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r/dataisbeautiful - Annual finances of a married couple entering their 30's - Sankey diagram [OC]

Last updated: 08-10-2018

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r/dataisbeautiful - Annual finances of a married couple entering their 30's - Sankey diagram [OC]

Annual finances of a married couple entering their 30's - Sankey diagram [OC]
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Score hidden · 10 hours ago · Stickied comment
Thank you for your Original Content, /u/nowwhatnapster ! I've added your flair as gratitude. Here is some important information about this post:
I hope this sticky assists you in having an informed discussion in this thread, or inspires you to remix this data. For more information, please read this Wiki page .
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Your blackmagicfuckery is remarkably small! Suspiciously small... did you black magic your black magic?!
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Can I assume this is some kind of inside joke for this subreddit?
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It seems like a discrepancy they found with earned and money spent. I'd be concerned because $800 seems like a lot to me, but I also don't make nearly as much money as them.
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I actually just assumed it was the "stuff we paid cash for and don't want to get more specific about" part. Like drugs or alcohol or strip clubs.
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Gotcha, hookers are entertainment, drugs are personal care
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At this point, drugs for me are categorized as a utility
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Need em piped into your house like water, electricity, and gov’t brand chili
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That reminds me I need to get my chili main repaired, it's leaking in my crawlspace :/
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you mean you crawling is leaking in your chilispace
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Honestly you could get people to pay you just to clean it up for you
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Id switch the two, but it depends on what kinda drugs and hookers you are into.
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You're move of an lsd and cuddles kind of person I see
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OC: 224 points · 1 hour ago
I'm guessing it's just a reconciling error because some of the items are rounded/estimated (e.g. the $1000 for cats was probably not exactly $1000).
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It's new golf clubs that the other doesn't know about.
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That's what they spend on weed but you can't call it weed
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Maybe just rounding errors and/or missed fees.
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It's like half a percent. That's actually really impressive.
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/r/blackmagicfuckery is another subreddit. I thinks he's basically saying 'magic happens'.
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9 points · 1 hour ago · edited 1 hour ago
I, for one, believe in marital embezzlement.
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Martial embezzlement? I didn't realize one of them was a cop :)
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I read this as monthly. Then saw how much you put it for 491k and savings.
I died for a sec. def made me feel inadequate. Haha.
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He's only putting in roughly 6.2% of his salary into his 401k.
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Thats not how much he's putting in, that's how much his employer is putting in.
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22 points · 1 hour ago
Correct. And his total savings in his 401k is: employee contribution + employer contribution.
If the Husband 401k is not including the employer match, then the income is not matching the expenses (I'm defining savings to be an expense for clarity).
So he is putting in 6822 - 2688 = 4134. So he is putting in about 6.2% of his salary. Together with his employer it's closer to 10%, but no one calculates it that way.
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Oh I see yes he's only actually contributing $4112 to his 401k out of pocket.
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I feels you. 17k a year £
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244 points · 4 hours ago
$13,200 for health insurance plus $2900 for medical plus $1000 for dental. That seems extraordinary for that income level...
What if one of you found a different job with better employer-covered health plans for a married couple? Even if you took a $10k paycut, you could net +$7000 a year, which would more than double your passive income.
edit I just saw the two sets of health reimbursements. I'll leave my faulty assumption here for the ages.
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54 points · 2 hours ago
Even with the reimbursements, they are paying close to $300 a month each. I don't know the type of coverage, but my high deductible plan via work is less than half that and my spouse gets it for free through their work. Goes to show that looking for a new job should incorporate comparing all other benefits aside from salary.
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85 points · 2 hours ago · edited 1 hour ago
So, as a Canadian I'm routinely told that we pay "high taxes" compared to the states.
If I include the amount that OP has to pay out of pocket for health insurance as 'tax', then they're putting 43.5k into taxes on 117k in wages. Which is ~37%
We make 156k USD in wages, last year we paid 37k in taxes (which covers health insurance here) which works out to ~24%. We're not really doing anything to avoid taxes either.
