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Taking out mortgage, student loans and tithing, we budget 3450. Average right around there, as it includes a slush of about 500 for the inevitable crap that always comes up. That budget rolls over month to month. Mint.com is your friend.
6000 a month including food and clothes. I am a single dad of 3 teens and I live in fl
Been in your position OP. You track, but have no quality standard for comparison.
As you can see from responses, what others do has a great spread. It is possible to spend very little. Decide as a family.
Mint.com is good, from Intuit. I have tracked with Quicken/MSMoney for 20 years.
Spend less than you make, so you have emergency fund, pay off non-mortgage debt, max out 401k contribution, save for college.
If you are already doing these, then know you are doing exceptionally well.
Seems a little high but so many factors involved. We are probably around 4500-5000 a month
Check out Dave Ramsey... working for us.
My wife stays at home with our kid, 1 income and a nice home in the burbs. We budget $5,900 a month and go over more than half the time even when trying to control spending. Need to know if our budget is realistic or if our spending is out of whack.
Does your 5900 include mortgage payments, student loans (if there are any)?
My wife and I spend on average approx 8200 each month, includes mortgage, 1100 per month for student loans, and school for 2 kids (at a Montessori type place) - once the boys are out of school and student loans are paid off, well likely be around 5000 per month
We have a separate account for all combined spending (excl. Vacation). If it nears 0, stop spending......
This is pretty useless without specifying where you live.
That's why I pulled out mortgage.
D1 - includes mortgage, no student debt anymore
A1 - Chicagoland
Seems like we spend too much based on responses
My wife and I don’t really have a budget, but we average around 11k a month with one child. We only go over if we go on vacation.
OP, what level?
We have like $10k/month just in fix cost across housing, childcare, bills, loan payments and car
Similar situation OP, stay at home wife with 2 kids and one on the way. In fact my wife has stayed home since I was an SC.
What worked for us was setting up a zero based budget. Which allowed us to make sure we met our financial goals and better understand areas where our spending was out of control
KPMG1, hat off to you. Respect.
AT Kearney 1, to you too for the tithing. I should start doing that again. 😃
Great question, OP. Unfortunately I don’t have an answer with our specifics, but our bank balance creeps up so we’re not overspending. (Wife is very low-maint but detests budgets.) Working wife; 2 kids, 14 and 10. Chicagoland. We don’t live extravagantly and eat out maybe 1-2x/week. Vacation a couple of times a year; international about 1x/3 years. No car debt. Mortgage, of course. No CC debt either.
Know this is a week late, but figured I would provide an additional data point:
~3000 in monthly expenses (excluding mortgage & student loans)
~6000 without exclusions
We’re expecting our first this summer and plan to add 1200-1700 to the monthly budget for childcare. We’re dual income in Texas.