Mrs. Dinero
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Post by Mrs. Dinero on May 4, 2011 11:12:52 GMT -5
1/2 their college tuition will be paid through my work if they decide to go to one of our state's universities. We will be able to help as they go too.
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dancinmama
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Post by dancinmama on May 4, 2011 11:13:10 GMT -5
I think what the 'budget' is suppose to represent is that even though there's alot of income - they've worked to keep their 'fixed' expenses low. Mortgage (PITI), utiliites, cell, internet, cable, and car(s) are all pretty moderate... Yes, most people would say that with that much money coming in it's easy to live below their means... but I think all of us here realize that no matter how much most people earn their spending keeps up with their income... Great point and so true!!
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daisylu
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Post by daisylu on May 4, 2011 11:15:07 GMT -5
The catholic church doesn't require 10%, unlike a lot of other denominations. No, but isn't the definition of "tithe" 10%? I make offerings to the church every month, but I don't tithe. I was raised in the Catholic church, as was everyone else that I knew. I had never even heard the word "tithe" until I was 30yo, I only knew of "offerings". I had no idea that other denominations were expected to "tithe".
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resolution
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Post by resolution on May 4, 2011 11:22:42 GMT -5
The catholic church doesn't require 10%, unlike a lot of other denominations. No, but isn't the definition of "tithe" 10%? I make offerings to the church every month, but I don't tithe. She didn't have tithe in her budget though, she had "church." The catholic church doesn't have any guideline asking for 10%. My Archdiocese does recommend 5% to the church with another 5% of your giving to go to non-church charities but you have to search around to find any guidelines at all.
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muttleynfelix
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Post by muttleynfelix on May 4, 2011 11:23:22 GMT -5
I think what the 'budget' is suppose to represent is that even though there's alot of income - they've worked to keep their 'fixed' expenses low. Mortgage (PITI), utiliites, cell, internet, cable, and car(s) are all pretty moderate... Yes, most people would say that with that much money coming in it's easy to live below their means... but I think all of us here realize that no matter how much most people earn their spending keeps up with their income... Yes they have done well to keep those fixed expenses small, which is important, but not all that impressive. Personally we went from making $100k a year in 2008 and a family of 2 to making $60k in 2010 and being a family of 3. 2008 we spent a lot of time paying off debt and building up savings so that last year (and this year) we were able to make it work. I'm sure others have even more extreme examples. It just seems a little silly. (yes I am being a snarky or being a bitch or whatever you want to call me).
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CPWnyc
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Post by CPWnyc on May 4, 2011 11:25:13 GMT -5
"Who on earth claims $800/mth for food is sensible?" I think it is realistic for a family of four. I budget $600/mo for the two of us.
Agreed. We spent about $1100-$1200/mo,600-700/mo for groceries and 400-500/mo for going out to eat. There is only two of us. We don't eat fancy organic food. The supermarkets(Food emporium, Gristedes, Whole Foods) near us charge a lot more so I buy mostly "365" brand by Whole foods. I even shop at Costco to save money but everything costs more in Manhattan(NYC).
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muttleynfelix
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Post by muttleynfelix on May 4, 2011 11:27:47 GMT -5
I can't believe how much some of you guys eat out. One of the benefits of living in the country, it is such a pain to go out to eat. Much easier to stay home. ;D ... Of course getting our garden started this year is costing us about $500 to buy the dirt and make the raised beds... but worth it in the long run.
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Deleted
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Post by Deleted on May 4, 2011 11:30:33 GMT -5
I kind of agree. It is great you are doing so well on your budget & living within your means & the decision to have a low mortgage on you income helps a bunch. But, this doesn't realistic translate to anyone on a much lower budget. Or for someone living in a HCOL area with daycare. Everyone's situation is different, so you can't just say...here, just follow my budget and you'll be fine. This was my thinking as well. I guess I just don't get the point. A person making significantly less than you probably couldn't duplicate your percentages, because so much of their income would go to housing, utilities, and child care. It is easy to budget when the necessities eat up less of a percentage of your budget.
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resolution
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Post by resolution on May 4, 2011 11:37:45 GMT -5
I make significantly less than her and I could have duplicated her budget percentages a year ago. However this last six months I think my spending may have creeped up too much to duplicate it. All the high dollar budgets I have seen posted this last couple of weeks has motivated me to redo my budget yesterday and I am not really liking what I am seeing with my budget creep.