Am I reading this wrong, or are taxes (with healthcare) actually just higher in the states?
Edit: We pay another 8.5k into government pension and employment insurance. If that's considered taxes in the states then that bumps us up to ~29%. I guess with sales tax and other factors it might end up pretty similar?
Edit2: Oh wait, I guess those healthcare reimbursals should be considered income at a 100% tax rate. That bumps OP up to 50.1k out of 123.6k, so 41%.
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You are reading it right.
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9 points · 1 hour ago
Health care costs in the US are absurdly high, and there’s no consensus on the reason. We mostly argue about who should have to pay the absurdly high costs, rather than why those costs are so absurdly high in the first place.
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Nope, taxes plus healthcare absolutely are. higher in the us than taxes plus healthcare in proper developed countries.
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43 points · 1 hour ago
No, you're correct. Most Americans are brainwashed to believe Canada is a communist state that steals money in the form of taxes to execute women with breast cancer. I wish I was joking, but there was a famous ad last election cycle with a women who was a breast cancer survivor saying she would be dead if she was in Canada.
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You mean the doctors don’t give quality care and just kill the patients to call it quits??
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15 points · 1 hour ago
There is a myth of government "death panels". The story told is that there isn't enough healthcare to go around in socialist states, so the government decides who lives and dies. If you have some form breast cancer, you're going to die.
The reality is that in the US there are already "death panels" made up of insurance actuaries who decide who gets care based on everything needing to be pre-approved.
Also, the specific example of the breast cancer woman is interesting because the medical example used was that the women on the commercial was able to elect to get a complete mastectomy for a less agressive, less advanced form of breast cancer. The procedure was likely not medically necessary.
In Canada they would have tried surgery to just remove the tumor first before going forward with a mastectomy. The women was on TV was basically saying that the US healthcare system saved her life because she was able to select a level 7 treatment for a level 2 cancer, but it was twisted to make it sound like she would have surely died in Canada.
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It is a great lie told to USA Citizens that we have low tax rates.
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5 points · 1 hour ago
Am I reading this wrong, or are taxes (with healthcare) actually just higher in the states?
This question is never going to have one yes or no answer. Since taxes are lower in the US, and healthcare is a fixed cost (say, ~10k a year), there must be a crossover point in terms of income where it is cheaper in the states. But compared to say, Europe, Canada tax rates seem to be much more competitive with the US. So you'd need a pretty huge income to make up that difference in fixed cost.
Another factor in this discussion though, is that comparable jobs often pay more in the states than anywhere else.
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It's not quite that high they get 3k each paid by the employer.
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326 points · 5 hours ago · edited 5 hours ago
I'm really surprised that food is the biggest catagory, more than 42 dollars a day. 21 per capita. I spend < 11 and this eating out way too much. Housing is by far my biggest expense. Its over 55% of all my expenses per month.
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Housing is categorized twice, once as equity and another as interest expense. So it is his largest single non-tax expense, followed by food then insurance.
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Actually 3. Home taxes is another category. I noticed that as well. For their income they seemed to spend not that much on home. After adding the three it was close to $2k a month, that's more what I expected.
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Actually, four: insurance. It's a piti, really.
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Actually more than that... Housing as an ‘expense’ should include mortgage interest, homeowners insurance, home maintenance (but not capitalizable home improvements), and property taxes.
But home equity is an asset, not an expense.
If they were renters, their rent would include all of the above except equity so you’d have a single line item of ‘rent.’
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If I had to choose, I'd rather eat awesome food every day than make payments on a luxury car.
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OC: 232 points · 4 hours ago
My first thought was that most people I know (including me) spend a much bigger portion of take-home pay on rent.
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21 points · 2 hours ago
Generally speaking the more people earn the less in terms of percentage of income they spend on housing (rent or mortgage).
if someone is earning twice what you make, odds are they aren't spending twice what you spend on rent.
