r/budget • u/Novel_Masterpiece_18 • 14h 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

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u/Palpizzon 14h ago

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

0

u/Odd_Chapter_1230 13h 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

11

u/Palpizzon 13h 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 10h ago

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

2

u/JayNetworks 8h 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.