$100K income (to create a budget)

[klarose]

If I suddenly had a $100k salary this is what I would do with it. This is with lots of splurging.

13,600 Taxes
5,000 Health Insurance
11,000 Roth IRA

70,400 Remaining

8,400 Mortgage & Extra Payments
2,400 Electricity
1,200 Propane
4,500 Fuel
1,000 Car Insurance
1,200 City Bill

51,000 Remaining

2,400 Home & Car Maintenance
500 Birthdays & Holidays
4,800 Groceries
3,000 Vacation
1,500 Clothing
1,200 Eating Out
1,200 Entertainment

36,400 Savings

[Singuy]

If I suddenly had a $100k salary this is what I would do with it. This is with lots of splurging.

13,600 Taxes
5,000 Health Insurance
11,000 Roth IRA

70,400 Remaining

8,400 Mortgage & Extra Payments
2,400 Electricity
1,200 Propane
4,500 Fuel
1,000 Car Insurance
1,200 City Bill

51,000 Remaining

2,400 Home & Car Maintenance
500 Birthdays & Holidays
4,800 Groceries
3,000 Vacation
1,500 Clothing
1,200 Eating Out
1,200 Entertainment

36,400 Savings

Do you also have a family of 4? Or else 25k-30k goes to tax(19% federal, + medicare/social security)

[dawnwes]

$700 for mortgage, property taxes, and insurance?

Not a way to find that here, at least not a large enough place for a family of 4.

You leave no room for kids' activities. Are they not allowed to do anything?

And $400 for food, toiletries and cleaning supplies for 4?

Dawn

If I suddenly had a $100k salary this is what I would do with it. This is with lots of splurging.

13,600 Taxes
5,000 Health Insurance
11,000 Roth IRA

70,400 Remaining

8,400 Mortgage & Extra Payments
2,400 Electricity
1,200 Propane
4,500 Fuel
1,000 Car Insurance
1,200 City Bill

51,000 Remaining

2,400 Home & Car Maintenance
500 Birthdays & Holidays
4,800 Groceries
3,000 Vacation
1,500 Clothing
1,200 Eating Out
1,200 Entertainment

36,400 Savings

[klarose]

Do you also have a family of 4? Or else 25k-30k goes to tax(19% federal, + medicare/social security)

Oops. Just a family of two. I simply copied taxes from the other page. I thought they sounded low!

Well just that number from the savings.

[klarose]

$700 for mortgage, property taxes, and insurance?

Not a way to find that here, at least not a large enough place for a family of 4.

You leave no room for kids' activities. Are they not allowed to do anything?

And $400 for food, toiletries and cleaning supplies for 4?

Dawn

Just a family of 2.

And yes. Our mortgage including everything right now is only $500. And that is with at 6% interest. So it should drop another $100 when we refinance. Our house is very large, and on 5 acres as well... With pond, 4 outbuildings, fenced. Good old midwest.

We only spend $300 for all household goods & food right now.

[disneysteve]

Our mortgage including everything right now is only $500. And that is with at 6% interest. So it should drop another $100 when we refinance. Our house is very large, and on 5 acres as well... With pond, 4 outbuildings, fenced. Good old midwest.

This is why it is so hard to have budget discussions online. So many costs vary outrageously from region to region.

We live on 1/4 acre, so one-twentieth of the land you have. Our property taxes alone are nearly $600/month. Add the mortgage and taxes and our monthly bill is $1,300. And that's for an old, very modest house. Nothing at all fancy.

[dawnwes]

I would imagine lower wages come with living where you live, but in fairness to the original question, the amounts were based on a family of 4, children school age, etc.....

Just a family of 2.

And yes. Our mortgage including everything right now is only $500. And that is with at 6% interest. So it should drop another $100 when we refinance. Our house is very large, and on 5 acres as well... With pond, 4 outbuildings, fenced. Good old midwest.

We only spend $300 for all household goods & food right now.

[klarose]

This is why it is so hard to have budget discussions online. So many costs vary outrageously from region to region.

We live on 1/4 acre, so one-twentieth of the land you have. Our property taxes alone are nearly $600/month. Add the mortgage and taxes and our monthly bill is $1,300. And that's for an old, very modest house. Nothing at all fancy.

Right. My property taxes are LESS than $600 for a year.

[klarose]

I would imagine lower wages come with living where you live, but in fairness to the original question, the amounts were based on a family of 4, children school age, etc.....

True. I'd say a normal income around here would be $50k - $75k for a "good job." Although $100k would not be unheard of. Especially if both spouses are working government jobs, or are nurses, etc.