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Unless you are in NYC.
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I’m baffled at the amount spent on food - their monthly spending on food per person covers 8 months of my food budget, which is insane to me.
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25 points · 4 hours ago · edited 3 hours ago
Food isn't his biggest category. He just has housing expenses broken up into smaller categories.
Also, from what I can see, he's not listing any payments to his mortgage principal as an expense! He only lists "mortgage interest" as an expense. So that's a good way to drop your annual housing expense is to not pay any principal on the mortgage...
House/auto insurance: 1,187
So that's approximately $17,000 on housing each year, which beats food expense.
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Mortgage equity is right there at the bottom. It’s another 8,600.
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13 points · 3 hours ago · edited 1 hour ago
The payments to the mortgage are split in two. One is labelled “mortgage equity” and the other is labelled “mortgage
equity
interest”. Instead of “equity” I think I lot of people would have labelled it “mortgage principal”. The equity one is separate from, and below, “expenses”.
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10 points · 3 hours ago
Mortgage equity isn't an expense. It's an asset, so I don't think you're right. I would've taken that $8,600 of Mortgage Equity to simply be the difference between the current value of the house and the value of the mortgage.
Separate from that he'd need to be paying principal on the mortgage, I would think, but it isn't listed.
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yeah I wouldn't count increased home valuation as income... nor would I cound increased 401k valuation since you can't really use that until you're 65
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4 points · 1 hour ago
Unless he is paying for a professional appraisal each year he wouldn’t know what his equity was (he could ballpark it but the equity number is highly specific and matches what his interest payment was which, as you note is not equity). And from someone living in a high COL area, only gaining $8,600 in equity in a year in terrible
I want clarification about this mortgage!
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7 points · 2 hours ago
No, it's not an asset, it's a payment toward a loan. Whether or not that principle payment will convert into actual equity remains to be seen until the sale of the house is realized. Until then you can't assume it's worth anything.
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Is that not the morgtgage equity on the bottom? Sorry I know nothing about mortgages
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That explains the $500 Weight Watchers
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That’s probably the reason they spend 500 on Weightwatchers
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I pay $3600/mo on my mortgage.
They pay $16k/yr...
Do they live in a tree?
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That mortgage makes sense considering their income. They probably live somewhere with affordable housing but lower wages.
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2 points · 2 hours ago
You should probably look into less expensive housing. The standard recommendation is to use ~1/3 for housing. Unless you can justify it some other way (it's a mortgage so you're building equity, or the house gives you access to growth opportunities in some way, etc.)
Also, food expenses vary a lot by location. $21 per capita sounds about right for me. Lunch close to my workplace (even at the subsidized cafeteria) is around $10, add dining out sometimes and groceries for breakfast+dinner, and I could easily be there.
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OC: 1Original Poster171 points · 13 hours ago
Source: manually compiled data from relevant accounts. leveraged credit card website spending analysis tools for the expense breakdown
Created with sankeymatic.com
93 points · 3 hours ago
Very cool break down.
I couldn't figure out what was so different in your expenses when compared to my wife and I. Then I noticed the missing $28,000 a year in day care costs, and $18,000 a year in student loan payments. Makes more sense now, ha.
Good for you for investing as much as you do for the future.
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$28,000 a year in daycare? Do they bath your kid in milk?
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Assuming this is for 2-3 kids in daycare, or one kid in a really good daycare in a major city like NYC.
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Daycare is insanely expensive. A lot of families can’t afford for both parents to work because they’d come out behind after daycare.
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That doesn't seem high, especially for multiple kids.
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9 points · 1 hour ago
Daycare can also vary depending on the age of the child. When my oldest daughter was an itty-bitty (she's 17 now), it cost my ex wife and I 600/month, which was nearly equivalent to what we paid in rent. When we had a second child we could no longer afford daycare with that same provider, they offered a "multiple child discount rate" of $1000/month.
