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Chief
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What is a good bonus number/percentage?
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GF and I make $500k combined salary and maybe $100k bonuses (maybe not this year). We spend $4k/month on rent split evenly. Trying to save and we like to travel.
My view is don’t budget based on your salary (if you have a high salary and you do). Budget based on what you can comfortably live in and save your money or use it on something else.
Estimate of what they keep. After both maxing retirement and taxes if they’re in a state with state income tax. They don’t keep more than 60% I bet.
Over time I have come to see this question as one of priorities about how you spend the portion of your income available for “wants.” We chose long ago to keep our housing spend “nice” but not excessive. In the 2008 crash, I considered doubling our mortgage for a much larger house in an even better neighborhood. We’ve looked back on that many times, happy we did not commit ourselves to the higher mortgage payment. This has allowed us to have money for other things we care about that otherwise would not have happened. In our case that includes private school, multiple vacation trips a year and other things most of our friends cannot do.
$4K
OP, we bring in ~12K after tax combined and pay $4K together.
Chief
I would try to keep it under 25% of joint net income
Chief
Not counting. I disregard anything that's not fixed cash, so any bonuses just count as an unbudgeted "surprise."
I live in NYC with my wife who goes to medical school (i.e., no income). My total comp is about $300k and we pay $3k for rent in the city. We can definitely afford something better but it feels nice to be able to save the extra $1k per month to put into our investment account.
OP, I think it’s a trade off of consumption today vs. consumption tomorrow. It depends on both of your earning potential/trajectory and retirement goals. My wife and I have planned to retire by 60, have 2 kids, and pay for their college. All these add up and it definitely means we have to sacrifice today’s living standard for something we both value tomorrow.
I get it AP1, only point was to say post grad it will be easier than it is now. You both will see comp growth, and imagine where you both might be by time you need to start paying for kids tuition, etc.
Pro
i would try to keep it under 4k. 4k max
I make $230k and my partner makes $100k, and we spend $3600 a month in NYC. We need to save like $300k for down payment of house and related fees, so doesn’t really seem smart to spend more.
Total comp, although she made an extra $20k this year due to Covid overtime, and I also get $14k in 401k contributions.
I just signed new 2 bedroom lease in NYC at about 38% of net monthly income for my partner and I. Should be interesting - will report back with findings on how house poor we are...
The rules of thumb I’ve seen are ~25%-33% of your take-home pay. But it depends on your budget, savings priorities, etc.
I have a similar take home and partner contribution, and I spend a bit less than $3k / month FWIW. HCOL
Pro
Spend what you need to in order to live comfortably. If you don't care for extra amenities, don't pay for a place with extra amenities. I'd personally aim for 3K all in, since you said it's not NYC.
Pro
Plus your partner... For reference, $3.5K would get you a decent 1BR in a doorman building in the UES or UWS of Manhattan, so I'm assuming $3k is a decent 1BR wherever you are.
All really helpful comments and comparisons. Thanks everyone.
I try to keep housing expenses around 25% of net income (MCOL), so for HCOL you’d be ok flexing up to around 33% of net income, assuming you’re also saving +25% of net income.
I add back in pre tax investments (401k and HSA) to calculate my true net income.
I make about the same and pay $4K, however my partner contributes nearly half of the rent. It is very comfortable - still save over $5K a month.
Combined
I make what you make and minus the partner piece because I am single and I always keep my rent under $2K.
After all my contributions and savings I still net about $8K and this way with the $2k I’m at 25% of my disposable income on rent; I try to stay below the 30% guidance. Yours is obviously higher with the double income, but just for comparison purposes.