Mrs. Dinero
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Post by Mrs. Dinero on Apr 16, 2021 9:22:15 GMT -5
What has been your largest expense? I know we can never be truly prepared for everything but I like to run scenarios and see how we would attempt to handle it.
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billisonboard
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Post by billisonboard on Apr 16, 2021 9:37:41 GMT -5
Coffee.
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giramomma
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Post by giramomma on Apr 16, 2021 9:41:34 GMT -5
Ongoing? Food and kid activities. Likely 40% of our net.
Intermittent: medical-We'll be at 6K+ in about 18 month between DD1's braces and my medical bills. In retirement- healthcare before we are 65. That will run us 2K a month in premiums and updating/maitaining our house. I'm anticipating we'll spend 100K for that. But, we'll get most of that done before I retire. ETA: My kids have college covered, but my career related degrees will have run us 45K when all is said and done. But that will also be for a masters and PhD.
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Deleted
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Post by Deleted on Apr 16, 2021 9:43:45 GMT -5
Mine are discretionary. In 2019 (typical pre-COVID year), travel and charity were each 20%. Last year travel was down but I paid cash for a new car and had quartz countertops put in. Travel will again be down but I've just had the house repainted and the deck will be replaced with TREX next week. Charity up a bit, deposits to the 529 accounts up a lot in 2020 and 2021.
If I were running scenarios I'd build in car replacement and major home repairs.
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Mrs. Dinero
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Post by Mrs. Dinero on Apr 16, 2021 9:52:56 GMT -5
Major home repairs! We’re getting new soffits, fascia, and gutters w/ leaf guards. Ouch! Excited to have it done though. We need to have tuck pointing done as well. Cute 1937 home isn’t cute sometimes.
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giramomma
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Post by giramomma on Apr 16, 2021 9:59:56 GMT -5
I'm not sure what we'll do for wedding/home contributions. We received about 3K for our wedding, 1500 from each side. But, my kids will also literally have 5-10x the net worth I had in my mid 20s. So, I'm a little meh on what we'll contribute right now. Plus, one of my kids is 3, and if she waits to get married until she's in her 40s, I may not be alive to see it, anyway. I can see us doing more for grandkids, if they come. Not to the extent that our kids got help, if all four of my kids procreate. We could end up with like 10 grandkids. Which would be awesome. But, less money to go around. Also, depending on where our kids settle, we could have additional travel/VBRO expenses that we don't have now.
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sesfw
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Post by sesfw on Apr 16, 2021 10:11:34 GMT -5
Our largest expenses are for home and car buying.
A month ago a serious wind storm came through the area and the outside garage pedestrian door was literally blown off the hinges. Now in the process of rebuilding the inner studs and new door. Not sure the final price yet but it will be done right. Now to get the house painted.
Paid off a new car a couple of months ago.
DH wants to go on a vacation somewhere, anywhere. But with his dementia and me not willing to travel right now that is up in the air.
Oh well, always something.
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jerseygirl
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Post by jerseygirl on Apr 16, 2021 10:35:08 GMT -5
TAXES
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Lizard Queen
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Post by Lizard Queen on Apr 16, 2021 10:35:36 GMT -5
Medical, daycare, a new roof. Continuing into the future--appliance replacement, medical (always medical, my DH continues weekly PT visits for years now. Glasses & exams *4. Possible dental work. Food has gone up, and my boys are getting bigger.
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tractor
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Post by tractor on Apr 16, 2021 11:29:03 GMT -5
Hunting, between the tools, gear, tags, travel, processing, alcohol, food, lodging. They add up quick, and I wouldn’t chage a thing 🙂
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wvugurl26
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Post by wvugurl26 on Apr 16, 2021 11:37:15 GMT -5
Hunting, between the tools, gear, tags, travel, processing, alcohol, food, lodging. They add up quick, and I wouldn’t chage a thing 🙂 The dogs aren't included? Lol.
