Category | Monthly | Comments | Annual |
Salary/Wages for earner #1 | $3,524 | $42,293 | |
Salary/Wages for earner #2 | $3,600 | $43,202 | |
Pretax Vision/Dental Ins. | $5 | $65 | |
Daycare FSA | $208 | $2,500 | |
Employer-sponsored HSA | $30 | Room to increase? | $360 |
FICA base salary/wages | $6,881 | $82,570 | |
Employer Match | $124 | $1,494 | |
Income subject to IRS tax | $6,881 | $82,570 | |
ESPP/After-tax 401k | $160 | $1,917 | |
Paycheck income before tax | $6,721 | $80,654 | |
Federal Total Income | $6,881 | $82,570 | |
Federal tax | $748 | 2015 rates, MFJ, stand. ded., 1 exempt. | $8,973 |
State/City tax | $0 | Guess, using 0.00% * Fed. Taxable | $0 |
Soc. Sec. | $427 | Assumes 2 earners paying | $5,119 |
Medicare | $100 | $1,197 | |
Total income taxes | $1,274 | $15,290 | |
Add Health + Daycare reimb. | $208 | $2,500 | |
Income before other expenses | $5,655 | $67,864 | |
Monthly Average Expenses: | |||
Mortgage | $643 | $7,721 | |
Property Tax | $287 | $3,447 | |
Car Insurance | $130 | $1,560 | |
Car Maintenance, Registration, etc. | $181 | $2,172 | |
Charitable contributions | $35 | $420 | |
Child Misc (non childcare) | $170 | $2,044 | |
Childcare | $696 | $8,352 | |
Christmas/Holidays | $20 | $240 | |
Clothing/Shoes | $40 | $480 | |
Dining (Lunch/Dinner/Etc.) | $202 | $2,428 | |
Electricity/water/natural gas | $194 | $2,328 | |
Entertainment | $57 | $680 | |
Groceries | $356 | $4,274 | |
Household; Maintenance | $159 | $1,904 | |
Internet | $67 | $804 | |
Life Insurance | $46 | $552 | |
Medical (Doctor, Hospital, etc.) | $87 | $1,042 | |
Medicine (OTC + Prescription) | $20 | $240 | |
Miscellaneous | $792 | $9,504 | |
Pets | $22 | $265 | |
Phone (cell) | $120 | $1,440 | |
Phone (landline) | $37 | $444 | |
Shopping | $55 | $655 | |
Travel/Vacation | $49 | $588 | |
Non-mortgage total | $3,822 | $45,863 | |
Loans: | |||
Auto | $288 | $3,457 | |
Total Expense | $4,754 | $57,042 | |
Total to invest | $902 | $10,822 | |
Additional Mortgage Principal | $234 | $2,808 | |
Additional Loan payments | $212 | $2,543 | |
Available for taxable investment: | $456 | $5,471 | |
Summary: | |||
"Gross" income | $7,125 | $85,495 | |
Income taxes | $1,274 | $15,290 | |
After-tax income | $5,850 | $70,205 | |
HSA | $30 | $360 | |
ESPP+529/other | $160 | $1,917 | |
Living expenses | $4,471 | $53,650 | |
Non-mortgage loans | $288 | $3,457 | |
After-tax investable | $902 | $10,822 | |
Time to FIRE?: | |||
Time to FIRE | 18 | years | |
Safe Withdrawal Rate | 4.00% | percent | |
Real return on tax-deferred investments | 5.00% | percent | |
Real, after tax, return on taxable investments | 4.25% | percent | |
Current Savings | |||
Tax-deferred (e.g. trad. IRA/401k) | $42,338 | ||
Roth + HSA | $101,000 | ||
Projected Savings at Retirement | |||
Taxable | $341,916 | ||
Tax-deferred (e.g. trad. IRA/401k) | $143,918 | ||
Roth + HSA | $253,196 | ||
Total projected stash | $739,031 | ||
Projected Expenses in Retirement | |||
Non-loan, non-work expenses | $45,863 |
Total | $45,863 | ||
Stash needed for retirement @4.0% SWR | $1,146,585 | ||
Need $407,554 more. |
Filing Status | 2 | 1=S, 2=MFJ, 3=HOH | |
# Exempt. | 1 | ||
Earner #1 | Earner #2 | ||
Ages | 30 | 40 | |
# of earners | 2 | ||
Total Income | $82,570 | ||
Std. Deduct. | $12,600 | ||
Act. Deduct. | $12,600 | ||
Exemption | $4,000 | ||
AGI | $82,570 | ||
MAGI | $82,570 | ||
Taxable | $65,970 | ||
1040 Tax | $8,973 | ||
Saver's credit | $0 | ||
Tax after n-r credit | $8,973 | ||
Child Tax Cred. | $0 | ||
EIC | $0 | ||
Net Tax | $8,973 | ||
Monthly | $748 | ||
Mtg. Int. (approx.) | $4,642 | ||
Prop tax | $3,447 | ||
Charity | $420 | ||
Item. Deduct. | $8,510 | ||
Version | V7.09 |
Loans: | Orig. Prin. | Orig. Length | Curr. Prin. | Yrs left | Rate |
Mortgage | $120,000 | 30 | $93,971 | 12 | 4.990% |
Auto | $5,000 | 5 | $3,456 | 4.5 | 1.750% |
The formatting looks terrible, even with the comments and annual columns removed. I used the Posting tab, but I am using Open Office instead of actual Excel so make that's breaking it? I'll be happy to fix it if someone can tell me how to do so easily, otherwise I'm going to hit post and come back to edit when I have more time. My apologies to your eyeballs in the meantime.Column G on the Posting tab is what you want. At least, that's how it works in Excel: column G takes the other columns and wraps table commands around them to line things up in this forum's software.
