What's left when all the bills are paid?

Repost from LIW:

Just wondering what most couples have left at the end of the month after mortage, utilities, car payments, etc.

We found a house we love and can afford it, but there will be little $ left afterwards. On average, how much do people have left over?

I'm talking about new first time homeowners (probably the first 2-3 years that you are in the house).

TIA!

Re: What's left when all the bills are paid?

About $1200 from my paycheck a month... give or take. And about $700-800 a month from Vanessa's.

So about $2000 total. We both handle our finances independently including spending money.

The only things we have to pay for after the bills are paid are entertainment, lunches, dining out, gas, groceries, clothing, service contracts for the house, stuff like that.

All the main stuff is paid for (mortgage, taxes, cable, phone, two new cars, all insurances, cellphones, electric).

Re: What's left when all the bills are paid?

Re: What's left when all the bills are paid?

Get a program like Microsoft Money to track your spending. I am doing this and its great. Really helps!

Everyone has different spending habits so its tough to gague how much cash you really need.

Re: What's left when all the bills are paid?

Posted by DjPiLL
Everyone has different spending habits so its tough to gague how much cash you really need.

Re: What's left when all the bills are paid?

DH and I set up our budget for the new house last week. We will have a 30 yr mortgage but will be paying the extra amount towards the principle every month so we can pay it off in 15.

We set up our budget like this:

Total of both gross income
- 10% 401K/403B=
***********
X tax bracket=
************/ 12 months= net per month

net per month
-health insurance premium per month=
************
-mortgage and property taxes (new home)=
************
- cable per month=
************
-car insruance per month=
************
-cell phone=
************
-charitable donations per month=
************
-clothing avg per month=
************
-entertainment (eating out once a week X4)=
************
-groceries ($ Y X 4)
************
- phone and internet=
************
-life insurance (yearly prem/12)=
************
- oil (average per month)=
************
-electric (average per month)=
************
- DH gym membership (health com reimburses %)=
************
- average house maintenance=
************
-gifts ($100 per month, including x-mas)=
************
-misc stuff=
************
- gas/car maintenance=
************
-vacation (budget/12)=
************
-extra principle towards mortgage (to pay it off in 15 not 30 years)=
*********** (what's left every month)

What's left every month X 12= yearly savings
enough for daycare, savings, home improvements
It's a nice amount because we live under our means.

All of our numbers are pretty realistic. We always live below our means... no credit card debt, brown bag lunch 95% of time, very rarely do Starbucks and don't spend a lot of money on entertaining, extra cable, memberships etc.

Hope that helps with some of the categories. Of course it's different for everyone.

Re: What's left when all the bills are paid?

Re: What's left when all the bills are paid?

After all bills, food and kids stuff, we have about $700/month left over - for this year. It's a little tougher since I'm paying 1 1/2 times my usual taxes. I had a new house built and last year I only paid taxes on the land. That'll go back up to $1500 after this year.

Message edited 9/8/2005 6:06:11 PM.

Re: What's left when all the bills are paid?

Everyone is different and for us every year has been different. Thus far for this year we have aprox $600-$800 a month left over depending on various bills. I'm not sure how much we're going to have left over now, considering the home heating oil and fuel increase. To be honest with you I am concerned, whereas Rob is not he says if things get crazy we can always decrease our cell plans, cable plans, and cancel gym memberships etc..... He also says we can always get rid of my car a SUV, which we have a monthly payment on. Another option is I can work a little more I work part time now, which I rather not because I'm pregnant with baby #2.

Last year we did much better but I was working full-time and we didn't have a baby that requires diapers, formula, clothes etc..... We shall see what the next year will bring but I already know things are going to be pretty tight with me not working at all when baby #2 arrives. I never would have imagine that things could end up this way. But in the big scheme of things it is not that bad, we just have to be very carefull iwth our spending because we are so used to living on 2 full time salaries. As long as the bills are paid and food is on the table that is all that matters to me, because I want to be home with my kids. If, things were to get really tight I would go back to work Per-Diem, but we're going to try to **** it up and deal with a tight budget.

Message edited 9/10/2005 12:22:25 AM.

Re: What's left when all the bills are paid?

I'm not sure what is considered "after the bills". Does that just mean spending money and savings? It seems like we have nothing mostly because we have 2 kids in day and after care.

Re: What's left when all the bills are paid?

Over $2000 right now but we have a condo. When we sell and buy a larger house, much less.