{ "media_type": "text", "post_content": "Hi, looking for feedback on my monthly budget. I feel comfortable with how I’m doing, but would appreciate hearing what others do / would do differently. Any thoughts? Thanks!", "post_id": "60fdc32751f7c6002ad9f2c2", "reply_count": 84, "vote_count": 21, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Hi, looking for feedback on my monthly budget. I feel comfortable with how I’m doing, but would appreciate hearing what others do / would do differently. Any thoughts? Thanks!

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Do you stick to your travel budget for the year? Do have a budget for gifts / weddings / other events / clothing / household items — is that all in the Discretionary? You could get more granular to track some of those. Other big missing item is insurance in general - Heath and life insurance?

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Agree w the two above, life insurance is a must have. And sticking to that discretionary budget in SoCal is really good!

Yup need to do a economic use analysis... If your actually issuing the facilities and are enjoying the comfort of a upscale gym then by all means. But do a calculation of how much it is per month divided by the actual number of times you go and specifically what you use. I used to be a lifeguard/personal trainer at a local gym. I see people laying $60/ month and coming in maybe once a week to use our cardio machines for maybe an hour? $15/hr for a treadmill is what you're paying for. Plenty of gyms offer similar equipment for less

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Spouse stipend!?!?

likefunnysmart

If you’re married, shouldn’t it be both of y’all’s money to an extent? Like, this isn’t a child w an allowance. That just seems super odd to me. It is different if she is going crazy and making huge purchases wo chatting w you, but a stipend?!

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Biggest takeaway for me is the rent. Any way you can reduce it? Move to a smaller place or get roommates a possibility?

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It is steep and yes I could find something cheaper. But where I live it is not ridiculous (our place is pretty modest), and not close to what a mortgage would be

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?!?? $230 for gym PER MONTH?! I'm assuming you're doing something fancy like equinox? You definitely don't need to be spending that much. Even for 2 people, that's $115 per person. You an fund cheaper gym memberships

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Depends on the services you want. I actually live in. LCOL city but have been spending $150 /month for me plus the same for my wife. But we’re getting semi-private weight lifting training 3 times a week plus other classes. In total we both go 5-6 days a week. In fairness though, we know it costs more to get the level of service and are talking about switching gyms and trying to do it more ourselves. Been documenting lots of lifting routines for the variety but unsure of keeping on the same trajectory of consistent results that we have become accustomed to and like.

Just came here to say I’ve got similar income and rent numbers (also in an expensive SoCal area) and I’m going to use this to help with my own budget. Thanks!

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My takeaway was groceries. $550 for a two person household seems high, esp if you are eating out some.

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Yeah if you just add once a week a $20 bottle of wine, or buy a filet steak etc…

When someone tells me NYC is too expensive I’m going to tell them that this mans spends a G on transportation, y’all suburbinites are wild

likefunny

How is your tax rate that low in California at that income level?

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Actually looks like I might be overwithholding. What did you think my rate would be?

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Looks pretty good imo. I agree with the above that rent is quite a lot, but I live in a MCOL city.

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Looks good - you also get a (substantial) bonus that can all go into investments

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Same, I spent about 70% of my take home monthly to have a good life (wife doesnt work yet) but my bonus is like 40% of TC which I mostly save - that then gets my savings rate >50% of take home

Do you contribute to pre-tax 401k? (Not sure what is included in your savings/investments). If not I would max it out

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If 401k is in addition to the savings I.e. 2.5K + 1.5K (401k) + bonus. Congratulations, you are doing very very good. If 401K is already included in investments, I see a possible squeeze of 500 from housing and 500 from (discretionary, travel and auto)

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Surprised that no one mentioned transportation so far. It’s the one category I think I could spend less on with substantial impact on my budget but not necessarily on lifestyle.

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Assuming that you are leasing or financing and you are assuming cash out instead of more reasonable depreciation. Ideally, it can be a within $500 (200 depreciation + 150 gas + 100 insurance + 50 maintenance) for a new Japanese 25/30K car. Once you upgrade your lifestyle to luxury, sky is the limit in this country.

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When comes to personal budgeting, it always puzzles me when people maintaining luxury cars but worry about the grocery bills..

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How are spending so much on Gym/fitness?!? I would say even a specialized gym wouldn't be that expensive.

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The gym and subscriptions are a lot for the month.

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Do you workout at the Rams practice facility? 230 a month for gym u better look like Aaron Donald lol

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If you don’t include your expected bonus you are probably underestimating your tax rate. Also where is the McK retirement contribution

I like the way you set it up. Live off your salary. Then bonus is all more savings / buy something nice money. The only thing you are not doing is representing the financial decision of how much you allocate to retirement (before take home)

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Looks good! The savings in my opinion are the most important. Anything over 15% is great. Only thing I would do is break out travel and eating out. Have a separate travel budget that you contribute to monthly, so longer trips are properly saved for

Thanks. I do break out travel for the exact reason you mention. And yes agree dining out should ve its own category

How are utilities so cheap. Water, electric, gas are all $100 min. Internet is $70. Cell is $110. Where are these bills?

Water and gas are included in rent. Electric is $80-100, internet is $55 (-$40 McK wfh wifi stipend in CA), no personal phone. Spouse still on phone plan from back home, which is already paid for for the year

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