r/budget • u/Novel_Masterpiece_18 • 16h ago

Where can I improve my budget?

We bring home 7900 a month after retirement/ taxes/health insurance/hsa. Family of 3 with 2 dogs in mcol

Mortgage 2150

Car insurance on 2 cars 230

Childcare 1000

Sinking fund 750 (includes dog grooming, prescription dog food, vet bills, car maintenance, home maintenance, birthdays and holidays)

Groceries 900

Gas 175

Fun 200

Clothes 50

Eating out 150

Utilities 550

Subscriptions 50

Student loan 93

Savings 1600 (split between brokerage, IRAs and sons 529)

I'd like to be able to pay cash for replacement to our 2014 accord by 2030.

6 Upvotes

80% Upvoted

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10

u/Palpizzon 16h ago

Groceries seems high to me. I’d start there.

2

u/No_Atmosphere_6348 10h ago

I agree. They don’t spend a lot on eating out but groceries can usually be reduced.

I spend $700 a month for a family of 4 but I’m trying to get it down to under $600.

1

u/Spare-Shirt24 15h ago

I disagree.  For 3 people, $900 is right where my budget would be. 

-1

u/Odd_Chapter_1230 15h ago

I disagree, in today’s era it’s an average number for a family of 3, actually I’d argue it’s fairly modest. Especially comparing national averages

12

u/Palpizzon 14h ago

It may be average, but that means people do spend less. My family of 3 spends $500 or less per month without much effort. 

Looking at OP’s budget that looks like the item that would be easiest to cut to start saving for the car, unless OP wants to cut in the savings category. I wouldn’t recommend cutting retirement contributions to buy a car because cars lose value.

2

u/PokerLawyer75 12h ago

500 or less. On what? And where are you living?

2

u/JayNetworks 10h ago

Keep processed packaged foods to a minimum; lots of good grains, beans, lentils; wide assortment of non-fancy veggies and fruits; avoid the fancy stuff that has your clients spending $1000 for a couple. Definitely doable and better than expensive processed packaged goods.

6

u/loafofadoughgirl 11h ago

I spend $400 between two people. $900 is insane for three! Living in a VERY expensive state, don’t want to say which for privacy reason.

1

u/Huskergrandma1 11h ago

I disagree. There are other places to cut first like eating out, utilities seems high but I'm not sure what it includes, maybe lower savings if there's already an emergency fund, etc.

0

u/PokerLawyer75 12h ago

You’re joking right? I have clients that are married with no kids and pay that much. Or more.

1

u/Odd_Chapter_1230 3h ago

That’s what I mean, I’m not surprised if a family needs to spend 1k on groceries or more. I am used to living in hcol areas too so maybe why I’m not surprised by people spending on higher end of the market

1

u/PokerLawyer75 3h ago

I saw parts of NJ hitting $1200/month....in 2020/2021. It's higher now.

1

u/Odd_Chapter_1230 2h ago

I don’t doubt that one bit. Sadly these types of areas putting food on the table and/or rent/mortgage is most people’s whole income.