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$18k/year in student loans?! I thought mine was bad, I hope you’re a lawyer or doctor.
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Dental school friend of mine has a ten year plan to pay off his student loans. He's going to pay 5k a month for the next ten years.
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I pay about $650 right now and this just made me feel almost 10x better. For a moment.
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That's $600,000. Wow. Dude must have a seriously high interest rate. If he has a good reliable income, he should look into getting that refinanced.
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Its at 6% I think. Dental school at his school costs 450k
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"Trying to get into a high-paying profession? That's nice. Good luck on your dreams! We'll be mooching off you for the next 10 years."
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Pro tip: you can add data prefixes in Sankeymatic. So you could add a dollar sign to the beginning of each number if you wanted to.
Just in case you didn’t know.
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82 points · 4 hours ago
I always enjoy seeing how other people budget/spend, thanks!
It may be tough, but I think it would have been good to have non-taxable wages separated after the total income. May be confusing on possible tax % for non-Americans.
Also, possibly have subcategories for the insurance, i.e health, auto, home.
Congrats on the 50/50 equity/interest on the mortgage!
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Does the 50/ 50 equity/ interest mean they paid as much towards the principal during the year as they paid in interest?
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Yes effectively reducing the interest for next year
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10 points · 2 hours ago
He's just saying that they're limiting how much interest the bank gets by putting extra money towards the mortgage. Alternatively, it could be that they are paying the minimum and are close to paying the mortgage off. Mortgages charge you interest up front. This means that the first year of minimum payments is like 90% towards interest and 10% towards principle (or less). You have to be pretty deep I think for the minimum payment to be 50/50.
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That feel when you're also entering your 30's with your wife and realize some other couple makes literally 5x's as much as you do, and the comments section calls it "decent" and "small income."
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Depends massively where you live. This would be a very modest income in San Francisco, but an incredibly comfortable income in Iowa.
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Score hidden · 57 minutes ago · edited 40 minutes ago
This is literally poverty wages in San Fransisco. You'd qualify for government-subsidized housing.
7 points · 1 hour ago
I am in the north side of my 30s and make a small fraction of the amount OP does. Its cool to see how others finances come and go, but I also suspect OP has a lot more responsibility than I. I respect his life style , but it’s not something I personally envy.
There will always be someone more ‘successful’ than you, and so many people (of all incomes) live in misery, thinking more money is all they need to be happy. Find a job you actually like, make your budget work and enjoy life.
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I know, right? I obviously don’t begrudge OP for what he and his wife have but this made me feel really shitty about where I am in life right now.
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Score hidden · 58 minutes ago
There’s always someone more ‘successful’. Find the life you enjoy day to day and make it work. I will never own a summer villa in the south of France, but I have a low stress job and have ‘folding money’ to buy things I want now and then. Life isn’t so bad
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I seriously do not know what I would do with all this money. I'd be giving it away, because people around here need this kind of dough.
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I'm in a similar income bracket as OP.
Big difference though:
We spend the majority of it on our daughter.
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May i ask what job makes you 13k/year?That seems unreasonably low
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All I see when I look at your diagram are specific things I get to cut out to make student loan repayments. Quality OC.
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First I was like, "gas is a utility"
Then I was like, "Oh no, they mean petrol"
Then I got all, "noticing the fact that some of our words are different isn't as fun as it used to be"
Then I remembered this: https://imgur.com/gallery/04und9B and I was happy again
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2 points · 1 hour ago
quick question, do you refer to diesel as petrol or diesel? I think the reason why we say gas is because a lot of people were alive during a time where the average person would use gasoline, diesel, kerosene, propane and other fuels on a daily basis. Using a general "petrol" wouldn't be specific enough. That said petrol sounds a lot cooler and I wish we'd use that instead.
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Diesel is called diesel, gasoline is called petrol.
