Author Topic: Lifestyle %  (Read 2308 times)

mrpercentage

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Lifestyle %
« on: April 12, 2015, 08:37:47 AM »
Okay Mr. RichPants, lets level the playing field:
Im a low paid government employee who works a dangerous yet boring profession. All things created equal lets talk spending percentage from gross earnings. After all if we both lost a finger, and one was fat while the other was thin-- it would be even right. So here is my life in percentages compared to my gross paycheck.
The numbers have be rounded to remove unsightly chaos. No credit card debt. Car paid off. Taxes reflect electives in my wage bracket.

8% Federal Taxes
6% Social Security
1.5% Medicare
1.5% State

Taxes Total 17%
 
8% Pension
0.001% Dental Insurance
0.004% Life Insurance
7% Medical Insurance

Additional Deduction Total 15%
 
2% Roth IRA
3.5% Kids x2  College Fund
3.5% Emergency Fund
3.5% General Investing Taxible (Hey I might want to retire before 59)

Investing 12.5%
 
 
4% TV/Entertainment Sevices
2% Internet
2.5% Cell Phones
3% Auto Insurance
6% Fuel
12.5% Food
17% Mortgage

So Called Mandatories 47%
 
3.5% Gifts/Holidays/Vday/Anniversary/Bdays
5% Miscellaneous

Everything Else 8.5%

Yes some items are missing as my wife and I split bills.. I will not post what she is responsible for because she just might smash my junk for doing it.

So how do you stack up?

jennifers

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Re: Lifestyle %
« Reply #1 on: April 12, 2015, 09:11:43 AM »
This is a cool idea.

Caveats:
I usually get a big (3000$+) tax refund, so the tax info is too high.
I did this assuming 2 pay periods a month. I use my "extra" paychecks every year for travel/weekend trips/fun stuff.
I didn't account for 375$ a month my boyfriend pays me for rent. 

9.6% Federal Taxes
6.4% Social Security
1.4% Medicare
3.9% State

Taxes Total 21.3%
 

0.002% Dental Insurance
2.2% Medical Insurance

Additional Deduction Total 2.202%
 
2.8% Property Taxes
8.5% Mortgage
1% Internet
1% Auto and home insurance
2% Fuel
4% Food
1.6% Parking
2.5% Condo fees
1.1% Electricity

So Called Mandatories  24.5%
 

24% 401K
8.8% IRA

Automatic savings: 32.8%

Non-accounted for (mostly goes towards savings/investments): 20%

McStache

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Re: Lifestyle %
« Reply #2 on: April 12, 2015, 10:21:56 AM »
Caveats: This is based on a typical month (no bonus or side income) and a few expenses are annual but represented as monthly here.


10.1% Federal Taxes
6.1% Social Security
1.4% Medicare
3.6% State

Taxes Total 21.2%
 
0.36% Dental Insurance
0.075% Life Insurance
0.67% FSA
1.2% Public Transit Pass
1% Auto Insurance

Additional Deduction Total 3.3%

7.3% Roth IRA
24% 401K
5% ESPP

Automatic Savings 36.3%
 
1% Medical Insurance
1% Internet/Utilities
0.4% Cell Phone
1% Fuel
6% Food
11.3% Rent

So Called Mandatories 20.7%

Everything Else 18.5% --> Mostly goes to brokerage account

mrpercentage

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Re: Lifestyle %
« Reply #3 on: April 12, 2015, 06:57:57 PM »
Good God you guys are destroying me on savings. And I didn't calculate the two extra checks a year either.. but it leaves the food and fuel percentage the same. The extra ends up going towards vacations or a big purchases. And I also get 2000 in tax credits (kids/house) that go into the market- direct stocks-- this year Disney.

RichHarvest

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Re: Lifestyle %
« Reply #4 on: April 15, 2015, 08:48:51 PM »
Typical month, not including side business income. Things that make my budget unique:
- Work from home (low transportation)
- Apartment and energy conscious (low utilities)
- Work pays for Internet & Cell phone
- High income, not married (yet), and no kids, so high federal taxes

17.7% Federal taxes (Single, no kids)
6.0% Social Security
1.4% Medicare
4.4% State taxes

Taxes total: 29.5%

0.08% Dental insurance
0.49% Health insurance
1.9% HSA
0.07% Critical illness insurance
0.05% Vision insurance

Additional Deduction Total: 2.6%

13.0% 401K
13.2% Savings account
8.3% Vanguard Taxable (I don't qualify for Roth IRA)
0.4% Prosper lending

Automatic Savings: 34.9%

15.9% Rent
7.6% Food (Groceries + Restaurants)
5.0% Short-term savings for Vacation/Birthdays/Christmas/Car Repairs (these are all separated out, just aggregated here)
0.5% Transportation (I work from home)
0.7% Electric bill
0.6% Water bill
0.8% Home cleaning
0.9% Car insurance

Everyday Expenses: 32%

Remaining: 1%
- Compost service
- Memberships (e.g. Amazon Prime)
- Classes (Coursera, classes from a naturalist)
- Clothes
- Household goods/toiletries

My fun/spending money is budgeted at 2.9% of my income. For the numbers to work, this probably comes out of my side business income.
« Last Edit: April 15, 2015, 08:50:41 PM by chaseboy2010 »