{ "media_type": "text", "post_content": "Please critique my annual budget. Family of four in the Bay Area.\n\nHHI: 850k\nIncome tax: 300k\n\nDaycare: 50k\nHousing: 45k (mortgage + property tax + insurance)\nGrocery / restaurants: 20k\nCharity: 15k\nRandom Amazon spending: 10k\nCar + gas + insurance: 10k\nMedical: 5k\nHouse cleaner / landscaper: 5k\nUtilities: 3k\n\nRetirement savings: 135k (maxing out everything)\nRemaining for taxable savings: 250k\n\nDon’t do enough travel but that is largely due to COVID. \nSaving 45% of gross is probably too much?", "post_id": "60fe02495a53750020488859", "reply_count": 22, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Please critique my annual budget. Family of four in the Bay Area. HHI: 850k Income tax: 300k Daycare: 50k Housing: 45k (mortgage + property tax + insurance) Grocery / restaurants: 20k Charity: 15k Random Amazon spending: 10k Car + gas + insurance: 10k Medical: 5k House cleaner / landscaper: 5k Utilities: 3k Retirement savings: 135k (maxing out everything) Remaining for taxable savings: 250k Don’t do enough travel but that is largely due to COVID. Saving 45% of gross is probably too much?

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Only $45k a year for a house large enough to fit a family of 4 in the Bay Area is really reasonable 👍

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Only 1600 sqft but feels big enough for now

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This is interesting to see, I’m assuming daycare means your kids are younger. My parents didn’t have this high of an income but we do about 2 vacations a year (15k-ish / year). I will say that as we got older, siblings were all heavily involved in sports (club + hotels + travel)… Idk how much but it was def a few thousand per kid as year. Kids tend to get more expensive as they get older haha

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Babysitting is something we need to lean more into. Right now we do monthly date nights at $30/hr. But we should probably do overnights at $500/night

What’s worth ramping is completely subjective. What do YOU want to do with your money? If there are things that bother/inconvenience you, or you just want more of, decide if it’s worth finding a monetary solution. If not just save and retire early.

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Is this like a humble brag? Also what type of jobs lead to such income levels - honestly curious

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SA2 hit it on the head

Folks who are at these HHI levels, where have you ramped up spending that was worth it?

I love designer fashion so I like to treat myself once in awhile. Staycations and spa days when I need to relax. I have a demanding job so I outsource as much as humanly possible. No kids yet but plan to save enough for them to go to college and grad school debt free.

We have a similar HH income and I’m wondering how your income tax is so low? Also, is the $135K retirement all pretax and if so, how? (Want to know for myself.) The glaring thing missing to me is 529 or other college savings. We have 2 kids and do $1000 per kid per month. So $24K per year total. The rest looks 100% reasonable and I comment you for only spending $10K per year on random stuff. 🤣We spend SO much more than that- stuff like clothing, vacations, babysitting, salon, kids classes, entertainment. I can’t even name all the leisure stuff we spend on. In any case we save about $200K post tax - So, similar to you.

The 135k breaks down as follows: 58k 401k x2 6k IRA x2 7k HSA 529 was already super funded years ago. I get no state income tax deduction so there is no benefit to funding it annually. Income tax breaks down as follows: 720k taxable income incurs 200k Fed tax 65k CA tax Fed payroll tax 35k for 2

Save any 529 for kids college?

Lol there’s no such thing as too much saving (assuming you plan to invest it)

Of course there is, there’s the risk of working too long for those unnecessary savings

Ours is ~800-900k, depending on my husband’s equity and looks about the same (house is about 1700 sq ft as well). The only difference is our daycare costs are lower (his folks live in the area) and about 50% of our remaining ts goes stays in or goes back to investments. We’re also thinking about getting a bigger house, maybe a 2300 sq ft.

Nice to meet a twin!

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