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22 points · 3 hours ago · edited 3 hours ago
If I'm not wrong, you saved ~ $22000 in the year. That's some excellent saving! Blackmagicfuckery hehe! Edit : Stupid me, savings of $27000, didn't see the parent section. Thank you for pointing it out!
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Curious as to how you got to that number. Savings/retirement is labeled at $27,000. Not included is mortgage equity, which I also count in my savings rate at another $8600 on the year.
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Ahh I didn't see the parent section of the ones I added ????. My bad.
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Yeah, we are in our early 30's and have actual careers. Our incomes per year are 36,000 and 31,000. Must be nice to make two peoples salary in one income.
Side note: where can I purchase blackmagicfuckery?
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Weight watchers $500? Omg. Is that food or just counseling? If it's food, how is $500 enough for one year?
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Maybe if they ate out less they wouldn't need $500 for WW...
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Oh, I just noticed the regular food total.....
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It obnoxiously high, but they spend some $8k a year eating out. That's wild. Tbh, I'm not sure how they still muster $7k in regular food if they're eating out that much. They must eat a shitload.
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5 points · 1 hour ago
I went through a few years eating out multiple times a day. As in never eating at home. Looking back and seeing we spent close to 20k a year on food is ridiculous. Went through a lifestyle change and almost exlusively eat at home now and try to funnel our money into savings instead.
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2 points · 2 hours ago
Probably supplemental to their normal food habits. I do something similar where I'll justify the cost of keeping around a few less frugal, quck fix items just so that when I am crunched for time during a busy week I'm not turning to fast food or frozen junk food.
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-do you not go on vacation?
-Why does anybody need an insurance on jewlery
-What are health reimbursmants?
Engagement rings are expensive and insurance is generally cheap. For a piece worn every day it benefits to insure it against damages or theft.
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You can get an attachment to your homeowner’s policy for itemized art, jewelry, etc.
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Yes. I just bought insurance for a ring i bought and it was $77 for the year with no deductible. Insured up to $7,700.
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18 points · 3 hours ago
I have insurance on my fiancée's engagement ring. $40/year. If something happens to it 50 years from now I still come out ahead. If anything were to happen to it during the next two years of wedding planning the full cost of replacing it would be devastating. $80 is chump change.
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21 points · 3 hours ago
I was going to ask about vacation too. My wife and I have a specific (and fairly large) travel line item in our budget. We earn about US$200,000 a year combined and put about 17% of that towards travel each year. It’s a priority of ours, so that’s unusually high I know, but I’m sure OP must do at least a little travel.
Insurance on jewelry is easy - a jewelry rider can do above and beyond normal homeowner/renter coverage. And it’s shockingly cheap. I wouldn’t be caught dead without it.
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Where the hell are you traveling for 2 and spending $34,000 a year and for how long? Wife and I went to France/Italy for 2 weeks this year and only spent around $5,000 total.
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29 points · 3 hours ago · edited 2 hours ago
Well the $210,000 is before tax, and it’s 17% if after tax income. So it’s less than that. But we do spend a lot.
We both have family and friends in different corners of Africa that we try to visit at least once a year each (usually separate trips). We try to do at least one or two really big vacations abroad each year, and one really big domestic vacation each year. Plus city breaks every few months.
Basically, we don’t (can’t) have kids, and travel is our big priority. And when we travel, we like to do it to the max - really nice hotels, really nice meals, good shopping.
(We live in USA so city breaks are within North America. Most recent three were Denver, Monterrey (MX) and Cleveland)
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8 points · 2 hours ago
Get your travel rewards set up and you can get your flight and nice hotel costs way down.
On easy mode, 2 people with median household income and good credit should be able to get 1k total in rewards every three months.
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3 points · 2 hours ago
I travel for a living so we rarely pay for flights or hotels. When we do, it’s usually to upgrade. When we do pay for hotels, they’re usually $400+ per night which accounts for a good chunk of that budget.
