What's your annual cost of living (expenses)?

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schrute
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What's your annual cost of living (expenses)?

Post by schrute » Sat Jan 20, 2018 3:40 pm

Expenses:
Married?
Children?
Area of Living: VHCOL, HCOL, MCOL, LCOL

Me:

Expenses: $43K + ($10K from Mrs)
Married: Yes
Children: No
Area: VHCOL

aqan
Posts: 386
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Re: What's your annual cost of living (expenses)?

Post by aqan » Sat Jan 20, 2018 4:06 pm

OP How are you managing for 53K in a VHCOL? How is the COL categorized ?

TwstdSista
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Re: What's your annual cost of living (expenses)?

Post by TwstdSista » Sat Jan 20, 2018 4:14 pm

How does one determine if they live in a VHCOL, HCOL, MCOL or LCOL area?

The internet tells me that the cost of living in my area is 120 -- where does that fall on the scale? I'm guessing somewhere between MCOL and HCOL? Does that make it a M-HCOL area?

annielouise
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Re: What's your annual cost of living (expenses)?

Post by annielouise » Sat Jan 20, 2018 4:14 pm

Are you just including essential expenses (needs)? Or also optional?

Are you including items taken out of your paycheck, like medical premiums?

Are you including expenses that happen less frequently than yearly?

Are you estimating or do you keep detailed records?

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TierArtz
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Re: What's your annual cost of living (expenses)?

Post by TierArtz » Sat Jan 20, 2018 4:23 pm

We spend 105K/year not counting payroll deductions or charitable giving.

Two adults; three kids; COL = 91% of US average.

GoldenFinch
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Re: What's your annual cost of living (expenses)?

Post by GoldenFinch » Sat Jan 20, 2018 4:52 pm

Married
4 kids (one in college on the cheap)
~95k per year in expenses
LCOL area

Oversoul
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Re: What's your annual cost of living (expenses)?

Post by Oversoul » Sat Jan 20, 2018 5:15 pm

Married
One adult handicapped son (40)
Two teen Grandchildren (15 & 17)
<$24k/year expenses [food, utilities, fuel, Insurance, incidentals, etc.] Debt free.....no mortgage, no vehicle payment.
Lower Middle Class America I'd guess. We live on acreage in the country.
May you live as long as you want....and never want, as long as you live.

18_bank_accounts
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Re: What's your annual cost of living (expenses)?

Post by 18_bank_accounts » Sat Jan 20, 2018 5:28 pm

$94k
Married
Kids
VHCOL

Counted mortgage, property taxes, food, utilities, insurance.

hmw
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Re: What's your annual cost of living (expenses)?

Post by hmw » Sat Jan 20, 2018 5:33 pm

$195k in 2017.
Married
one kid
MHOL

Includes property tax, but exludes income tax.

JBTX
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Re: What's your annual cost of living (expenses)?

Post by JBTX » Sat Jan 20, 2018 5:36 pm

That number varies a lot for us. Married two kids in teens

Last year few years we have averaged around $150k per year. That includes employee portion of medical insurance premiums. Includes full mortgage payment. That does not include income tax and payroll taxes ( but does include property taxes) , and excludes one time expenses like house remodel and cash purchase of auto. We have had some very high medical out of pocket expenses, last year about $30k which was unusually high but historically have averaged 15k to 20k (wife’s new medical policy has not helped). The employer side of medical premiums cost us around $12k per year.

This has really been an area of focus for me recently. We have good retirement savings but can’t retire spending money like this. We are shooting this year to come in around $100k. That will require some significant cutbacks

We don’t do it on big ticket items. We drive low mileage used cars up to 200k and our home is about $300k home with modest $1000 per month mortgage. Other than medical expenses we go through a lot of frivolous expenses like eating out way too much, too much frivolously “shopping” and a couple of expensive DW hobbies.

I’d say our COL is medium. It is urban/suburban area but generally cheaper than most major metro areas.

While I know we spend a way too much money I’ve often been skeptical of some of the low numbers that are posted in here. I have no idea what those numbers include or exclude.
Last edited by JBTX on Sat Jan 20, 2018 5:52 pm, edited 1 time in total.

rec7
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Re: What's your annual cost of living (expenses)?

Post by rec7 » Sat Jan 20, 2018 5:49 pm

Two in St Louis
22k a year
Disclaimer: You might lose money doing anything I say. Although that was not my intent. | Favorite song: Sometimes He Whispers Jay Parrack

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bogleblitz
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Re: What's your annual cost of living (expenses)?

Post by bogleblitz » Sat Jan 20, 2018 5:50 pm

Married with 1 kid - HCOL - Los angeles

Annually should be around 70k per year. ( like do you subtract the principal amount from your mortgage ? )

Last year 2017, Mint.com said I spent $166,000 (60k in house renovations).

