What's your COL?

[lisaflex]

gosh, i cant even type ours in!!! ours are kind of high...2 mrtgs, 1 car pymnt, qrtly life ins premiums, tutors, specialized after school programs, summer camps, country club dues, and much much more mthly...i would have to say that we could make it on 6500/mth...but, that would cut out some darn good vacations!!! and, yes, if you remember me, we have had some tough times too! there was a period we only had about 2000/mth...then every few mths a "windfall of sorts" and then again, nothin for a few more mths...but, life is what life is.....

[dancinmama]

$3575 for what I call our non-controllable expenses: mortgage, property tax, utilities (including internet, satellite TV, and cell phone) HOA, gardener (DH literally does not have time to mow and edge), and insurance. It does not include food or gas.

We live in a high COL area: SF Bay Area.

[lynnerself]

I haven't got a clue! Sounds bad doesn't it.
But I can tell you exactly what goes into savings and retirement each month. Every ting left over is spendable.
I don't know how much my minimum COL is. I really do need to run some numbers and figure it out tho. The plan is to retire in 5 years. And I need to figure out a base line COL to make some retirement decisions.

[lurkyloo]

I think our basic expenses, without cutting back at all, are around 6000/month. We're in a HCOL, about 2/3 of that number is housing or housing-related.

If DH were to lose his job, we could fairly easily cut it down to 4K or so, which is doable on my paycheck alone...also, we currently have a housemate who contributes for utility bills but doesn't pay rent because it's not worth the added tax complexity. That could change! The question is largely academic, though; in a moment of annoyance I once noted that it'd be *way* easier to for DH's company to replace their CEO than DH. Not diplomatic, but true. If I lost my job, in turn, we'd probably undertake some fairly major changes; hard to say what the final numbers would be.

[krystyna624]

Live in Western NJ - one income

Basic necessities $1660
Everything including savings, gas for car and food - $2519

[TD2K]

I live in WA state which I see often is listed as a high COL state. Sales tax is high, the local rate is going up to 8.7% April 1 after a voter approved rate increase. Property taxes are high but not as high as I've seen people complain in some other states. My property tax for the house is about $3,000 per year.

The good thing is that there is no state income tax. The state tried to get one put in place on high income earners last election but it failed to pass. I was bothered by the push "hey, it will pay for all these great things and won't cost you a dime" to say nothing I expected the income limit to be lowered in future years as the state decided they needed more money and yes, WA does have a serious deficit problem.

[TrixAre4Kids]

Mar 24, 2011 10:31:43 GMT -5 TD2K said:

I live in WA state which I see often is listed as a high COL state. Sales tax is high, the local rate is going up to 8.7% April 1 after a voter approved rate increase. Property taxes are high but not as high as I've seen people complain in some other states. My property tax for the house is about $3,000 per year.

The good thing is that there is no state income tax. The state tried to get one put in place on high income earners last election but it failed to pass. I was bothered by the push "hey, it will pay for all these great things and won't cost you a dime" to say nothing I expected the income limit to be lowered in future years as the state decided they needed more money and yes, WA does have a serious deficit problem.

Hi TD, I'm in King county and our property taxes are insane! Mine were $4000 last year on my CONDO. When I retire, I plan on moving out of the King-Snohomish-Pierce county area, maybe east of the mountains (to get some sun!) or south (Vancouver-ish) because Portland is fun to play in.

[sil]

Thanks for the first brave souls who posted a COL over $5k.....I was starting to feel really bad about mine.

We live in southern California with 2 small kids.

Just taking our two largest expense (rent on our small house + childcare) costs us $3600/month.

Add in our utilities, student loan minimum payments, car payment, insurance, gas and groceries and our COL is north of $6500.

If one of us loses a job, we could temporarily cut our expenses to $4000/month.

[Sum Dum Gai]

I'd have to check with the wife, but we're probably somewhere around $4000 a month.

[TheOtherMe]

Mar 23, 2011 20:18:06 GMT -5 @debtheaven said:

Budget will be tight for the rest of my life. I'm 59 and owe 29 years on my mortgage.

Theo, if you don't mind my suggesting this, might you prefer to get a housemate to split expenses? Or help you pay off that 150 monthly debt repayment faster?

Just a thought. Best of luck to you whatever you decide.

I did the housemate last summer. I would do it again for the short-term, but not the long term. The debt repayment will be paid off in three years. That is the way the credit union set it up. It will eventually be replaced by a car payment as I drive a 1994 Honda Civic.

One of the savings accounts is for the down payment on the car and I will keep saving for the down payment as many years as the car will stay alive.

Once the property taxes are determined on my house, I can change my withholding and add the savings to my house payment as extra principal.

I am learning, slowly but surely. I don't want a mortgage hanging over my head all my life, but really don't expect to inherit anything from my parents. I've watched too many of my cousins end up with nothing because the nursing home takes it all.

[TheOtherMe]

I thought Iowa's property taxes were high, but compared to Washington, they are nothing. Iowa's are so much higher than Colorado's and I don't understand why.

[Gardening Grandma]

Also in WA state which TD2K says is HCOL

House (incl prop tx and ho ins) 1392
Utilities (elec, propane, water, garb) 230
Food 550
Dogs (food, prescription meds, misc) 150
RV pmt 536
Gas 350
Auto ins 56
Healthcare premiums 143
Income taxes 752
LTC ins premiums 300
Total COL 4459

The above is a "bare bones" COL. It does not include healthcare outside of premiums, vet care, house maintenance, auto maintenance, liquor, personal care, clothing, cell phones, DSL, DirecTV, Netflix, gifts, etc

ETA One of the reasons that WA has a fairly high property tax is that there is no state income tax. I did vote for the state income tax proposal. I thought it made a lot more sense than the current hodgepodge. But I doubt one will ever pass.

[formerexpat]

In Baltimore metro area, which is a higher COL. Our COL is about $65k gross salary per year, meaning I could make $65k per year and still live the exact same lifestyle that we live now with 10% savings.

I have no reason at this point in my life to live a life that is in excess than the median household income in our area. We have everything that we need and have an enjoyable life.

[Apple]

mortgage 980 (includes taxes, insurance)
cell 78
electricity 60 (about $45 in winter, $75 in summer)
natural gas 50
net/phone 56
water/sewer 80 (base rates, cannot go lower until I move to the new house--will have well and septic)
garbage 16
insurance 40 (car and pickup)
gas 150 (vanpooling cut this way down)
netflix 9
groceries 200 (guessing high, usually lower)
land 500 (paying a little extra, will roll into a mortgage when house is built)

Total $2219

I live in a LCOL area (oh, in OR. I'll "get a raise" when I move to WA--next year I hope--by no longer having an income tax, most shopping would still be done in OR where there is no sales tax). I did not include health insurance, fsa, retirement as that comes out of my paycheck before I see it. Savings is whatever I'm not putting toward the house, but since I have enough for an EF I'm not really saving much right now. Once the house is built I'll be able to get rid of this house and mortgage and the new mortgage should be pretty cheap (possibly around the $500 I pay now just for the land). I'm going to be trying to do what I can to retire early and also buy the property next to mine if the owner decides to sell it--that would guarantee I would never have neighbors and would make me pretty damn happy. Glad I'm not paying for private school anymore though!

[Apple]

This message has been deleted.
Because I have no idea WTH just happened

[LlamaLlamaDuck]

We live in a LCOL neighborhood in a LCOL city.

Mortgage: $670
Utilities: $160
Groceries: $300
Phone/Internet: $50

Total 1180/mo

[LlamaLlamaDuck]

This message has been deleted.