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What about the total amount of vacation days, I thought this was very limited in the USA or do you have your own business?
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My employer is extremely liberal with time off. Once in a while I’ll take a few days off without pay but that’s rare. Same with my wife.
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5 points · 3 hours ago
What sort of holidays do you get for $34k per year? We travel for about 5-6 weeks per year but do it on the relative cheap by picking cheaper locations. Have been to through Windhoek actually passing through on the way to Etosha, lovely area.
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3 points · 3 hours ago
My fiancée and I spend around 17% on vacations as well. It's why we rent at the moment as well. We spend less on shelter for an equal home, more free time for travel and we're not tempted to spend money on renovations. We'll catch up with savings and investments once she graduates university. Still saving 12% a rent due to company match so it's not like we have no savings!
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3 points · 2 hours ago
I have my fiancee's engagement ring insured because a) it doesn't cost much to add to my existing valuables plan and b) she loses shit a lot. Most things that cost over $500 that leaves the house a lot, I insure; My guns, DSLR + lenses, mountain bike, ring.
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Health reimbursement is repayment that usually cover employer. So Op's and wife's company might provide reimbursement on health related stuff like dental, optical, body checkup fee.
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I'm also curious about vacation and general entertainment (sporting events, movies, concerts, etc.)
Thanks for sharing!
Are these budgeted figures, or actual results? Some of the numbers seem too round (looking at cats, auto repairs, etc)
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Nice Diagram. You said AIP bonus makes me wonder if you work for the same company. Then again I'm sure there are plenty of companies that use AIP.
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How did you keep track of all your expenses throughout the year? Did you go through every receipt or transaction out your bank account and then categorise? I need to do this for myself!
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Score hidden · 30 minutes ago
You can use software such as mint that funnels all of your account activity into one place and it does like 90% of the categorization automatically for you and you just check it once in a while and fix what it labeled wrong.
Highly recommend as they are free and lets you manage your finances in probably less than 2 hours a month after taking a few hours to set it up appropriately.
I can see all of this for both my wife and I at any point for free on my phone. Quite amazing actually.
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There are some automatic trackers - I use Mint.com (the most popular one). If you use your credit card, it auto categorizes everything based on the vendor, but then you can set you own rules or override some categorizations.
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28 points · 3 hours ago
Two people spent 1300 dollars a month on food? My broke ass can't imagine. If I've spent more than 75 dollars a month on food, I get mad at myself. But then, I don't enjoy nicer foods. Do what makes you happy, I guess.
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If you’re making a lot, you can then justify getting fresh organic produce and farmers markets, and eating out but if you’re just doing okay, then you treat food like underwear, just meet the need and feed me.
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2 points · 2 hours ago
If you’re making a lot, you can then justify getting fresh organic produce and farmers markets
Even then, $1300 seems very, very high. That's double what most people would spend on a family of four if you shop at Walmart.
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4 points · 1 hour ago
I can assure you they're not shopping at Walmart. If you can afford it, many people would rather support smaller businesses and buy higher quality products than support a company like Walmart. You can also see that they spend more on eating out than groceries. ~$700/mo on dining out isn't hard to do if you live in a relatively-high COL area.
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They also spend 1,6k on their cellphone bill. Is it that expensive in America? In Europe I spend 120 per year
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Yeah it’s more expensive in the US but if they shop around they could probably get an unlimited pan for $50 per month each.
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OC: 16 points · 2 hours ago
Seems the general in the US around my area is ~ $100 USD per single person, with discounts for family
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5 points · 2 hours ago · edited 2 hours ago
I know it's ridiculous for most but assuming they eat at a relatively nice resultant twice a week a couple might spend $160 a week so for a month $640 that leaves $660 for groceries or buying lunch at work which seems normal for my area if you buy organic or eat well at home.
$75 a month is incredible less than $3 is an awesome goal for me. What types of food do you eat? Ie is your nutrition covered?
