Background: Couple looking to figure out ways to save next year. Will share 1-bedroom apartment in Manhattan, both work in Midtown. One person's salary is $107K, the other will be $50-70K depending on job found. If living on far East Side between midtown-east 80s, can walk to work and save MetroCard fare.
If we assume gross pay for both will be $160K, between fed/state/local tax (25% federal, 6.65% NY State, 3.6% NYC) take home will be closer to $110K.
Monthly Expenses:
Rent - $2,500 (?)
401K for Person 1 - $1,500
401K for Person 2 - $1, 500
HSA Contribution - $300++
Combined Student Loans - $1400
Health Insurance - $250
Co-Payment for Doctor/Dental Visits – $30 per month
Utilities - $100
Internet - $15
Netflix - $8 (one screen)
Cell Phone - $60 (for one person, other's covered by work)
Laundry - $40
Dry Cleaning - $15
Vitamins/Medications - $15
Toiletries - $20
Household Supplies - $20
Transportation - $110 including occasional MetroCard usage for each person ($50 per month), Train to family home for weekend visit - $60 for both people round trip
Food - $500
Gifts/travel to weddings - $100/month when averaged out
Other travel - $100/month averaged out
Clothing - $40/month averaged out
Blog - $15 for hosting (don't make an income stream yet, it's a "healthy living" blog that does have ads but not the reach needed. Looking to change for side income).
Assets: Between the two, have $120K in savings (half in current 401K/IRAs) and $50K interest for one person in apartment owned and rented out (outside NY).
Liabilities: $85K in interest-free student loan for one person, $20K loan @ 4% interest rate for other person. Paying off at $1k/month and $400/month respectively.
Anything we're missing? Any ideas on ways to cut costs in these areas?
We're also interested in trying to see if we can live solely off the one (higher) income and save the rest for reasons that might make sense down the road. Granted, that might come with a move to the suburbs (rents in White Plains, NY/Stamford, CT/etc are much lower for a similar size and condition apartment or condo).