from the US and live in Germany so the traveling is about half the cost it would cost from the states.

The extra money is spent on stupid things.  Clothes, kicks for me.  Clothes for wife and kids (kids I don't care spending money on) and just complete random **** lol.  I need to learn to budget better.

And I get a bonus next month, so CC will be paid off.  But it is a continuous cycle, every year, either bonus or Tax return goes to Credit Cards.  I guess because I hate taking it out of savings, but in the end it is all the same lol.

 

[mojodmonky1]

My kids are 6 and 4.  They have came with us to all of the vacations, it does not make for the most relaxing vacations but we have no other choice and the kids love the beach so they really enjoyed Mallorca and Malta in the mediterranean.  I am originally from the US and live in Germany so the traveling is about half the cost it would cost from the states.

The extra money is spent on stupid things.  Clothes, kicks for me.  Clothes for wife and kids (kids I don't care spending money on) and just complete random **** lol.  I need to learn to budget better.

damn im jealous. i cant wait until my kids get to that age so i can start traveling again.

 

[generaljumpman]

damn im jealous. i cant wait until my kids get to that age so i can start traveling again.

It is def easier when they get a little older.  Especially to somewhere they enjoy (my kids could spend all day everyday on the beach).  When we lived in Cali we brought them with us to Maui when they were 3 and 1 lol.  Not too much fun.  But not living by family never gives us the option of just dropping them off so we do what we have to.

 

[generaljumpman]

i know this is going to sound pompous and arrogant but i disagree.

i hate to beat a dead horse but the cost of living is always a factor. @GeneralJumpman mentioned that he pays $1,200/mo for childcare. That is non-existent in my area. Bootleg daycares start at $1,000/mo for a baby. If you got 2 kids, youre looking at $2,000/mo for bottom of the barrel childcare. I'll cheap out on a lot of things, but my child's care is not one of them. For a well respected daycare you are looking to pay $1,300/child, easy, and thats if you can get in. I've been on some waiting lists for almost 3 yrs now and still nothing. Since the wait lists are so crazy, I had to get a nanny and I lowballed the "S" out of her. Even when we lowballed her, its still costing me $2,800/mo. Going rate for an experienced nanny with good referrals in my area is no less than $3,500 but probably closer to $3,500-4,000 average (2 kids).

the stress is always there man. i stress everyday bout how im gonna put my kids through college and how im gonna be able to retire before i die.

I have to completely agree.  Now if it was just me and my wife....yeah we would be chillin.  No need to stress though man, can't take it with you.  Just do what you can do.

 

[snowinsahara]

So in layman's terms, the purpose of owning an IRA or ROTH IRA is so you can purchase bonds, cds, mutual funds, etc?

 

[hankmoody]

Wife and I pull in about 9-10K a month after taxes.....but

I pay:
$1200/month in daycare
$750 in car payments
$2300 in rent
$600 in utlities
$300 for car insurance
$600 to 401K and savings (kids already have 60k aside for college, so not saving much for that)

Plus gas, food, entertainment, etc...

Leaves us with about 3-4K a month and somehow we spend it.  But in the last 2 years I have taken vacations to the mediterranean twice, been to Paris, Amsterdam, Prague, London as well.


Can't take it with you...and somehow I manage to carry a credit card balance of aroud 5k all the time.

And you're in the military right? Probably going to retire from it one day? Always have to take that into account. Your savings goals and financial considerations are a lot different considering the pension that's coming your way. PLus the healthcare benefits in retirement.

 

[skip2mylou23]

After taxes, 401(k), health and dental insurance payments, I net about $2,900 monthly.

I pay my mom back $1,000 every month for grad school.

That means I'm left with about $1,900 of disposable income. I might save around 800 of it, but I don't really aim to save any of it. I just blow it on life lol.

But I put $283.24 into my 401(k) every month. I'm 27 years old.

 

[generaljumpman]

....delete

 

[generaljumpman]

And you're in the military right? Probably going to retire from it one day? Always have to take that into account. Your savings goals and financial considerations are a lot different considering the pension that's coming your way. PLus the healthcare benefits in retirement.

Yes, we are both in the military.  Both been in for 12 years.  True on the pension.  I figured out the other day when we both retire at the age of 38 our income will be 55k after taxes (combined).

So if we get normal job $30-40k range (minimum), we will be pulling in about $130k give or take.  And very true on the healthcare, I have never had to pay a dime and in retirement will just be a small co-pay.

 

[Kaleo15]

Wife and I pull in about 9-10K a month after taxes.....but

I pay:
$1200/month in daycare
$750 in car payments
$2300 in rent
$600 in utlities
$300 for car insurance
$600 to 401K and savings (kids already have 60k aside for college, so not saving much for that)

Plus gas, food, entertainment, etc...

Leaves us with about 3-4K a month and somehow we spend it.  But in the last 2 years I have taken vacations to the mediterranean twice, been to Paris, Amsterdam, Prague, London as well.


Can't take it with you...and somehow I manage to carry a credit card balance of aroud 5k all the time.