Edit: my last edit disappeared no idea why but I calculated they if they each bought lunch instead of packing for an average 5 day work week that'd be about $7/person/day so $280ish by the end of the month. Making groceries for breakfast and dinner closer to $380 a month which is high for most people I think, but more reasonable than at least $660 in groceries a month lol.
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$75? Damn, what do you eat? I try to keep under $200 with going out maybe once or twice (not fancy places but still).
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As a European, or more specifically Dane, paying 60-70% in taxes, it makes me sad to see how little you pay in taxes.
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You pay 70% in taxes? Oh my God.
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Have you a household income of nearly 842,000 krone?
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5 points · 2 hours ago
Our family (3 kids) doesn’t pay a lot of state or federal income tax on our income (~$100k), but: local (property) tax is $7,500. Health insurance, including the employee share which I didn’t include in our income) is approaching $20k. Additionally we have to save like crazy for college and retirement because we are looking at paying somehow for 12 years of undergrad at anything from $20k to $70k a year depending on where our kids attend college and there isn’t a dependable social safety net.
So I guess it’s swings and roundabouts?
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Yeah, but then you remember the fucked as all healthcare situation going on over here. This couple has it going well, but there's another thousand who don't.
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They have much poorer infrastructure and services than you do. If either of them end up having even a mild on going medical condition, they will be shilling out why more we’d ever pay in taxes.
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5 points · 1 hour ago · edited 1 hour ago
It's hard to compare. It's a much bigger and more diverse country, plus insurance mitigates a large percentage of that medical cost.
You could argue that insurance not covered by your work is expensive and your be right, but it's not 70 percent of your income
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Currently putting our finances together to help us save and budget out our lives a bit better. Seeing this is really helpful, especially from a categorization perspective. Thanks for sharing with us!
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Ynab is very useful when starting out down the budgeting path.
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I'd like to know where they live where their annual expenses for water is only $225 and electricity is $1,500
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Pretty cool. I see these graphs frequently; what are they called and what software is used to produce them?
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They're called Sankey diagrams and can be created at www.sankeymatic.com
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Fuck I miss dual income and not paying my ex wife an entire mortgage payment monthly. But hey those new tits probably look great for her new boyfriends.
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Why no get married again or live with a new gf? Dual income is prob one of the reasons I was a serial dater before getting married
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Because I'm a progressive atheist in a sea of Republican Bible thumpers.
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Move if you can, companionship brings much more than just financial benefits.
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Not sure whether that means:
You’d be judged for having a second wife/new live-in gf; or,
You can’t find women who like divorced men because all of them are ‘Republican Bible thumpers’
Either case, it sounds rough!
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How do you qualify for so much in health care reimbursement? Are you both independent contractors? I make 30k a year and don't qualify for anything, because my work offers a high deductable family plan for 600 a month.
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6 points · 3 hours ago
Some employers have plans that will reimburse you for meeting health goals.
For example, At one of my old jobs I got $125 back just for doing an annual physical, then another $25-$50 for having good cholesterol, blood pressure, weight, etc.
I’d even get more if I linked my fitbit to my account and met certain step and dietary goals (both of which you can totally fake if you want, lol).
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4 points · 2 hours ago
Very cool diagram!
It looks like you are in great shape financially. I'm sure it has been pointed out, but it seems like you could really benefit by diverting some of your savings to your tax advantaged accounts. And if you are paying extra towards the house, you probably want to max your tax advantaged accounts before doing that. You get an instant return equal to your income tax rate, and then that money grows tax free in the future as well.
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8 points · 3 hours ago · edited 2 hours ago
I think the $1000 into Crypto would be better allocated into 401k, especially since it would have reduced your federal/state taxes by something like $221. Beautiful chart none-the-less!
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I find it really strange that they have investment accounts before maxing 401k or opening a ROTH IRA.
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11 points · 3 hours ago
People in high school should study this sub, and posts of this sort in particular.
