I have been trying to record my family’s expenses and with everything included from mortgage to groceries to kids classes and education savings, car insurance to home insurance, it costs around $8K-9K to run a home which keeps my single salary savings to $500 per month. Do you guys see the same too or more? What are your ways to make sure you save more on a single salary?
35 replies (most recent on top)
@12y all the “hubs” are in the most expensive parts of the country…
Mine is about $4k a month. You're living way above your means and you're probably choosing to live in one of the more expensive parts of the US. Thats all on you.
@zm You mean "Total Money Makeover" That's one of my books!
Solution for OP's problem:
1) Log into Amazon.
2) Search for Today Money Makeover.
3) Order book.
4) Read book.
5) Follow book advice.
Personal finance problem.
I spend $3k/month.
@kw so you bought a home 25 years ago and plan to retire at 48? That math ain’t mathing. Also just sounds like you live an absolutely miserable lonely life. I would never want to be you.
@kw keeping your home at 83° is insane. Claiming you pay $10 a week for groceries is a blatant lie. What’s your $175k house you bought 25 years ago worth now?…. That’s Exactly why this is no longer possible. Your logic is flawed and your argument is invalid. Nice attempt, but sorry, no one believes you.
@an
Bought my $175k house in Plano, Tx. 25 yrs ago, paid it off in 5 yrs decades ago. Brought bag lunch, Eat at home, vacation is field trip to the bread plant, Utilities are approx $95 mo., turn on ac July & keep therm at 83, HO & car insurance $2400 yr - high deductible, groceries $50 mo. roast on Sundays then leftovers, store for staples, don't buy snacks, juice, booze, cigs, mostly eat out of garden. No cable, internet from TMobile.
You ought to try it. I'm planning to retire at 48.
@fx Agree.
Public Transport and while I don't have or need a cell phone - Mint Mobile $15 per mo.
And I so have Spectrum internet for $30 mo. - primarily to watch (P) at&t fireside chats (ORNO).
You are point on.
@fx how do I RTO if I don’t have a car? How do I even WFH if I don’t have an internet or a cellular plan? These are essential to basic living. What world do you live in that you think these things aren’t essentials or cost less than noted?
@fw you realize the median is the rock bottom in any major metro, right? Cmon man just admit you’re wrong.
@fa No one needs a car payment. No one. Ditto for 300 per month internet. You are rationalizing your horrible spending habits and unaffordable lifestyle. Spoiled debt-drunken brats. Gott look rich though, right? I prefer being rich.
@fa Thinking you somehow deserve a median priced home is your problem. If it is more than 25% of your take home pay, you can't afford it, no matter what the statistics and bankers say. But you will buy it anyway, and keep on complaining and blaming everyone else for your financial predicament.
@ab Very doable.
Imagine being so d-mb you actually think 11 people can live off $4,500 a month. 😂
@fa also no way the guy with 9 kids, meaning 11 people living in the home has a $450k house. Unless he’s stacking the kids on top of eachother in one bedroom. That was just a blatant lie.
@es The national median home price in the U.S. is approximately $436,500. With current 30-year fixed mortgage rates hovering around 6.31%, a buyer putting 20% down will pay roughly $2,175 per month for principal and interest, while a 5% down payment brings this to around $2,590.
Then you have:
- Property taxes: ~$400–$600/month
- Home insurance: ~$150–$250/month
- Energy/utilities: ~$250–$400/month
- Water/sewer/trash: ~$75–$150/month
- Internet/cable/mobile: ~$150–$300/month
Then you have:
- Car payments: ~$700–$1,200/month for two vehicles
- Gas/commuting: ~$300–$700/month
- Auto insurance: ~$250–$500/month
- Food/groceries: ~$800–$1,500/month
- Clothes/misc household expenses: ~$200–$500/month
At this point, the average middle-class family is easily staring at $6,000–$9,000+ per month in basic living expenses before savings, retirement, healthcare, childcare, or emergencies even enter the conversation.
So your fairytale about the guy with 9 kids is hilarious. Fu--ing troll. Tell me I’m wrong.
@es where does he live? The homeless shelter? You cannot have a home and 9 kids for 4,500 a month. Unless you purchased your home 30 years ago at a 50+% discount to today’s rates and have it fully paid off it’s simply not even possible. It’s a different time today than it was back then, boomer. You’re out of touch with reality.
Got a buddy with 9 kids. He does not spend 9k per month. Not even half that. Stop living above your means. You have houses and cars you can't afford and are spending on consumer garbage. Turn off the door dash.
@e2 don’t forget the $1k per month commuting cost for gas tolls and car maintenance
So funny to see how out of touch boomers are with the national average housing costs and interest rates. Even a basic entry level $600k home costs $4-5k/mo. just to have the house. Then you have cars, clothes, food, etc.
65k is criminal that’s what i started with back in 2012 now im 200k
@OP 9K is too much
Most Americans have trouble living within their means. You’re part of the club.
@be I agree not unusual. He says single salary though which is high.
Sounds like you’re living high on the hog Sonny.
Stop trying to keep up with the Jones’s.
$8-$9k is not unusual. The biggest expense is a mortgage and in some areas that could be $3k-$4k a month easily. Add on Electrical, gas, water, house insurance, property taxes, car insurance, school supplies, medical expenses, clothing and of course incidentals like new tires, HVAC, water heater, etc. Of course you could eliminate tv, streaming, eating out, new shoes, etc, but then what is the point?
@ay , more like LA, San Fran, NYC or Hawaii.
Maybe he's in Monroe, LA.
@ab I’m calling bs on that one. $65k/yr, 4 kids, stay at home wife and saving $2500/mo? You living at your parents house with those kids? So you mean to tell me your house, utilities, insurance, groceries, and everything costs you $1500/mo? Yeah, no. Either you live with relatives, have no rent/mortgage and on food stamps to be able to make it on that per month.
At least that much in any major city where the major hubs are
Bot post but that is a monster number for most areas. Someone is playing fake rich and going to end up poor.
It sounds like your $$ allocation is out of whack.
I have 4 kids, wife is stay at home and my salary is $65k.
I'm fully investing in my 401 in the company savings plan.
I'm banking, investing about $2500 monthly additionally.
My home is 1800 sq ft.
I have a garden.
I don't smoke, drink, travel, nor do we have cell phones or cable.
I drive a used car for 200k miles or 20 yrs.
Life is great.
My kids.
You need a better plan.