Damn... literally almost the same situation as you (without the kids part )

 

[still itachi]

 
Wife and I pull in about 9-10K a month after taxes.....but

I pay:

$1200/month in daycare

$750 in car payments

$2300 in rent

$600 in utlities

$300 for car insurance

$600 to 401K and savings (kids already have 60k aside for college, so not saving much for that)

Plus gas, food, entertainment, etc...

Leaves us with about 3-4K a month and somehow we spend it.  But in the last 2 years I have taken vacations to the mediterranean twice, been to Paris, Amsterdam, Prague, London as well.

Can't take it with you...and somehow I manage to carry a credit card balance of aroud 5k all the time.

Everything there sounds legitimate and essential except for two things....

1. Pay off those cars and those cards.

2. You are not quantifying how much you spend on entertainment.  That's really important. I routinely find that people save less than they could because while they always know how much they spend on bills (because they are set), they don't really know how much they blow on dinners, ball games, movies, vacations, etc. You gotta have your fun, but live responsibly too.  I'm overly anal about that stuff...this is how I keep my **** in check; I do this every pay day to know where money is going and save remainder:

then, knowing how much I plan to spend on everything on certain expenses weekly, I just start out with that number and deduct from it everytime I buy something using an iphone app.

Its certainly not perfect, but it has worked for me for a long time.

 

[humpasaurus rex]

 
Wife and I pull in about 9-10K a month after taxes.....but

I pay:
$1200/month in daycare
$750 in car payments
$2300 in rent
$600 in utlities
$300 for car insurance
$600 to 401K and savings (kids already have 60k aside for college, so not saving much for that)

Plus gas, food, entertainment, etc...

Leaves us with about 3-4K a month and somehow we spend it.  But in the last 2 years I have taken vacations to the mediterranean twice, been to Paris, Amsterdam, Prague, London as well.


Can't take it with you...and somehow I manage to carry a credit card balance of aroud 5k all the time.

Everything there sounds legitimate and essential except for two things....

1. Pay off those cars and those cards.

2. You are not quantifying how much you spend on entertainment.  That's really important. I routinely find that people save less than they could because while they always know how much they spend on bills (because they are set), they don't really know how much they blow on dinners, ball games, movies, vacations, etc. You gotta have your fun, but live responsibly too.  I'm overly anal about that stuff...this is how I keep my **** in check; I do this every pay day to know where money is going and save remainder:

View media item 1666437

then, knowing how much I plan to spend on everything on certain expenses weekly, I just start out with that number and deduct from it everytime I buy something using an iphone app.

View media item 1666480    View media item 1666481

Its certainly not perfect, but it has worked for me for a long time.

How can I get that spreadsheet to track my finances?

 

[HankHill]

still itachi

Mine isn't that detailed, but I have the ceiling of what I usually spend. I also use mint app since it breaks down all the purchases, income, investments etc.and I just have the budget plan mapped to my spreadsheet

Ex.
View media item 1666540

 

[still itachi]

How can I get that spreadsheet to track my finances?

I just made that using all of my expenses. Now its easy, that I have it all documented...the deductions in red never change, so every payday, I just change the amount of the paycheck up top and the sheet tells me how much I have left after all expenses.

It should be fairly simple to recreate if you are familiar with excel.

 

[capital sb]

 
Everything there sounds legitimate and essential except for two things....

1. Pay off those cars and those cards.

2. You are not quantifying how much you spend on entertainment.  That's really important. I routinely find that people save less than they could because while they always know how much they spend on bills (because they are set), they don't really know how much they blow on dinners, ball games, movies, vacations, etc. You gotta have your fun, but live responsibly too.  I'm overly anal about that stuff...this is how I keep my **** in check; I do this every pay day to know where money is going and save remainder:

then, knowing how much I plan to spend on everything on certain expenses weekly, I just start out with that number and deduct from it everytime I buy something using an iphone app.

Its certainly not perfect, but it has worked for me for a long time.

Nice spreadsheet, I would recommend Mint for your expenses that you are tracking on your phone. Everything is done automatically , budgets, expenses , etc.

 

[Mark Antony]

Subbed, my save game is pitiful. I'm even contemplating taking another job at a higher salary despite being comfy where I am. Decisions.

 

[still itachi]

Nice spreadsheet, I would recommend Mint for your expenses that you are tracking on your phone. Everything is done automatically , budgets, expenses , etc.

I've used Mint for years, but I mostly use it for tracking my net worth over time and alerting me to large purchases. I choose not to use it for the running cash accounting because I buy everything on credit (and pay it off every pay day for the purpose of earning cash back) and the transactions can sometimes lag by 24-48 hours, and I like to have real-time totals on what I have left in my everyday spending accounts.

 

[capital sb]

I've used Mint for years, but I mostly use it for tracking my net worth over time and alerting me to large purchases. I choose not to use it for the running cash accounting because I buy everything on credit (and pay it off every pay day for the purpose of earning cash back) and the transactions can sometimes lag by 24-48 hours, and I like to have real-time totals on what I have left in my everyday spending accounts.

Yeah that is my number one complaint with Mint it should automatically update, but it doesn't. Have you looked at Personal Capital to track your net worth?