Life is expensive, and these two people with sort of decent wages (from a high school student's point of view at least) blow through this money without much to show for it. Good on you for the saving and all that stuff, I'm just saying. Life is expensive. Especially the taxes part. Very sad that this small income gets nearly 40k of taxes.
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13 points · 2 hours ago
$37k of taxes out of $137 of total income or 27%. Even if you account for sales taxes from their expenses, it's close to 30% total taxes. Their are building up $36k in net worth every year is more than "without much to show for". Surely they can cut some expenses, but I'm sure they are happy enjoying a portion of their income. They are almost at 1/3 in taxes, 1/3 in savings, and 1/3 in life and regular bills.
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And here I was thinking those taxes were cheap.
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Taxes are not sad and these people are saving plenty. I'm not sure what your point is.
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I pay 110€ a year for insurance, including travel insurance.
6k a pop sounds insane. Of course i pay more tax as well but jesus
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Just did this myself with my fiancee to show her the cash flow and it was probably more helpful as a learning tool than sitting with a financial advisor or a cpa
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3 points · 1 hour ago
Wow, that’s not a lot of tax for the amount of money they earned.
Then again, I live in the UK so my standards of taxed income are different to those in the USA.
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8 points · 2 hours ago
Do you have kids? 15k is a TON for food. I have 3 kids and a wife and we only spend roughly 6k a year on food (500 a month) and this includes eating out. I also live in a place where food is expensive. Just holy moly looking at your food bill
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11 points · 2 hours ago
Looks like they average about $160 per week eating out. A lot of people passing judgement here, but we all value food differently. I personally don't splurge on food and eating out myself when alone, but I also don't let frugality get in the way of having a good time with friends. And unfortunately when everyone is fairly busy, food (and alcohol to go along with said food) can the thing that brings people together.
So I'd guess that eating out includes nights out with friends drinking/eating as well. The "entertainment" category being pretty low comparatively may support this speculation.
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2 points · 1 hour ago
I find it hard to believe you spend $100/person/mo on food and consider it expensive. A recent post showed how long $100 lasts you for food, and even in the cheapest parts of the country it's not going to last you a month. So either you're living on rice and beans or your food is being subsidized somehow.
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3 points · 1 hour ago
Absolutely not on rice and beans or being subsidized, my wife and I make about the same amount as OP, maybe a little more. We just don't eat like royalty. We eat a ton of chicken (cheap) and just shop deals if we see them. It's not hard to eat cheap and as good as the next person.
This year we did have an incident where one of our kids left the freezer open and all our food went bad. We got lucky that there was a sale on chicken legs and thighs, spent $150 for 170lbs worth of chicken (88 cents a lb (which is a heck of a deal where I live))
You just dont let food go bad and eat leftovers, not hard at all. We honestly have a hard time spending 500 a month but have some months where we spend all of it because we stock up on meats.
We eat out 2-3 times a month which is roughly 180 of our budget if we eat at a sit down restaurant.
I know exactly what I spend on what because I am trying to retire by 55, but 500 is more than enough for a family of 5 a month
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this is probably a stupid question but I can't figure it out, why do they have the same savings even though the man earns like 10k more?
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He just spends more money on hobby or might even contribute more to most of the expenses
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OC: 13 points · 1 hour ago
Jesus they pay almost 30% of their income to taxes. That's really depressing.
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$16K a year for health/medical? Found the American. $29K for federal taxes goes to playing bad cop to the world.
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I feel like pouring 1k with, what I imagine, minimal knowledge unto an insanely volatile market such as Crypto...really isn’t a grand idea. Especially considering your budget.
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Eh, they have plenty of disposable income. 1k is a very small amount to have some fun.
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$1000 invested in Bitcoin this time last year would be worth $7000 today even after the "crash". Plus Bill Gates just invested $750 million dollars in a Bitcoin exchange. Maybe he knows something.
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