How much money after everything is paid for?

[WKR]

Just curious whats left over every month after all bills, food, and gas are paid for. I just recently made some big moves in life and am thinking about my budget. On a regular old month, with no extra income or side jobs, I should have atleast 2k per month to do whatever I want to do with. Save or spend. I'm not sure if thats good, bad, or indifferent.

 

[bozeman]

I'd work at least 15% into savings/investments monthly as a line item not an 'if available' item.

 

[mlevimadden]

Back when my wife and I were DINK's (double-income no-kids) and living in a lower cost of living area with cheap cars, we got up to $10k/mo in savings spread across 401k's, Roth IRA's, general investment account, extra mortgage paydown, etc. We were budgeting tightly at the time though and in our 20's so didn't mind living a more frugal lifestyle to set ourselves up for future success.

Nowadays with the higher cost of living, working reduced hours with kids, living in a larger house, and having nicer vehicles (that are paid off). We are only putting away an average of $2k/mo into retirement/investment accounts.

 

[MuleyFever]

I dont know about comparing yourself to others, on the internet. Always people with more and less than you. Set goals that work for you and stick to them.

 

[pods8 (Rugged Stitching)]

Just curious whats left over every month after all bills, food, and gas are paid for. I just recently made some big moves in life and am thinking about my budget. On a regular old month, with no extra income or side jobs, I should have atleast 2k per month to do whatever I want to do with. Save or spend. I'm not sure if thats good, bad, or indifferent.

Is this after retirement savings? I tend to view retirement savings as one of those mandatory bills. At bare minimum any employer matches and as income allows max it which aside from saving for retirement lowers your tax burden. Obviously there is a balance point between getting any employer match and maxing out that may need to be weighted against other lifestyle choices. But trying to funnel more that direction will pay off in the long run, assuming you don't want to work till you're 70 or such.

 

[WKR]

Is this after retirement savings? I tend to view retirement savings as one of those mandatory bills. At bare minimum any employer matches and as income allows max it which aside from saving for retirement lowers your tax burden. Obviously there is a balance point between getting any employer match and maxing out that may need to be weighted against other lifestyle choices. But trying to funnel more that direction will pay off in the long run, assuming you don't want to work till you're 70 or such.

Yeah that number is after pension, annuity, and health care.

The $2k is whats left over after Everything is taken care of.

 

[Afhunter1]

I think:

40% income on expenses
30% on housing
30% for saving/extra

prob be a solid play

 

[WKR]

I think:

40% income on expenses
30% on housing
30% for saving/extra

prob be a solid play

I'm at 40% on housing because of a 6.25 interest rate, but my expenses are crazy low. I own everything I have, no credit card bills or student loans, and gas/food costs where I live are pretty good comparatively.

 

[Fireflyfishing]

I think:

40% income on expenses
30% on housing
30% for saving/extra

prob be a solid play

Mine is like 60% wife and kids. 35%Bills. 5% more on wife and kids…

 

[bozeman]

10% tithe. The good Lord gives us health and talent, we are just temporary stewards. Just my .02.

 

[HuntHarder]

If you are maxing out your retirement accounts or setting aside the same amount for other investments (real estate) and you have 2k left after all that, you are doing good. Everyone's situation is different and it is really hard to compare your situation to others without knowing a bunch of everyone's and your info. I highly recommend talking to a few different financial advisors and picking one that you feel comfortable with. Getting on a good path early in life is key. 2k left over for you may be like 10k leftover for others.

 

[sierracharlie338]

 

[lyle_destroys]

This is a really bad way to go about budgeting or even feeling ok about your life situation. It’s like spending too much time on Facebook, everyone is happy and doing great there. Do what works for you.

 

[F21FALCON]

I would definitely get with a financial planner. Ours really helped even though we were on a plan ourselves.

 

[go_deep]

It's all relative. If you told me you had $2k leftover and took home $25k a month, I'd say your budget sucks. If your take home was $7k, I'd say great job!

 

[maxx075]

There is no right answer that anybody here can give you without knowing the ins and outs of every detail of your finances.

It's all dependent on your own situation, your goals, and your ability to save.

 

[Nightstandx]

40% income on expenses
50% on housing
10% for saving/extra

and this is me been lucky.

 

[roadrunner]

Follow the 50/30/20 rule even with what's left over.

50% for "rainy day fund" - $1000
30% for saving in another interest earning account - $600
20% for spending - $400

Most stuff we buy is just paperweight garbage anyway...

 

[MallardSX2]

When you compare yourself to others on the internet (who always appear to be just ahead of you financially) just keep in mind that most of those people are liars…..and they are broke.

 

[william schmaltz]

Comparison is the thief of joy. Take care of your 4 walls and plan for your future. Everyone seems to be nailing it, but someone (almost everyone) must be lying or they have a MUCH higher risk tolerance than myself.

Average US debt per CONSUMER not including mortgage or HELOC:
Auto: $24k
Credit Card: $6.5k
Student Loan: $39k