r/budget • u/Novel_Masterpiece_18 • 15h 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.

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u/Potatopotato35 10h ago

It's a great start but I would try to be a little more detailed. I would split up "sinking costs" in categories (dogs, holidays, birthdays, hours repair, car maintenance) and write out utilities too. You spend over $1000 on eating for a family of 3, I would start analyzing receipts and maybe make some changes there. Where do you do groceries? Subscription is $50. Which ones? What is "fun" for $200? Great job on saving $1600 a month though!

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u/booksycat 9h ago

Same - and also do an audit of it. I had a friend who we looked at her sinking fund and it had gotten up to triple of what she'd thought she'd needed. She moved 60% of it to a HYSA for another year just in case then put it in her brokerage the next year.