KlangFool
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Re: What's your annual cost of living (expenses)?

Post by KlangFool » Sat Jan 20, 2018 5:53 pm

OP,

Married with 2 kids in college.

1) Northern VA/DC Metro area

2) Annual expense without college cost -> 60K with the mortgage. 45K without the mortgage

3) College cost for 2 kids ~ 50K to 60K per year.

KlangFool

slalom
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Re: What's your annual cost of living (expenses)?

Post by slalom » Sat Jan 20, 2018 5:56 pm

$64k
Unmarried
No kids
VHCOL

kenoryan
Posts: 137
Joined: Tue Sep 12, 2017 7:11 pm

Re: What's your annual cost of living (expenses)?

Post by kenoryan » Sat Jan 20, 2018 6:01 pm

$125k
Married
One adult kid
MCOL

HongKonger
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Re: What's your annual cost of living (expenses)?

Post by HongKonger » Sat Jan 20, 2018 6:14 pm

8k
Not Married
40 cats
VLCOL

Would less than half that amount if it weren't for the cats

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Tyrobi
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Re: What's your annual cost of living (expenses)?

Post by Tyrobi » Sat Jan 20, 2018 6:18 pm

$47K
Married
2 Kids
MCOL
Three-fund portfolio | "Simplicity is the master key to financial success." John C. Bogle

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corn18
Posts: 843
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Re: What's your annual cost of living (expenses)?

Post by corn18 » Sat Jan 20, 2018 6:21 pm

$135k, includes all expenses and RE taxes
Married
2 kids empty nesters
LCOL

blinx77
Posts: 227
Joined: Sat Jan 07, 2012 11:23 am

Re: What's your annual cost of living (expenses)?

Post by blinx77 » Sat Jan 20, 2018 6:27 pm

Married
2 Children
VHCOL

Expenses: $97k plus paid $12k towards mortgage principal. We also spent $38k rehabbing our recently purchased older home with funds gifted from our parents.

Next year's goal is $92k in baseline expenses. This will bring our savings rate up to 35-40% depending on salary increases, assuming one counts mortgage payoff as savings (I do). We had a lot of new home / new baby purchases that I hope we will start winding down on now that we are settled in.

KATNYC
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Re: What's your annual cost of living (expenses)?

Post by KATNYC » Sat Jan 20, 2018 7:20 pm

Married no kids
NYC
$77,615 in 2017 including vacations, renovations, appliances, gifts, charity
$49,840 in 2017 for essentials expenses (does not include payroll deductions for 401K/healthcare premiums)

ImUrHuckleberry
Posts: 116
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Re: What's your annual cost of living (expenses)?

Post by ImUrHuckleberry » Sat Jan 20, 2018 7:26 pm

Married, 1 kid
COL Index = 112
$72,000 but will be closer to $48,000 in the next couple of years

Traveler
Posts: 616
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Re: What's your annual cost of living (expenses)?

Post by Traveler » Sat Jan 20, 2018 7:37 pm

SIngle
Atlanta
$44K not including income taxes

keith6014
Posts: 183
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Re: What's your annual cost of living (expenses)?

Post by keith6014 » Sat Jan 20, 2018 7:41 pm

Expenses: $136,173 (includes mortgage + taxes, child care, etc). excludes income taxes
Married: Yes
Children: Yes
Area: N.NJ (www.areavibes.com, 180)
Last edited by keith6014 on Sat Jan 20, 2018 7:59 pm, edited 1 time in total.

SCV_Lawyer
Posts: 58
Joined: Sun Nov 20, 2016 3:24 pm

Re: What's your annual cost of living (expenses)?

Post by SCV_Lawyer » Sat Jan 20, 2018 7:56 pm

$150K
Married
2 kids
VHCOL (165 COL index on AreaVibes.com)

schrute
Posts: 216
Joined: Wed Nov 05, 2014 2:27 pm

Re: What's your annual cost of living (expenses)?

Post by schrute » Sat Jan 20, 2018 8:00 pm

aqan wrote:
Sat Jan 20, 2018 4:06 pm
OP How are you managing for 53K in a VHCOL? How is the COL categorized ?
My COL is 192.

The key for me is that I pay lower than market rate rent, I lucked out on my place where it's rent controlled. My work has free food, so whatever I buy is on the weekends, late night with friends, etc.

Rent: $22K
Food: $10K
Bills: $4K
Car (Mrs): $6K (payments)
Loans/Insurance/Cell: $6K
Other: $5K

schrute
Posts: 216
Joined: Wed Nov 05, 2014 2:27 pm

Re: What's your annual cost of living (expenses)?

Post by schrute » Sat Jan 20, 2018 8:03 pm

TwstdSista wrote:
Sat Jan 20, 2018 4:14 pm
How does one determine if they live in a VHCOL, HCOL, MCOL or LCOL area?

