Do you spend more than $100k a year?

[ponyo]

I'd count vacations "savings" since you spend it that year on the vacation.

I do agree with the other points though.

If you go on vacation, any money spent counts as expense. But if you didn't spend that vacation money yet, you can't count that as spending. I keep like $5k separate in my Charles Schwab checking account just for quick ATM cash access for travel in foreign countries. But I'm not going to count that as expense since I didn't spend that money yet.

 

[Fritzo]

Yes....but mostly against my will.

 

[purbeast0]

If you go on vacation, any money spent counts as expense. But if you didn't spend that vacation money yet, you can't count that as spending. I keep like $5k separate in my Charles Schwab checking account just for quick ATM cash access for travel in foreign countries. But I'm not going to count that as expense since I didn't spend that money yet.

Yeah I agree with you on that point. I would hope people who are saving for vacations actually use it on vacations. I know too many people who don't take vacations hardly ever and it's depressing.

 

[s0me0nesmind1]

I'd count vacations "savings" since you spend it that year on the vacation.

I do agree with the other points though.

"Vacation savings" is just cash in a savings account with a label on it.

Calculate it using the actual expenses that you actually charge to your card.

Like I said earlier, the other things that shouldn't count in expenses is extra principal payments to the mortgage or other loans (auto loan, etc.)

 

[brianmanahan]

do estimated quarterlies count?

 

[ponyo]

"Vacation savings" is just cash in a savings account with a label on it.

Calculate it using the actual expenses that you actually charge to your card.

Like I said earlier, the other things that shouldn't count in expenses is extra principal payments to the mortgage or other loans (auto loan, etc.)

I agree with not counting extra prepayments on mortgage and auto loans. That's form of savings.

do estimated quarterlies count?

No. Estimated quarterly income tax payments are just income you don't keep. That's not expense because technically it's not yours. Just think of that as money you never had.

 

[Scarpozzi]

I'd count vacations "savings" since you spend it that year on the vacation.

I do agree with the other points though.

It's pretty easy for me to calculate my retirement savings, but I have no idea what my wife is putting in hers. She keeps mucking with the amount as she adjusts her spending.

I'm torn on retirement savings because I'd like to start saving more fun money in a non-tax advantaged account (so I can access it before I'm on death's door).

 

[s0me0nesmind1]

It's pretty easy for me to calculate my retirement savings, but I have no idea what my wife is putting in hers. She keeps mucking with the amount as she adjusts her spending.

I'm torn on retirement savings because I'd like to start saving more fun money in a non-tax advantaged account (so I can access it before I'm on death's door).

Put it in ROTH investment accounts - ROTH 401k / ROTH IRA.

Interest grows tax free, since tax is paid on the funds going into it.

Your contributions can be withdrawn at anytime without a penalty or taxable event - because they were already taxed upon entry.

 

[deadlyapp]

I can't get an accurate report out of mint right now because of the way its categorizing some spending, but we certainly spend very close to 100k a year and twice that if we include our business.

 

[IronWing]

We spend nowhere near $100k. The house is paid for and no kids.

 

[Murloc]

I actually spend about 40k I think, the rest is invested.

 

[Red Squirrel]

Pretty sure I have posted this before Lol. This doesn't include regular stuff like household bills, mortgage and daycare stuff.

View attachment 46388

Did you do on purpose to time your spending so you can make it look like the Cisco Systems logo?

And holy crap, what are you buying? lol.

 

[Tweak155]

I actually just had mint show me for the last 12mos (I know mint doesn't see all my CC's because it's busted, never did fix it) and it showed $52k. I had it show me all of 2019 when I actually had my kid in daycare for the whole year... and it still only went to $67k.

It probably helps I paid off my house years ago, otherwise that would have been easily another $30k or so... guess it's nice being debt free. I do end up with a lot of extra money every month, I have to do better at investing the leftovers that aren't going to the maxed 401k's, IRA's, HSA and other tax advantaged investments.

 

[VirtualLarry]

I don't yet (mining!) make $100K/yr, I wish that I did. Closer to a quarter of that (between mining, and my disability check). Most of it, I spend on pizza, Chinese food, and Newegg / Amazon purchases. I wouldn't be surprised to find out that I spend $1K/mo at Newegg.

If mining were more steady, then maybe, just maybe, I could get off of disability, and really try to "scale up", but that's a scary thought, because it's so volatile. As for now, it's "pizza and soda" money, with the occasional Newegg part thrown in.

 

[deadlyapp]

Decided to clean up my Mint data and actually see what it came up with. Still not perfect, as it is including payback on loans that come out of my bank account (car, a personal loan, 401k loan, mortgage, wife's student loans) but generally directional. The strange negative in March is due to a very large IRS return that offsets spending.