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so1970
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Post by so1970 on May 4, 2011 11:38:32 GMT -5
It is easy to budget when the necessities eat up less of a percentage of your budget. [/quo easy or not the poster should be commended for having a budget and not saying hey i got enough that a budget isn't important
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Mrs. Dinero
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Post by Mrs. Dinero on May 4, 2011 11:43:11 GMT -5
I'm 35 years old and work for the state as an administrator. Parents paid for my college. I have a degree in Business Administration with majors in Business Finance and Banking & Financial Markets. I have always had an interest in Finance. DH is almost 37 and has a degree in computer networking. He went into the military right out of HS. After serving 8 years he started working as a civilian. The GI Bill paid for his college. We live in an old neighborhood (houses built in 1930s) in the Midwest where there are no Joneses. We decided on a house that was half of what the calculators said we could afford. We drove our vehicles 10+ years and didn't join the country club like our friends did. We both grew up with no money although our parents had decent jobs. They basically lived like we are now. We have managed to save $150,000 in retirement accounts. DH should receive a decent gov't pension too.
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Deleted
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Post by Deleted on May 4, 2011 11:46:59 GMT -5
It is easy to budget when the necessities eat up less of a percentage of your budget. [/quo easy or not the poster should be commended for having a budget and not saying hey i got enough that a budget isn't important My guess is that the budget is to direct savings so it doesn't get frittered away. $1400 for food and drinks, isn't someone who is looking to cut costs. I am not saying it is bad, they have the money, but I don't think it is useful to someone else. Electric makes up 1.5% of the budget, a person netting half that salary would need to get their electric bill down to $57 to match that.
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Tiny
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Post by Tiny on May 4, 2011 11:48:31 GMT -5
I wonder about that CC - $0. the Credit Card(s) line in my budget is $500 a month. I pay my credit card(s) in full each month - but I routinely have $500 or more in credit card bills. I can't say I don't have credit card debt - even though I pay in full each month. My charges show up as debt on my credit report. I suspect Mrs. Dinero isn't really 'saving' $1215 a month (the difference between the expenses she's listed and her income). I suspect there's some creep from clothes, stuff for the kids, and possibly paying off her credit cards every month. I'm assuming she's got card(s) and is using them but since she's paying in full each month she's saying she has 0 credit card debt. ADDED: it would be nice to see an automatic transfer of say $500 or so to savings every month for the new car, current car maintenance, car stickers/plates/etc... that would leave $700 or so in play for stuff NOT in the budget she's posted. Added somemore... there's no gaurentee Mrs. Dinero is saving any of the $1215 left over from the budget she's listed... it could get frittered away each month.
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sapphire12
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Post by sapphire12 on May 4, 2011 11:49:53 GMT -5
Kudos to Mrs. Dinero for making choices that enable your family to live below your means!!!!!!!
Mrs. Dinero's budget shows us a few things: 1. She makes more than average, but she chose to not let income creep into her budget. 2. She shows us that it is possible to not spend every single penny that ones brings into the house; this is possible at every income level by the way. 3. I am guessing that this is a two-income family, that is spending as if they only had one income. Many other families could benefit from this strategy, in the event of a decrease in hh income. 4. She has included budget items that many people forget to consider. Life is about choices. Each of us must make the best choices with the resources at our disposal. Perhaps someone can take something from Mrs. D's budget and improve their situation, if not there's no need to flame.
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dancinmama
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Post by dancinmama on May 4, 2011 11:56:43 GMT -5
I'm 35 years old and work for the state as an administrator. Parents paid for my college. I have a degree in Business Administration with majors in Business Finance and Banking & Financial Markets. I have always had an interest in Finance. DH is almost 37 and has a degree in computer networking. He went into the military right out of HS. After serving 8 years he started working as a civilian. The GI Bill paid for his college. We live in an old neighborhood (houses built in 1930s) in the Midwest where there are no Joneses. We decided on a house that was half of what the calculators said we could afford. We drove our vehicles 10+ years and didn't join the country club like our friends did. We both grew up with no money although our parents had decent jobs. They basically lived like we are now. We have managed to save $150,000 in retirement accounts. DH should receive a decent gov't pension too. Mrs. Dinero: Thank you for sharing. There are many things that you did that contributed to the position you are in. Higher education which led to higher paying jobs, selecting a home that was well below your means, and driving your cars into the ground. I see that you do not have any CC debt now; and if that has always been the case, that is HUGE too. Great job.
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Tiny
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Post by Tiny on May 4, 2011 12:00:09 GMT -5
Mrs. Dinero I'm just being snarky.... I think you guys are doing great! It is all about choices, about the overall Big Picture, and Goals and Plans. Everyone's situation is unique... I think most people barely look ahead 15 minutes much less to the end of the month and beyond. You guys have obviously looked ahead and have plans and goals. You guys are way ahead of the majority.
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CPWnyc
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Post by CPWnyc on May 4, 2011 12:02:01 GMT -5
Mrs Dinero thanks for sharing. Don't worry about those snarky remarks. There will always be people who'd say " You are saving X amount bec. you make X amount". Just negative attitude with a lil bit of jealousy in it. keep saving.
