Okay, I almost didn't comment here, because I felt the changes necessary were so blatantly obvious that you can probably figure them out yourself. That said, I did notice that you use the excuse "because this is NYC" a LOT to justify discretionary and wasteful spending. I live in NYC, so my comment comes with some context of been-there, done-that.
Here we go - 2014 MONTHLY EXPENDITURES:
Clothing/shoes (actual - but some is gifts).....................................$140
Clothing - Mrs. Yankuba and 'lil Yankuba are the guilty parities - I only spent $70
$140/month is madness. $70/month for a grown man,
also madness. Cut that out. You have a toddler, and he/she needs new clothes every so often. While you can get these at thrift stores for cheap, call this $50 if you decide to shop via an outlet store.
Monthly Savings: $90
Entertainment/restaurants (estimate).............................................$250
Again, living in NYC doesn't justify this expense. Cut it out! If you
have to go out (friends, etc.), check out the bar/restaurant's menu beforehand and make a mental note of the cheapest items. You're there to socialize/have fun with friends, not to eat like kings. Cut this to $100, at most... (Mine, as a single adult in the dating scene is roughly $75-100/month.)
Monthly Savings: $150
3 Small vacations (estimate - like to visit family)..............................$165
Bueno. Stamp of approval for family time :)
Groceries (estimate)..........................................................................$550
This is actually not bad for NYC.
Gifts given to others (estimate).........................................................$150
Nope. There is no justification for $150/month on gifts -
where can I find friends/family like you??? One thing I've learned is sentimental gifts (books, hand-made stuff, etc.) usually makes people feel much more special and costs you next-to-nothing. Do that.
Monthly Savings: at
LEAST $75
Gym (actual).......................................................................................$190
A lot of gyms in NYC offer personal training sessions and cost less that $190/month... Shop around! (~$100/month cost for a high-end gym, $90/mon savings)
Monthly Savings: ~$90
Insurance - jewelry (actual)..................................................................$22
Nope. Put $22 in your pocket each month, and leave the engagement ring at home if you're going to a shady part of town...
Monthly Savings: $22
Lifelock (identity theft protection - actual)..............................................$42
What? No. Put $42 in your pocket. Identity theft safety (like most others) is an expensive illusion.
Monthly Savings: $42
Birthday party for 'lil Yankuba (actual)......................................................$56
You spend $700 for a birthday for your 3-year old??? That's just madness. No this is not "a NYC thing." This is a "raising your kid to be spoiled" thing. Cut it out. Large cake costs $30, party favors ~$50, decorations ~$20.
Monthly savings: $48
Extracurricular activities for 'lil Yankuba (gym, music, etc.)........................$60
Your... 3 year old... goes to the gym... No comment.
Utilities - Cable/Internet/Phone (actual).......................................................$155
Did I just read the word "Cable?" What do you think you pay the exorbitant NYC prices for? You're paying for the free entertainment! Take advantage of it all! (Also Netflix.)
Gotta be $50/mon savings. And then shop for different phone/internet services. We pay ~$75/month.
Savings: $50-75
Utilities - 2 smart phones (actual).................................................................$139
Here you go.Monthly Savings: $89
Maintenance (RE taxes, heat, water, parking, insurance, etc.)...............$1058
You have
more insurance??? Dude, you guys are every insurance company's wet dream. In fact, I'm starting my own insurance biz - care to insure that bedpan and catheter too?
Break this out into line items, and I'm you'll find more opportunities to save.
Someone also mentioned getting rid of your car, since you're in NYC and travel via Subway anyways. Figure out how many car trips you take a month, and if Uber might not be a cheaper alternative.
Grand Total Monthly Savings from Above: $656 - $681, without even touching the car.
/(Well meaning) Facepunches administered. Honestly, you're saving a good deal for your income, but there are definite areas in which you're practically (and sometimes literally)
giving away your hard-earned money. Good luck Yankuba! Looking forward to the updates.