Specific question: Now that we have a baby in the house we knew our expeses would go up....
I tried using the spreadsheet from the tutorial post on how to make a case study but I'm not sure I filled it out 100% right. To be clear, our monthly mortgage due (with taxes and insurance) is $930.75 but we pay $1180.75. Same with our auto loan - we only owe $288ish per month but pay $500.
Filing Status 2 1=S, 2=MFJ, 3=HOH # Exempt. 1
Loans: Orig. Prin. Orig. Length Curr. Prin. Yrs left Rate Mortgage $120,000 30 $93,971 12 4.990% Auto $5,000 5 $3,456 4.5 1.750%
Unfortunately becoming a one car household is not doable at this time.Relevant, if at least for future aspirations: How To Be a One Car Family (http://www.bravenewlife.com/10/how-to-be-a-one-car-family/)
Child Misc (non childcare) $170 $2,044What does the miscellaneous represent that other child spending doesn't?
Clothing/Shoes $40 $480Is this for just the child or all three of you? Might be kind of high either way.
Dining (Lunch/Dinner/Etc.) $202 $2,428Groceries $356 $4,274[/i]
Life Insurance $46 $552What kind of insurance is this, are you getting your $500 worth for something you will hopefully never need? Can't you get cheap/free term insurance through your workplaces?
Miscellaneous $792 $9,504Big black hole. This is your second miscellaneous category.
Phone (cell) $120 $1,440Phone (landline) $37 $444[/i]
Shopping $55 $655This is your third miscellaneous black hole!
QuoteChildMisc (non childcare) $170 $2,044What does the miscellaneous represent that other child spending doesn't?
QuoteClothing/Shoes $40 $480Is this for just the child or all three of you? Might be kind of high either way.
It totally is high. We've already smacked ourselves in the head and will be brown bagging it more in the future.QuoteDining (Lunch/Dinner/Etc.) $202 $2,428Groceries $356 $4,274[/i]
Is one of these eating out? Combined total seems high.
Term, it's in addition to what we get through work. When we originally got it neither of our works offered life insurance. I do feel like we're getting our $500 worth.QuoteLife Insurance $46 $552What kind of insurance is this, are you getting your $500 worth for something you will hopefully never need? Can't you get cheap/free term insurance through your workplaces?
Yup. Unfortunately at this point I'm not going to have the time to really dig into this for a couple weeks but I really do want (need) to find out what this is.QuoteMiscellaneous $792 $9,504Big black hole. This is your second miscellaneous category.
Cancelled the landline yesterday!QuotePhone (cell) $120 $1,440Phone (landline) $37 $444[/i]
Why do you have cell phone(s) and a landline? The total is really high.
Mostly random household stuff, but I'll add it to the list with "Misc" for further investigation. Thanks for pointing it out.QuoteShopping $55 $655This is your third miscellaneous black hole!
Anyways, it's easy to nitpick other people's spending (and kind of fun), but what are your goals? How much do you want to spend? What do you want to achieve? What was your spending like before you had a child? What categories do you think you can cut back on.
(b) But: I don't see much pre-tax retirement contribution in there. Free 25% extra money is nothing to sneeze at.Good point. Definitely on the list to consider once I get the expenses sorted out better.
(c) Your cell phone bills are high. Cricket or Fi will get you down to ~$70/month or a bit less with no real reduction in anything ( http://da-data.blogspot.com/2015/10/comparing-prepaid-cell-plans-public.html ), though Fi is phone-specific. It's usually worth switching even if you have to pay some early termination fee, but check carefully.