Monthly Expenses?

So, with the new baby on the way, and my job being flakey about maternity leave we decided to re-evaluate our monthly expenses for 2008.

With all bills and expenses included (utilities, mortgage, life insurance policies, car payments/insurance, allowance, cell phone) etc we are at about $4200 a month.

DH says that is outrageous!

So, if you don't mind sharing - what are your average monthly expenses?

Re: Monthly Expenses?

we are pretty close to that because of credit card bills... it's sad b/c until i get a raise we won't be able to save much money at all.

Re: Monthly Expenses?

Good topic for an anonymous poll.....

Re: Monthly Expenses?

Posted by GoldenRod

Good topic for an anonymous poll.....

Re: Monthly Expenses?

how bad is it that I have no idea, and I don't want to know

as long as I have enough to pay the bills and some extra for shopping and saving...I'm good

Re: Monthly Expenses?

Re: Monthly Expenses?

Posted by Kara

Posted by GoldenRod

Good topic for an anonymous poll.....

Agreed.

Also... it may be a better idea to gage this by what percentage of your take home pay your monthly expenses comprise. Someone may have very high expenses, but those expenses may only be about half of their take home pay. Another person may have high expenses that are 90% of their take home pay.

It's not necessarily about the dollar-amount you're spending on expenses each month, but to me it is about living well beneath our means.

Also curious -- are you counting spending money and groceries in your expenses?

Re: Monthly Expenses?

Posted by sunflowerjesss

Posted by Kara

Posted by GoldenRod

Good topic for an anonymous poll.....

Agreed.

Also... it may be a better idea to gage this by what percentage of your take home pay your monthly expenses comprise. Someone may have very high expenses, but those expenses may only be about half of their take home pay. Another person may have high expenses that are 90% of their take home pay.

It's not necessarily about the dollar-amount you're spending on expenses each month, but to me it is about living well beneath our means.

Also curious -- are you counting spending money and groceries in your expenses?

Hmm....ok. Well according to my math 59.7% of DH's salary goes toward expenses.

Yes, groceries, gas, atm debits, etc were all included in the expenses.

We are trying to figure it all out without me taking home a paycheck and becoming a SAHM.

Re: Monthly Expenses?

Re: Monthly Expenses?

Also, in your math, are you estimating the increased expenses you will have once your child is born?

Start tracking EVERY single thing you spend money on. It'll be eye opening. It's amazing sometimes the things we 'waste' money on. I'm not saying luxuries or shopping is always bad -- but if you're looking for someplace to cut back, you can usually find it.

Re: Monthly Expenses?

Around 4100 with mostly everything considered. But unfortunately now with the house suprise things always sneak in. The home depot trips for a 5 dollar item become a $100 trip before I even realize what I spent.

Re: Monthly Expenses?

Mine are over that. Right now is kind of light but we are downsizing our spending as well. DH's job is not so hot right now wo we are hedging against that for the next few months at least and maybe further.

The economy stinks and that's another reason we are tightening the belts.

I'm also working tons of OT and hope it helps. Right now, savings is nil but we have no problem meeting our expenses, it's just that we would like to continue to save.

In a few months we should be much better.

I think a lot of people are making more sound economic choices now. A few of my colleagues and friends are also being more money conscious.

Message edited 3/25/2008 9:12:12 AM.

Re: Monthly Expenses?

Posted by Kara

Also, in your math, are you estimating the increased expenses you will have once your child is born?

Start tracking EVERY single thing you spend money on. It'll be eye opening. It's amazing sometimes the things we 'waste' money on. I'm not saying luxuries or shopping is always bad -- but if you're looking for someplace to cut back, you can usually find it.

Re: Monthly Expenses?

Also wanted to add that DH is planning on going for a promotion which will subsequently require a pay cut.

My expenses are based off that pay cut and on his income alone.

So in theory for the next 4 months I'm still working full time and DH is still making his higher salary.

With that said, for the next 3-4 months we will be banking my entire weekly paycheck as well as the surplus DH is making before he takes the promotion which will just add to our "nest egg".

Re: Monthly Expenses?

I have 2 kids and my average Amex bill is $3k a month. This includes, food, target, shopping, gifts, gas, car repairs or other things that pop up.... My DH averages about $1k a month on gas, lunch and he pays when we eat out. So with mortgage and household bills - it is crazy! The good thing is we have no debt, except for our mortgage. So I am proud to say this month, I worked very hard and my bill is only $1200. I am really trying to cut costs and stop alot of the spending.

Re: Monthly Expenses?

Message edited 5/22/2010 9:28:12 AM.

Re: Monthly Expenses?

We're somewhere between $4-5k, but alot of it is debt. Also, we do spend a lot of money and need to cut back on that. I'm going through somethign similar where I need to figure out how we're going to live off of DHs salary for a while. I have the larger income, so it's a problem. I'm going to be having surgery and will be out of work for a couple of months. I just don't know how we're going to do it. Luckily, it will be temporary.

Re: Monthly Expenses?

We don't have a house yet but I anticipate that our monthly expenses would be around $6,000 a month. It seems very high compared to everyone else who has posted. I wonder why such a big difference.

Re: Monthly Expenses?

Re: Monthly Expenses?

Our monthly bills, (so not including frivilous spending) are 55% of our take home:

Mortgage: 22%
Student Loans: 14%
Groceries: 7%
gas/insurance: 6%
utilities: 6%

We don't have credit card debt, car loans, cable, or a home phone - we use our cell phones and work provides us with internet.

Right now we are focusing on putting as much in savings as possible, so I can hopefully work PT when we have children.

Re: Monthly Expenses?

Disclaimer: I live OOS in a city so our gas expenses are very low because we each live less then 3 miles from our jobs and walk or take the bus.

We are at set in stone expenses of about 2000. Plus maybe 200-300 for fun? This currently is about 3/4 of our take home income due to my DH being in school, but next year it will be closer to 1/3.

Re: Monthly Expenses?

Our household expenses are about what you posted WITHOUT our car payment, food, gas, credit cards, shopping, etc.

Re: Monthly Expenses?

You dont even want to know!!!

But it's considerably more than yours..But we do have 6 kids.

Re: Monthly Expenses?

We put away about 25% of our net pay each month with one income.

Re: Monthly Expenses?

I would say at least $6,000 monthly, and that is with no credit card debt. The only "debt" we have is mortgage, cars and student loan. The mortgage and LIPA are the biggest.