- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Identifying Financial Mismanagement in a High-Income Household**
In many well-managed budget discussions, it is common to see examples of responsible spending habits. However, it is equally important to recognize the signs of financial mismanagement, even in high-income households.
**Understanding the Problem**
Residing in a Low Cost of Living (LCOL) area with no children, we find ourselves in a troubling financial situation. Despite earning an additional $50-70k annually in bonuses with no designated purpose, our monthly spending habits are cause for concern.
**The Scale of Financial Mismanagement**
Our current predicament involves frivolous spending amounting to approximately $60k per year on unplanned expenses. Rather than prioritizing debt repayment (including loans for cars and personal consolidation) or increasing retirement savings, we continue to allocate funds towards unnecessary purchases.
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****** just grabbed a
What in the world?
You make $236k annually and live in lcol area and have no kids?
Edit: your 401k is good. Just save and invest more of it
Groceries 1500 – How if its a LCOL with no kids?
Eating out 1000 – You can bring that down to 600
Dog 650 – Is your dog sick? I usually spend 100-150
House Cleaning 250 – Are these supplies?
Transportation 2000 – A bit pricey but not too bad
Debt 1200 – How fast can you pay this off if you try?
MISC 1150 – You can bring that down to 700
Budgeting and debt payment you can easily save anywhere from 2-4k.
Had to do a second scan to confirm no savings lol. At least you’re doing 401k
Y’all could FIRE in like 10 years….
I believe you have succumbed to “lifestyle creep”. The more you make, the more you spend. It’s easily reversible especially if you’re truly jn a LCOL area w no kids. And I believe you would have much less stress in your life if you got out of debt and had a fat emergency fund.
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I’m confused. You say you’re bringing in an additional $50-70k per year IN ADDITION to what is on this chart? And you’re spending all of it on miscellaneous things not included in your budget? Why not just put it on the budget chart, track what you’re spending, and include everything in one place? That also seems absolutely wild to me – you’re bringing in a whole extra person’s salary and saving none of it? Spending every cent on things you haven’t budgeted for? How is that possible? You have miscellaneous, eating out, entertainment etc on this budget already, what could all of that extra money possibly be going to?
My second point of confusion is the “registration” – you have to pay $100/month to keep your car registered? Isn’t that a yearly fee?
Just some random comments:
Your car expenses are very similar to mine, but our cars are electric so we aren’t paying the $150/month in gas or the $150/month in maintenance.
How are you spending $1,500 in groceries in a LCOL area with no kids? Do you guys eat filet mignon every night or some shit? That’s in addition to $1,000/month eating out? $2,500/month just for food? Surely that’s an area of opportunity…
You listed internet twice: once as part of utilities, and also as a separate line item. Assuming the one listed with utilities is a typo, you can almost certainly get the $100/month internet bill lower. I realize it’s location-dependent, but I pay $45/month for 1Gb fiber.
LOL my dumb ass was like “How and why would you teach a dog to use a walker?”
Those car payments, woof.
$30k/yr on food in a LCOL area is just wild. And this is coming from someone that has paid $150-300/person for dinner more than once, so I am definitely not a rice and beans person.
This entire post seems like when a girl says shes ugly so a bunch of people tell her shes not.
I mean I don’t feel like this is that bad…. With employer match you are putting away 5750$/month on 18k of earnings which is a 32% savings rate.
I’ve seen alot worse
We have similar income as you and we spent like 40k on groceries and eating out on a family of 5 😬😬😬
So I get where you’re coming from.
We’re really really trying to do significantly this year.. so far so good too!
You pay $1,000 a month eating out combined with $1,500 groceries?
That’s a lot of food. Probably not being cautious about where to eat and what brands to buy and such, so I get it.
You’re making over $200k in a LCOL, this is not middle class at all tf
At this income it would probably be better to pay for a service that tracks your cards and accounts to see where the spending goes
Doesn’t look as bad as some friend’s budget I have seen. Some have high paying jobs with $250k household, but spend $20k after tax and rely on even richer parents to supplement their lifestyle.
Are the other expenses crack cocaine? 😂 glad you know it’s crazy
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Cars are no longer the status symbol they once were. Free time and financial independence have replaced them. We pay $400 a month for all the cars in our household and I hate even having to pay that much. I would get rid of both of those and buy cheap, 10-year daily drivers. I also imagine the grocery and dining budgets are being inflated by alcohol and I think you should really take a look at that if that is true
Sheesh, the lifestyle creep is hard with this one
$650 a month for the dog.
bruh
This budget isn’t that bad. Not everyone is eating beans and rice with the intention of retiring when they are 50.
Heck, yields are so bad right now (1% dividends anyone?) that even responsible people may need to work longer than ever.
Eating out for 1k a month and on top of that spending 1.5k on food is actually insane lmao I love it
How is this bad management when you save $4250 a month? Yeah it could be higher, but I think you’re confusing living life with being bad with money.
You are saving 4k/month. Is this some sort of humblebrag?
Also if you’re wondering why the taxes seem somewhat low. That is because our bonuses are withheld at a much higher rate which would balance out at the end of the year. This is also taking into account a progressive state income tax which is painful.
Honestly, $1,000 on eating out didn’t sound ridiculous to me. Our HHI is much less but about $600 is allocated towards going out to eat together.
$1,500 a month in groceries looks excessive but does the at include toiletries, cleaning supplies, etc? I average $500-$700 for two adults.
I appreciate the honesty!
The groceries kill a lot of people. It’s easy to go spend 150 at the grocery store every week like clockwork, then add in maybe an extra trip during the week or the liquor store etc and before u know it ur at $1000 a month and still going out to eat.
So income before tax is around $216k-$280k/year. If you have a healthy emergency fund, your spending is fine for your income. Sure you could pay off that debt faster, save money here and there, but unless you are in a horrible debt hole this is not that bad. Could use optimization and you could “find” a few thousand a month most likely but you know that already.
Thank you for sharing. This took guts. At least you know the problem. Now time to adjust your spending habits and mindset. You’ve got this!
Tfw the first number I noticed was $1500 on groceries and was like wow that’s really low for an entire year…
$2,500 a month on food and no kids?
How do you spend 1500 on groceries AND 1k on eating out?!?!?
This isn’t middle class. How anyone is treating this is as anything more than a humble brag is beyond me
You’re putting over $4k a month in savings. I’d say that’s pretty good….
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