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Tiny
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Post by Tiny on Apr 16, 2021 11:37:46 GMT -5
I'm not retired - working for a MegaCorp. My biggest 'expense' is money I'm saving for Retirement (401K, Roth, HSA, some after tax). I will have a big expense (a new roof) for an investment property. But the cost will be mostly covered by "rent" (I've been allocating a bit of the rent towards this expense each month for the last 16 months), and by a bit of my income allocated monthly for the last 16 months), a portion may get finance via a HELOC (with a 12 month pay off plan (from the rent/my income money). Outside retirement and investment properties - my biggest expenses are my house (property taxes, insurance, upkeep). the next biggest expenses are by "groceries, health/beauty/personal care, cleaning products/paper stuff" and then "monthly utilities". then there's everything else Cats (cat food, litter, vet - they are elderly and more expensive now than in the past), car insurance/upkeep, entertianment spending. My house and car are my biggest over all expenses. If I need a new appliance for my house - I've got a 3K budget to use. When I go to replace my roof in a year or two - I've got an 8K budget (I will have 4K in cash - and will use my HELOC for the rest. if it goes over my budget I will figure it out at that point) Any thing else that happens (aka an emergency) -- say I need a root canal and a crown - I don't have dental insurance - it would come out of my EF - and I'd have to redirect a flow of $$ to the EF to rebuild it If my car gets totaled and I have to buy a new one - it would come out of my EF (and I'd redirect $$ to the EF to rebuild it) The $$ I would be redirecting to the EF to rebuild it would be the $$ I transfer to an After Tax account (mostly ear marked for "financial independence"). I kind of know the ball park amounts for the costs to replace or repair things in my house (I've spent a lot of time/experience with investment properties over the years). So, I can "budget" them against my $$ on hand, my EF, my income.... At this point in my life - if somethings going to derail my plans - it's something catastrophic - something that doesn't happen to everyone "eventually". I will deal with it/wing it when it happens i'm as prepared as I can be.
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Post by The Walk of the Penguin Mich on Apr 16, 2021 11:40:37 GMT -5
All of our high ticket home repairs have been completed this past year. Unless there is weather related damage or a tree falling on the roof, I don’t see us needing to put out any large sums into the house.
Other than taxes, our 3 largest expenses are travel, charity and season tickets for arts. Medical and dental expenses vary.....some years few and other years lots. My eyes and TD’s dental work are going to be substantial this year.....but last year it was squat. We will need to purchase a new car sometime, but are in good shape now.
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alabamagal
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Post by alabamagal on Apr 16, 2021 11:47:20 GMT -5
Hunting, between the tools, gear, tags, travel, processing, alcohol, food, lodging. They add up quick, and I wouldn’t chage a thing 🙂 The dogs aren't included? Lol. And you can subtract the money you save on meat, right 😏
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busymom
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Post by busymom on Apr 16, 2021 12:06:23 GMT -5
Insurance & home repairs.
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ohmomto2boys
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Post by ohmomto2boys on Apr 16, 2021 12:07:52 GMT -5
Kids activities and vacations. We are taking two (1 week) vacations this year and I'm looking into doing something between Christmas and New Years this year. Trying to spend less day to day on "stuff" so we can splurge on big ticket items.
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hurley1980
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Post by hurley1980 on Apr 16, 2021 12:29:31 GMT -5
Does savings count? I put more money into my savings account each month that the combined total of all my other expenses. Although I've been taking a lot out for home improvement/decorating this year, as I'm stuck at home and have been spending like crazy for my house because I'm bored, and there is nothing else to spend on!
My next largest expense is food and treats...for both me and my dogs. And vet bills/medication for my 12 year old pittie.
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Deleted
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Post by Deleted on Apr 16, 2021 12:32:25 GMT -5
Medical and dental expenses vary.....some years few and other years lots. My eyes and TD’s dental work are going to be substantial this year.....but last year it was squat. Yeah, dental work is highly variable for me. Medicare, thank heaven, has made my out-of-pocket medical expenses more predictable, but I have an ancient dental bridge that won't last forever. If it's irreparable decay under one of the teeth on either side I'm looking at 2 implants- one to fill the gap and one to replace the crowned tooth. If the actual bridge breaks.... well, now we might be looking at 3 implants. BF, who works a Medicare hotline, says that many people are sold Medicare Advantage plans because they include some dental coverage. Not this kind of dental work.
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andi9899
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Post by andi9899 on Apr 16, 2021 12:36:42 GMT -5
Insurance.
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haapai
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Post by haapai on Apr 16, 2021 12:43:46 GMT -5
For me, food is by far the largest expense that you have not specifically excluded.
Payroll taxes are the next highest, but I really think that they should be separated into income taxes and social security taxes, in which case they are both much lower on the list.
The employee portion of health and dental insurance comes next, although in my case it is a bit bloated by non-compliance charges.
I spend very little of my HSA contribution, so I do not consider that a part of my healthcare expense. On good days, I consider my HSA contribution to be a retirement investment. On other days, I call it savings. Either way, the accountant in me cannot call it an expense. (Pre-paid expenses are savings, Darnit!) Along similar green-eyeshield lines, I cannot call my 401(k) contribution an expense, even though it is a much greater cash outflow than food.
