What’s considered a normal budget?

amother

↑ Opal

Tue, Oct 29 2024, 4:03 pm

amother Jasmine wrote:

Married a year
From what I can remember off the top of my head
Rent - 2,800
Renters insurance 100
Car- 1100 for both of ours ( finanace+ lease)
Gas - I think 300 we both drive ALOt
Health insurance 1200
Wifi/phone- 75
Life insurance - 800
No idea how much we pay in groceries. For sure 300 including weekly takeout.
DH and I went through a really traumatic event a few months ago and therapy is costing us about 1500 ( we each go separately)
I daven that we can continue to afford therapy ( even if we need to cut down elsewhere) until we are both truly healed

$800
A month for life insurance? Is that for whole life insurance?

amother

Chartreuse

Tue, Oct 29 2024, 4:21 pm

Ok can some lower income families chime in cuz I am feeling very intimidated!

We make a combined 120K and have 1 child. Married 5 years.

We live simply and mostly paycheck to paycheck.
We do have additional expenses like therapy that add up.

Curious if couples making this much are making ends meet and are able to save.

amother

Trillium ↓

Tue, Oct 29 2024, 4:52 pm

amother Apricot wrote:

Our expenses add up to about 3500. One baby
Live in town, cheap rent
Rn I’m not working and we’re living on very little but it’s temporary. Now we’re saving about 700 a month but it used to be more and iyh soon it’ll be again
We use a spreadsheet and enter in all expenses, everything we buy goes in its own category. It automatically does the calculations once we enter in expenses so we can easily see how much we have left in that section to spend
We invest in an account for ourselves, an account for baby, and a Roth.
All cash back from credit cards goes toward vacations

That excel sounds amazing, is it a specific program?

amother

↑ Apricot ↓

Tue, Oct 29 2024, 5:22 pm

amother Trillium wrote:

That excel sounds amazing, is it a specific program?

It’s a Google spreadsheet but I’m not sure how my husband set it up to be so cool like that lol
It is amazing and super clear and easy to budget from

amother

Arcticblue

Tue, Oct 29 2024, 7:13 pm

amother Chartreuse wrote:

Dh makes $80,000 a year; I make a lot less but varies by the month based on hours worked. Our mortgage is $4000 a month. Our credit card debt is out of control. Kids' tuition goes straight to credit card.
Does that make you feel better?

amother

↑ OP ↓

Tue, Oct 29 2024, 7:22 pm

amother Arcticblue wrote:

I’m so sorry…I daven Hashem should bless you with parnassa and help you so soon. It’s so so hard, hugs.

amother

↑ Ballota ↓

Tue, Oct 29 2024, 8:26 pm

amother Oleander wrote:

I’m the one who makes combined income of 270k a year. If it makes anyone feel better, I have around 60k in student debt. Didn’t include payments in monthly expenses.

I know this message was meant to be kind, but I don't think it made the people toure addressing feel better....

amother

↑ OP ↓

Tue, Oct 29 2024, 8:28 pm

amother Oleander wrote:

I’m the one who makes combined income of 270k a year. If it makes anyone feel better, I have around 60k in student debt. Didn’t include payments in monthly expenses.

What’s your occupation?

amother

Stone

Tue, Oct 29 2024, 9:27 pm

Our income is about 6k a month. 2 kids

Rent: $1600
Utilities: $200
Cars: (we own) $350 insurance and gas
Childcare: $1,000
Groceries: average $600
Phones: $60
We are on jerseycare and we get a decent amount of food from wic

Total expenses around 4k a month

Baruch Hashem we have enough each month, but our expenses are going to grow insane as our kids get older/ we grow our family...especially once tuition starts
No idea how we will ever buy a house

amother

↑ OP

Tue, Oct 29 2024, 9:30 pm

amother Stone wrote:

Thank you for this! I wish you hatzlacha in the future with all your expenses. I am curious how you spend $600 a month on groceries. What do you have for dinners and what’s your shabbosim like? Our biggest bill is groceries and trying so hard to get it lower….

amother

Crimson

Tue, Oct 29 2024, 9:47 pm

amother OP wrote:

We’re a couple of 2 with a baby. Husband learns and gets a small Paycheck and I have a well paying job bh. We’re working on budgeting and looking to hear what others in similar living situations are spending monthly. We live in town for reference.

Please include all details you can if u want- ie: how much you make and how much u spend and what ur budget is and how u stick to it

Thank you in advance!!

Good for you for thinking ahead! I was in your shoes not long ago. Here’s what our figures are at this next stage in case it helps-

We’re a family of 4, living in a smaller east coast community. Gross income about $200k, not all is taxable. Monthly expenses:
Mortgage: 4500
Kids tuition: 2570
Utilities: 250-450, depending on the season
Wifi and phones: 45
Auto insurance: 260
Groceries and household items: 1200- we really try to stick to this and avoid certain less essential items during months when someone needs a new clothing item, etc. so that we stay within budget.

Health insurance and life insurance are pre-tax deductions, around $800 per month for both

Whenever we get bonuses, we put them straight in savings. On top of that, we put away around $1000 in savings, less if we have car or home repairs that month. Good luck to you!! Budgeting becomes second nature the longer you do it

amother

↑ Zinnia

Tue, Oct 29 2024, 10:40 pm

amother Chartreuse wrote:

I’m making $80k a year with one kid, my husband is learning and doesn’t provide any income. I posted my budget on page 1. We do save a few hundred monthly.

Does it make you feel better that you’re high income compared to me?

amother

↑ Ballota ↓

Tue, Oct 29 2024, 10:43 pm

amother Oleander wrote:

Why?

Compared to the average, to most, or to many many
It sounds like you're saying -"I make 270k/yr BUT don't feel bad because I have debt which if I payed off in one year would leave me with only 210k/ur for that one year waaah and then I'm done with it for good and back to my salary of 270k, so we're really in the same boat" I don't think that's making people feel better
If it is please do explain how

amother

Candycane

Tue, Oct 29 2024, 11:03 pm

amother Chartreuse wrote:

Do you own a home and pay a mortgage? Or are you renting? $120k sounds like a lot for a couple with one kid. Is it just me or did expenses shoot up?

amother

↑ Oleander ↓

Tue, Oct 29 2024, 11:05 pm

amother Zinnia wrote:

Your husband is learning presumably by choice. This poster and her husband are working and this is what they are bringing in even with their jobs.

amother

↑ Oleander ↓

Tue, Oct 29 2024, 11:05 pm

amother Ballota wrote:

I hear you. Never looked at it that way.