$75k/yr gross = $800/month splurge $ after expenses

[JEDI]

.
From this post about Happiness and $50k/$75k lower/upper income limits:
http://forums.anandtech.com/showthread.php?t=2240638


Single person grossing $75k, here are my calcs-

Taxes (30% Fed/state): 22.5k
Max out 401k: 17k
max out Roth: $5k
Rent: 12k/yr
Utils (gas/electric/water): $200/month = $2400/yr
Health insurance: $200/month = $2400/yr
Food: $200/month = $2400/yr
Gas for car: $40/wk = $2000/yr

that leaves you with ~$800/month spending $!

DISCUSS


Edit:
If you make $75k+, What do you splurge on?
.

 

[Cattlegod]

no savings account for emergencies?
internet bill?

 

[JEDI]

no savings account for emergencies?
internet bill

after saving 3-6 months expenses in the bank, you're back to $800/month splurge $.

also, some people consider their Roth $ as their emergency $.
THe amount you deposit into a Roth acct can come out penalty free ANYTIME since it's after tax $ you're putting in.

internet bill.. LOL...
why not just add cable and cell phone too.
gym membership
heck, how about a personal assistant.
lets not forget personnal chef
Hookers and blow


geez :rollseyes:

 

[Zebo]

Happiness? I've been poor and rich and would be happy either way because I have no expectations. It's all a lie anyway and a prison once you're free of you can be happy.

 

[Jumpem]

There's no money left to splurge making $75k.

 

[goog40]

Your tax estimate is way too high.

 

[JEDI]

Your tax estimate is way too high.

ok.. then you have EVEN MORE $ to splurge.
is that a problem?

 

[goog40]

ok.. then you have EVEN MORE $ to plurge.
is that a problem?

Nope. Just saying, you'll be able to increase your hookers and blow budget.

 

[jagec]

There's no money left to splurge making $75k.

Only if you are Paris Hilton.

Don't be Paris Hilton.

OP is correct, $75k for a single person with no kids leaves a ridiculous amount of fun money left over.

 

[DrPizza]

Did you simply steal the car? Less than $50 per week for food, toilet paper, cleaning supples, etc., is pretty low.

 

[Ns1]

$800/mo less student loans = poor.

 

[halik]

I certainly feel more happy now than when i was making 75K gross, and I'm pretty sure the happines with increase with the multiple you put in front of that 75K.

 

[Capt Caveman]

Did you simply steal the car? Less than $50 per week for food, toilet paper, cleaning supples, etc., is pretty low.

Not registered or paying insurance on it either.

If you live in a big city, double the rent. Have a girlfriend double/triple entertainment/food.

 

[silverpig]

$800/mo less student loans = poor.

This.

That food budget is pretty low. Not everyone wants to eat KD every meal. $50/wk is $7/day.

 

[CraKaJaX]

$800/mo less student loans = poor.

I hear that....

 

[postmortemIA]

Why "rent" ? Why not own?

 

[IndyColtsFan]

.

Edit:
If you make $75k+, What do you splurge on?
.

Home improvements and projects. I put in a huge new paver patio with landscaping, hot tub, etc. last year and we're going to do more this year as well. Oh, and women aren't cheap -- I'm married and it seems I spend a lot on entertainment.

 

[Dirigible]

Have a family and live where I do and your estimated expenses are ridiculously low. Much higher rent, utilities, food, plus child care and a buncha other stuff.

 

[Pulsar]

Your utils are low.
Your rent is low, unless you live in the middle of nowhere, or in a total craphole.
Car payment? $200 - 400 a month.
Car insurance? $50-100 a month.
Car upkeep? $30-50 a month.
Cell phone or normal phone payment? $50-100 a month.
Internet? $20 - 75 a month.
Cable? $20-75 a month.
Renters insurance? (been a while for me, so I'm not sure).
Is good health insurance really only $200 a month?

I think once you really did into it you're going to be on the negative side of things, or breaking even.

 

[zanemoseley]

$22,000 in savings a year lol, bet a lot of people save almost 32% of their gross income... not... Cut that in half and you're still higher than probably 90% of what people save. And as mentioned you're not accounting for a shit ton of stuff.

 

[velillen]

I splurged on a sig sauer p226 this month. I generally have more along the lines of 400 a month to splurge though. Some months are more some are less. Most big purchases i just work a day or two of overtime to pay for em.

 

[Zebo]

Home improvements and projects. I put in a huge new paver patio with landscaping, hot tub, etc. last year and we're going to do more this year as well. Oh, and women aren't cheap -- I'm married and it seems I spend a lot on entertainment.

I spend 10% of CC what about U? It's fucking ridiculous. Not only entertainment but I could live in a single wide and be perfectly happy. Mine brings home projects like a $400 faucet (of course U need a new sink and GD so that faucet costs over $1000) and magazines with projects in them.

 

[nehalem256]

I have pretty much this exact problem.

I dont splurge on anything.

 

[Bignate603]

after saving 3-6 months expenses in the bank, you're back to $800/month splurge $.

also, some people consider their Roth $ as their emergency $.
THe amount you deposit into a Roth acct can come out penalty free ANYTIME since it's after tax $ you're putting in.

And those people that treat their Roth like that will wonder why they don't have any money to retire on when they're older...

If you ever want to do something big like buy a house or do a big vacation you'll need to continue saving well after you get that 3-6 month of expenses saved up.

internet bill.. LOL...
why not just add cable and cell phone too.
gym membership
heck, how about a personal assistant.
lets not forget personnal chef
Hookers and blow


geez :rollseyes:

When you're budgeting you need to include all your regular expenses. The cost for your cable, cell phone, and internet are all monthly expenses that will cut down on the money you have to "splurge" with.

 

[RaistlinZ]

Your utils are low.
Your rent is low, unless you live in the middle of nowhere, or in a total craphole.
Car payment? $200 - 400 a month.
Car insurance? $50-100 a month.
Car upkeep? $30-50 a month.
Cell phone or normal phone payment? $50-100 a month.
Internet? $20 - 75 a month.
Cable? $20-75 a month.
Renters insurance? (been a while for me, so I'm not sure).
Is good health insurance really only $200 a month?

I think once you really did into it you're going to be on the negative side of things, or breaking even.

Aye. But the OP also assumes most people max out their 401k and Roth. Most don't. I bet most put in whatever their company matches.