I've tried to follow your rules and exclude all shelter and transportation expenses and outflows from consideration, but when you get bean-counter, and start excluding the principal from many of those outflows, the shelter and transportation expenses that need to be recognized are probably higher than food expenses, individually (i.e both the portion that should be called shelter expense and the portion that should be called transportation expense both the amount of food expenses). Sadly, relatively little of these outflows are interest. The car is paid off and I don't owe much on the house and the interest rate is cheap.
Little things like the cost of getting your trash hauled away, or what Consumers' charges you for having a gas and electric connection before they charge you for the energy that you consume, and no-fault automobile insurance (i.e. not general coverage or collision), and water and sewage connections can be pretty important parts of the budget puzzle if you have an AGI of under $27K. There are many little expenses, almost all of them under $100 a month, that I simply cannot figure out how to dodge and they add up to quite a bit of what I take home.
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plugginaway22
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Post by plugginaway22 on Apr 16, 2021 12:44:35 GMT -5
Our kids college (we didn't even pay in total), roof, HVAC system, new 2 car detached garage with workshop, all new windows/siding.
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resolution
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Post by resolution on Apr 16, 2021 12:46:13 GMT -5
Some of my larger expenses in the past 5 years:
Going back to school - 8k out of pocket that wasn't covered by work or tax credits new well - 12k hvac system for outbuilding - 6k excavation and cement floor for outbuilding - 6k asbestos removal - 7k new computer - 1k
A big upcoming expenditure is to strip and repaint the house, which we are still trying to find contractors to give us a quote. We are guessing it will run 30-40k, but could be way off.
Another upcoming expense is I would like to take a nice trip somewhere once the world returns to normal.
Our phones are relatively cheap, but they are a large regular expense for many people.
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swamp
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Post by swamp on Apr 16, 2021 13:17:39 GMT -5
Hookers and blow
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MN-Investor
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Post by MN-Investor on Apr 16, 2021 13:59:54 GMT -5
In the past 12 months, it's probably close between charitable contributions and gifts to family members.
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pooks
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Post by pooks on Apr 16, 2021 14:04:35 GMT -5
On a monthly basis our largest expenses are taxes and groceries. As far as nonrecurring expenses, our dog has been a money suck this year (2 surgeries, specialist, now a monthly RX, and blood work).
Home maintenance is probably the biggest upcoming expense. Fence needs to be restained, mulch added, trees planted, retaining wall put in. Not sure exactly what I want yet, besides low maintenance and less grass.
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Deleted
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Post by Deleted on Apr 16, 2021 14:29:56 GMT -5
Some of my larger expenses in the past 5 years: <snip> asbestos removal - 7k Ooh, that's a nasty one- definitely an unexpected development! Why stripping- too many coats, or the top coat blistering all over? I just got mine done for $6K and that included a lot of insanely high ladder work. Mine is $17/month for Ting- I bought the phone outright. It includes 5 gb of data and I never use that much. I'm proud of that!
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resolution
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Post by resolution on Apr 16, 2021 14:44:36 GMT -5
Some of my larger expenses in the past 5 years: Why stripping- too many coats, or the top coat blistering all over? I just got mine done for $6K and that included a lot of insanely high ladder work. The house we recently purchased has what looks like 100 years worth of paint layers on it, and we have large pieces flaking off all along the back and one side where most of the weather hits it. If we just paint over it like everyone else has done, we don't think that the paint job will last longer than a few years before it starts flaking again. I think that cycle has been going on for a long time because an older retired guy walking his dog past the house told me he used to paint it every 3 years for the lady that owned it long ago. We are having trouble finding any painters interested in such a big job, and a lot of them say that they don't do paint stripping. We may be able to get away with only stripping the really bad portions, but if we can find someone we are probably better off having them do the whole house and starting fresh with the paint.
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resolution
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Post by resolution on Apr 16, 2021 14:50:35 GMT -5
We are going to go all "painted ladies" with it. We have picked out a four color palette and hopefully won't shock the neighborhood too badly.
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buystoys
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Post by buystoys on Apr 16, 2021 14:57:35 GMT -5
For 2013-2019 our biggest expense by far was medical. That was 25-45% of our income every year. Since 2019, our biggest expense each year has been our house project. WE've been doing one major project each year. That will likely last another two or three years.
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Miss Tequila
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Post by Miss Tequila on Apr 16, 2021 15:18:14 GMT -5
When I worked, half my income went to investing/retirement. Now I would say taxes followed by health insurance.
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