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dancinmama
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Post by dancinmama on May 4, 2011 12:05:25 GMT -5
Kudos to Mrs. Dinero for making choices that enable your family to live below your means!!!!!!! 2. She shows us that it is possible to not spend every single penny that ones brings into the house; this is possible at every income level by the way. Life is about choices. Each of us must make the best choices with the resources at our disposal. Perhaps someone can take something from Mrs. D's budget and improve their situation, if not there's no need to flame. sapphire: I agree 100% and I think #2 is the absolute most important. You can bring in $10,000/mo. net; but if it is all allocated to payments for home, cars, boat or other "toys", and extravagant living it doesn't do you much good especially if you have a drastic drop in income.
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dancinmama
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Post by dancinmama on May 4, 2011 12:16:13 GMT -5
I wonder about that CC - $0. the Credit Card(s) line in my budget is $500 a month. I pay my credit card(s) in full each month - but I routinely have $500 or more in credit card bills. I can't say I don't have credit card debt - even though I pay in full each month. My charges show up as debt on my credit report. I suspect Mrs. Dinero isn't really 'saving' $1215 a month (the difference between the expenses she's listed and her income). I suspect there's some creep from clothes, stuff for the kids, and possibly paying off her credit cards every month. I'm assuming she's got card(s) and is using them but since she's paying in full each month she's saying she has 0 credit card debt. ADDED: it would be nice to see an automatic transfer of say $500 or so to savings every month for the new car, current car maintenance, car stickers/plates/etc... that would leave $700 or so in play for stuff NOT in the budget she's posted. Added somemore... there's no gaurentee Mrs. Dinero is saving any of the $1215 left over from the budget she's listed... it could get frittered away each month. I think the $0CC line is to indicate that they have no revolving credit. In that case the amount that they may or may not put on a CC is irrelevant if they are paying the cards off at the end of each month. I also would think that the MAJORITY of whatever goes onto the cards is already accounted for in their budget. I am sure that some of the "leftover money" in their budgets gets spent from time to time. The car battery dies or new tires are needed, kid expenses that are too infrequent to budget on a monthly basis, or the occasional splurge for a new TV, computer, etc. If you are the type that is careful with money to begin with, you don't necessarily need to "pay yourself first".
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steph08
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Post by steph08 on May 4, 2011 12:21:06 GMT -5
We have managed to save $150,000 in retirement accounts. DH should receive a decent gov't pension too. Mrs. Dinero - you have obviously done very well for yourself. I just wondered about only having 150k in retirement. Did you start later in life? Are you counting on your DH's pension so you haven't put away more? It's just that I did some number crunching and I should have over 200k just by myself, not counting my husband's retirement accounts, by the time I am the same age as you and your DH. Just thought maybe you could put some of that extra 1200 a month into 401ks (if you don't max already).
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dancinmama
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Post by dancinmama on May 4, 2011 13:34:34 GMT -5
I am confused on the snarking. Even for those with less income, there are good messages to learn. tbird: Here's the problem as I see it in a nutshell. Many people are jealous. They don't want to accept the fact that someone may have done something other than "get lucky" to get to where they are at. They just assume that the ONLY reason the person is posting is to pat themselves on the back or to brag instead of wanting to actually help someone else. Partially due to a propensity to be careful with money and partially due to getting some really good advice when we were first starting out (and listening to it), DH and I have never had any financial problems in our lives. I started posting on the MSN YM threads hoping to pass something on to YOUNG PEOPLE just as people had passed information on to us, so that MAYBE they could avoid the obstacles that make achieving financial success more difficult. I did not usually start threads of my own, but posted our experiences when it was relevant to a thread that someone else had started. Sometimes what I posted was very well received. Other times I was met with "snarky" and rude comments - similar to what Mrs. Dinero was met with here. I decided that my help was not really needed on YM and thought of where I might be able to apply something that I KNEW would help people and that they could apply in their lives IMMEDIATELY that would help them in a some small way to achieve whatever financial goals they might have. I ended up over on the Grocery Challenge helping people who WANT to learn the tricks of the trade to reduce their grocery bills.
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Mrs. Dinero
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Post by Mrs. Dinero on May 4, 2011 13:40:43 GMT -5
Thank you for all that got the point of the post. When we use our cards we pay them off immediately (Gotta keep those credit scores over 800 ). "Did you start later in life?" Unfortunately, yes I did. It's hard to put away in the beginning. I kick myself for losing out on that match. Hopefully, my kids won't make that mistake. We currently put close to $2,000/month total w/ Thrift, 401a, 403b, their matches, and our Roths. All the calculators say we'll be ok. We are frugal by nature, I don't see that changing after retirement. I place our future spend at 80% and the house will be paid off.
