{ "media_type": "text", "post_content": "My signifigant other and i spend about 5k a month for everything at 26/27 years old. Is this a reasonable amount? Combined annual income is about 145k. Trying to determine if there is a lot we should be cutting back on", "post_id": "5eeae26a7ec38100207a8856", "reply_count": 49, "vote_count": 6, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

My signifigant other and i spend about 5k a month for everything at 26/27 years old. Is this a reasonable amount? Combined annual income is about 145k. Trying to determine if there is a lot we should be cutting back on

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I think if you break down the 5k it might be more helpful! If you’re at 3200 bucks in rent I’d have a problem, or if you spent 2000 dining out that could be an issues as well! Just depends on the breakout.

likesmart

What are your thoughts on a 2860 mortgage payment?

Sounds like you spend about $800 on groceries and $700 on dining out each month? Based on your comment that you spend about $200 on groceries each week. To me, that’s pretty reasonable for DC. That’s about $200 a week dining out. My husband and I used to do that even when I was traveling four days a week for work. We enjoyed eating out. We’d spend maybe $60 bucks on dinner Thursday night, go to a decent place on Saturday for $100, then maybe go to a bar with friends or lunch with friends for the other $40? Sometimes the decent place on Saturday would be closer to $200. If you didn’t have other goals, then I’d say you’re fine since you’re otherwise within your means. But since you want to save for a house, get a feel for how much you want to spend on a house, use one of the many online mortgage calculators to estimate a monthly payment, and then use that as motivation to cut back on eating out, if needed.

likesmart

D4 do you live in a HCOL city?

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What is the breakdown of the $5K? It is hard to say without knowing.

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Looks like you’re following the 1/3 breakdown just fine and 1.5K on groceries/food between two young adults is just fine. Keep on doing what you’re doing

likefunny

Depends on what city, whether you live together, and whether you’re paying off loans. that sounds like a lot to me. Rent and cars are the easiest things to cut

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Live just outside DC (VA side), rent at $2375, and 0 in car payments (we own our vehicles outright) also, 0 debt between the both of us. Also we live together

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Your grocery and restaurant budget seems extremely high, especially in the pandemic. I think you all can bring that down to 300-500/month.

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VP1, pre-covid, yes. Identified this as an area to deff cut back on as well

I think it is too much. The rent is fine, but as the rest commented, the dining out is a huge chunk of dough. My take home alone is $8k, not counting my SO. Our combines monthly expenditure, including rent is about $5.5k

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Not reasonable

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Which part?

2375k in rent, 1.5kish in groceries/restaraunts, 300 in utilities, and then everything else rounds it out. Pre covid we were spending a lot more going out (around 6k total monthly expenses) but have since cut out

Pulling in about 8.2k after taxes each month for reference, but planning on buying a place soon, which would increase mortgage/rent payments to 3k at most based on what we are looking at, with 2.8k being ideal

We spend about 7k w/ hhi 300k at the same age/no kids. You could cut on eating out if you really wanted to save faster but you look ok!

Agreed with the rest of the comments about cutting down food spending but also $300 on utilities sounds slightly high

Tbh no idea, lived in an apartment with a flat utility bill in an apartment building for a few years and then this townhome where i deal directly with utilities. A quick google tells me my consumptions levels are in line with national averages

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