I generally have made big paybacks on loans at the ends of quarters, which is when I receive bonuses, so one of the reasons why spend is so high in June & October. Bought two new cars in December which affect that month also. Total adds up to ~$80k.

This doesn't include money into 401k which is kind of an "expense" but I never see it so I won't qualify it as an expense here.

 

[pete6032]

I might hit that amount this year with buying a used car and likely facing an HVAC replacement plus a new fridge.

At least the fridge and HVAC will pay off partially when selling house.

 

[Jgtdragon]

dang, 100k is a lot to be spending in a year.

EDIT: I just check my spending, I am way over $100k

 

[Jeeebus]

lol unequivocally "yes" without even giving it any serious thought. Between house (mortgage), cars, kids, discretionary spending, etc., I'm reluctant to do the actual calculation but no doubt well over $100k/year. This year is extra spicy since we're taking one hell of a vacation in December that will run around 1/2 of that $100k figure by itself (probably a fair bit more if we were paying for the flights rather than using points).

 

[brianmanahan]

dang, 100k is a lot to be spending in a year.

EDIT: I just check my spending, I am way over $100k

you're a baller and you don't even know it!

 

[brianmanahan]

This year is extra spicy since we're taking one hell of a vacation in December that will run around 1/2 of that $100k figure by itself (probably a fair bit more if we were paying for the flights rather than using points).

nice. i thought about saving up for a big family one-time trip like that, but i might just use it for baller grad presents for nieces/nephews.

i'm getting out and about a little now, but am still kind of psyched out about traveling for vacation now after COVID. all my vacation days will probably be stay-at-home for the next few years.

that alone should save me enough to buy the alky-style m3 i've always wanted

 

[s0me0nesmind1]

lol unequivocally "yes" without even giving it any serious thought. Between house (mortgage), cars, kids, discretionary spending, etc., I'm reluctant to do the actual calculation but no doubt well over $100k/year. This year is extra spicy since we're taking one hell of a vacation in December that will run around 1/2 of that $100k figure by itself (probably a fair bit more if we were paying for the flights rather than using points).

Disney, eh?

 

[Jeeebus]

Disney, eh?

I need to work on my "Yes, Nick. This is my overwater bungalow" sign for ATOT points.

 

[s0me0nesmind1]

I need to work on my "Yes, Nick. This is my overwater bungalow" sign for ATOT points.

Psh, Disney is more expensive than that overeater bung-a-hole stuff

But no seriously, I understand resort shit Is expensive too but holy shit you can easily buy a truck with how much it costs to stay at a Disney resort for a week with a couple kids.

 

[Zorba]

Still gotta be more specific. Mortgage payments + car payments - aside from the interest + property taxes - are essentially the accounting equivalent of moving dollars from one account to another. Thus things like overpaying on your mortgage you could classify as an "expense" - but really it's just just transferring cash from one account to another. If I pay an extra $1,000 in principle I "lost" $1000 in cash, but gained $1,000 in net worth.

Anyhow, took a look back,
2018 - $126k
2019 - $134k
2020 - $112k
2021 already poised to easily hit $100k due to big money into home improvements (New ACs)

Also, obvious advantage to married folks since most are probably on 2-income households.

Yeah, I've always treated my investments as an "expense" on the ledger. HSA, 529, overpaying the house, etc have all been on the expense side of the ledger.

Wife and I make just shy of 3 bucks, but actually spend somewhere around 50-60k, with about 10K of that going to daycare (after reimbursement from FSA). No debt of any kind, both do full annual maxes on 401k (58.5K this year IIRC).

We do nice vacations, but I keep an eye on value. When I buy anything, it is something that will be used and hold up for the long haul. No fancy cars, electronics, etc.

 

[Zorba]

Psh, Disney is more expensive than that overeager bung-a-hole stuff

But no seriously, I understand resort shit Is expensive too but holy shit you can easily buy a truck with how much it costs to stay at a Disney resort for a week with a couple kids.

Yeah, I've spent about 60 nights at Disney World over the last 5 years, with ~26 more planned over the next 14 months. I have no idea why anyone pays what they charge for their hotels. The "values" cost $150-225/night for the equivalent of a Motel 6. I rent timeshare points for Wyndham on property and get a nice 2 bedroom condo for a week for less than a studio room at the Grand Floridian would cost for 1 night.

My friend went for 5 nights in a value resort and somehow spend $12K total on his trip, the average cost of my 8-night trips comes in around $3500. Each with 3 people. I would literally cry if I spent that much.