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steph08
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Post by steph08 on May 4, 2011 13:43:13 GMT -5
Just wanted to check that you were contributing now. Sounds like you are right on track then!
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muttleynfelix
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Post by muttleynfelix on May 4, 2011 14:09:28 GMT -5
I am confused on the snarking. Even for those with less income, there are good messages to learn.
tbird: Here's the problem as I see it in a nutshell. Many people are jealous. They don't want to accept the fact that someone may have done something other than "get lucky" to get to where they are at. They just assume that the ONLY reason the person is posting is to pat themselves on the back or to brag instead of wanting to actually help someone else.I guess I just don't see it as helpful to people with lower incomes. I mean if my income suddenly jumped up to that level, what would change in my life? Nothing. If DH went back to work, then we would probably make that much in a year, but have to put our DS in daycare and we would be over run with laundry and maybe would eat out to the tune of $600 a month. I guess I miss the point, but if I miss the point, you can probably bet that a lot of people who do need to look at a working budget miss it too.
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whoisjohngalt
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Post by whoisjohngalt on May 4, 2011 14:18:08 GMT -5
It's interesting to see how different people are impressed by different things.
I've tried and tried and just can not get impressed by someone who "doesn't spend every penny" when there are lots and lots and lots of those pennies to spend.
I get impressed by people who do something "extra". Having your college paid for, living in a LCOL area where housing is cheaper, and not joining country clubs, etc is not "extra" in my opinion.
We've had sooo many posters over the years who went through hard times, did hard, but necessary things to get where they got. Now, THAT was impressive.
I don't know, may be I am not explaining this well, but there was just something so tacky about this post......
Lena
And I wasn't going to say anything but people keep talking about jealousy. That's just ludicrous. May be if it was a different group, I could see it, but for YM??? What's there to be jealous about??
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whoisjohngalt
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Post by whoisjohngalt on May 4, 2011 14:23:03 GMT -5
Yep, I am, I actually just send you a PM, but don't mind saying here - I think you've done an amazing job. I think you are tough and I think you great at handling things and that's the kind of lessons we should be learning
Lena
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muttleynfelix
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Post by muttleynfelix on May 4, 2011 14:29:26 GMT -5
Yep, I am, I actually just send you a PM, but don't mind saying here - I think you've done an amazing job. I think you are tough and I think you great at handling things and that's the kind of lessons we should be learning Lena I agree with that statement.
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on May 4, 2011 14:34:02 GMT -5
Can I ask what part of the US you live in with a mortgage/tax/insurance for your home that low? Of course, here, we're paying homeowner's insurance, flood insurance, and earthquake insurance.
I'd just like to have an electricity bill that low, that's for sure. We pay up to 40 cents per KwH for power.
And medical expenses of $25? Wow. My prescription co-pays are closer to $150 a month, or more.
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dancinmama
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Post by dancinmama on May 4, 2011 14:36:02 GMT -5
I am confused on the snarking. Even for those with less income, there are good messages to learn.
tbird: Here's the problem as I see it in a nutshell. Many people are jealous. They don't want to accept the fact that someone may have done something other than "get lucky" to get to where they are at. They just assume that the ONLY reason the person is posting is to pat themselves on the back or to brag instead of wanting to actually help someone else.I guess I just don't see it as helpful to people with lower incomes. I mean if my income suddenly jumped up to that level, what would change in my life? Nothing. If DH went back to work, then we would probably make that much in a year, but have to put our DS in daycare and we would be over run with laundry and maybe would eat out to the tune of $600 a month. I guess I miss the point, but if I miss the point, you can probably bet that a lot of people who do need to look at a working budget miss it too. muttleynfelix: Not every OP/thread is going to help everyone, especially when it comes to budgets, because of the multitude of variables that will vary from person to person - as you have pointed out yourself in your response. Okay, so this OP didn't help YOU, but chances are it did help someone and if Mrs. Dinero's post helps just one person in any way to achieve their financial goals - well, isn't that what YM is supposed to be about? I just think that there is no reason for people to tear down other people who probably have very good intentions at heart. There may be someone who is lurking who might consider posting something that might help you, but decides not to because of the negative responses people give. Maybe it's just something to consider.
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thyme4change
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Post by thyme4change on May 4, 2011 14:36:13 GMT -5
When your housing is down around 15% of your net income, life can be pretty easy. That is the good news about aging - your income goes up, but if you stay in your same ol' house, you just get more and more comfortable.
If you only bring home $40k per year, keeping that ratio may be very challenging. Even 1 bedroom apartments cost more than $500/month around here. There are probably some that are that cheap - but they are probably in risky areas, and probably are pretty gross.
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