I've lurked here for longer than I can remember. I've been a closet mustachian for years and struggle to discuss in any depth our favourite topics with friends and family, so I'm reaching out to you guys!
First a little intro to set the scene, audit my current situation if you please! Perhaps you will also find the cost of living in the UK of interest.
Age: 30
Status: Co-habiting
Kids: Now, 0, hopefully 2 within the next 5-7 years
Location, UK (Not London, that's quite important, it may as well be another country due to its completely different financial climate)
Overall: I save about 65% of my NET income. I work for a FTSE100 and try to play the game to my advantage.
Home: We rent, we pay £680 a month (So, £340 each, we split all living expenses down the middle). We are looking to buy but the UK market is currently viscous. The Gov has announced help-to-buy schemes and pries are staying artificially high. A typical 3-bed family semi in an OK area near me goes for around £175k. We are biding our time to find a fixer-upper which offers better value for money.
Gas: £25 a month
Elec: £25 a month
Council Tax: £105 a month. I'm not sure if the US has something equivalent? It's basically a tax that covers the upkeep of roads, services etc in your local area. Includes rubbish collection.
Water: £25 a month
Internet. £22 a month.
Car: I run a 1999 saloon. Work covers all fuel, personal and business. By running my own car I am eligible to receive £600pm car allowance, this is obviously taxable (@40%).
Work: I work from home 80% of the time, 5% in the office, and 15% at client site. Most journeys to the office or client site are 100-200 mile but fully expensed.
Phone: Contracts are cheap as chips in the UK. I pay £5 a month for all you can eat data and 300 text/minutes. I never go over £5.
Savings: £20k in a taxfree savings account paying 2%. £25k in a taxable savings account paying 1.5%. I've been keeping it liquid for a house deposit, but this is proving a long process. £45000 is about 6 years worth of living expenses for me. I think this is an area I should improve and move these funds elsewhere.
Pension: I pay £50pm, work pays £250pm. I have about £20,000 in the pension pot, this is my first pension.
Debt: I have £13000 student loan debt. The scheme I am on is linked to base rates. Therefore I pay 1.5% interest. This money is taking out of your income automatically at source. I pay about £330 a month and should be debt free in 5 years. We hold no other debts or credit cards.
S/O: Mostly on-board, nowhere near as aggressive at saving as me. Compared to her peer group however, she would be classed frugal. Compared to us, probably frivolous ;-)
Vices: Food. We spend £200 a month on food for 2 people. And a further £50 a month on eating out. We could halve this but I'm inclined to say its worth it. We love good food.
Exercise: We both run daily - past the Gym full of people paying £70 a month!
Health/Medical: We have free NHS in the UK but I take additional private cover via my employer. It costs me about £30 a month for dental and full extensive health with zero excess. I was originally undecided, but after going through some recent health problems, I've been very impressed with the speed and service.
Our current plan - Keep savings 60-70% NET income, buy a basic family home at £175k - have children and bring them up in a responsible and frugal manner. Perhaps pick up an investment rental or 2 within 5-10 years. We are also both fully committed to supporting our parents when they are no longer able to, that could be in 15 years, it could be 25. I'm not sure how this will work out, but its something we are passionate about.