TC- $210k in California. Husband is a small business owner bringing about 100k net. Mortgage of $3900 plus preschool and after school activities and two regular cars (4Runners) have us comfortable but still waiting for the next paycheck before we feel we run out of fun money after savings and expenses.
My monthly net is $11k and his ranges but about $5-7k. How is it that it doesn’t feel like a lot and goes so fast? Starting to track what we spend on because a couple thousand in two weeks can go in a blink of an eye.
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Don’t worry about budgeting… where’s you’re money going?!? I’d personally worry about the basics first
Give yourself a few months to build up a cushion. Once you do, the stress of feeling like you’re just getting by month to month goes away and things will either get much easier or click into place. Good luck!
I get most of the groceries from Trader Joe's and Costco, we don't eat out too much and we have a budget for clothes shopping and massages. I suggest using a budgeting app like Mint.
It’s refreshing that you still budget on food to put more money towards your savings. Healthier too!
Having a plan for your money and visibility into where it's going is a superpower. Once we started budgeting, we spent our money so much more efficiently that it felt like I'd gotten a huge raise. High-TC households may not "need" to budget the same way a lower-income household needs to, but I'd argue that the more money you have to allocate, the more you stand to gain by allocating it more efficiently.
After all, even Jeff Bezos has to budget how much AMZN he's going to sell in order to fund Blue Origin each year.
TC: ~275k
We have lower income than you but we also don't have to pay any state income taxes (WA residents) and our kids aren't in preschool yet, so don't compare your situation too much with ours. Just know that it is possible to save a significant amount and that step 1 is giving every dollar a job as soon as it comes in.