The internet tells me that the cost of living in my area is 120 -- where does that fall on the scale? I'm guessing somewhere between MCOL and HCOL? Does that make it a M-HCOL area?
Somewhat a best guess. Bay Area/Manhattan = VHCOL, Denver = MCOL, Laramie, WY = VLCOL

StealthRabbit
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Re: What's your annual cost of living (expenses)?

Post by StealthRabbit » Sat Jan 20, 2018 8:04 pm

$40k/ yr for HC and Prop taxes ONLY.... other <$30k
(Wage income =0.... left employment pre age 50)
Married
No kids left at home
HCOL (taxes, housing). Food = Cheap (anywhere in USA I’ve very cheap for food)


Fuel = free (since 1976)

LarryAllen
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Location: State of Confusion

Re: What's your annual cost of living (expenses)?

Post by LarryAllen » Sat Jan 20, 2018 8:06 pm

Expenses: $350k
Married: Yes
Children: Yes
Area: HCOL

schrute
Posts: 216
Joined: Wed Nov 05, 2014 2:27 pm

Re: What's your annual cost of living (expenses)?

Post by schrute » Sat Jan 20, 2018 8:12 pm

LarryAllen wrote:
Sat Jan 20, 2018 8:06 pm
Expenses: $350k
Married: Yes
Children: Yes
Area: HCOL
Gotta ask, what is a breakdown of your expenses to be paying $350K?

Ron Ronnerson
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Location: Bay Area

Re: What's your annual cost of living (expenses)?

Post by Ron Ronnerson » Sat Jan 20, 2018 8:17 pm

$85k (includes property tax but not income tax)
Married
1 child (age 3)
VHCOL Area (Bay Area)

Seal the Deal
Posts: 31
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Re: What's your annual cost of living (expenses)?

Post by Seal the Deal » Sat Jan 20, 2018 8:21 pm

Married
3 kids
LCOL
typical annual expense: $40K, including mortgage and prop. tax
Last year was exceptionally high due to kitchen renovation +23K
This year will be lower due to 2 kids "graduating" to public school kindergarten :sharebeer

LarryAllen
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Location: State of Confusion

Re: What's your annual cost of living (expenses)?

Post by LarryAllen » Sat Jan 20, 2018 8:31 pm

schrute wrote:
Sat Jan 20, 2018 8:12 pm
LarryAllen wrote:
Sat Jan 20, 2018 8:06 pm
Expenses: $350k
Married: Yes
Children: Yes
Area: HCOL
Gotta ask, what is a breakdown of your expenses to be paying $350K?
Some big items include travel ($70k last year), we still have a mortgage ($3k a month), spent $18k at supermarkets, about the same eating out, two teens cost a lot, etc.... It adds up. $350k is post tax. Sort of scary.

bigred77
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Re: What's your annual cost of living (expenses)?

Post by bigred77 » Sat Jan 20, 2018 8:40 pm

Roughly 100k in a MCOL city.

2 adults, 0 kids

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Toons
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Re: What's your annual cost of living (expenses)?

Post by Toons » Sat Jan 20, 2018 8:58 pm

Mid five figures.




:moneybag :moneybag
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michaeljc70
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Re: What's your annual cost of living (expenses)?

Post by michaeljc70 » Sat Jan 20, 2018 9:01 pm

I haven't read many response, but what do you count as a "cost"? If your house is paid for then obviously that makes a huge difference. I pay cash for cars. How do you figure that in? Personally, I amortize a car purchase (over 7 years to keep it simple). House? Well, I count what I pay toward interest and not principal since I have a small mortgage. After that, it seems to make sense to impute it. You cannot compare a renter to someone with a paid off home otherwise. Does this include taxes?

DavidRoseMountain
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Re: What's your annual cost of living (expenses)?

Post by DavidRoseMountain » Sat Jan 20, 2018 10:28 pm

Single

Living expenses are $34,000 - includes property taxes and mortgage payment.
Federal and State income taxes are another $6500
Business expenses are $8,000
Some house remodeling work was $3,000

If I didn't have the business, then I wouldn't have the expenses related to it, nor would I have $6,500 of taxes to pay. Without the business I would probably closer to $1,000 in federal and state income taxes.

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market timer
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Re: What's your annual cost of living (expenses)?

Post by market timer » Sat Jan 20, 2018 10:52 pm

Married
Two young kids
MCOL

Spend somewhere around $100K/year.

Our budget has a tilt to vacations and food, and away from shelter and transportation.

yeye
Posts: 1
Joined: Sat Jan 20, 2018 9:30 pm

Re: What's your annual cost of living (expenses)?

Post by yeye » Sat Jan 20, 2018 11:10 pm

Expenses: $200-250k
Married: Yes
Children: Yes
Area: VHCOL (areavibes 189)

IoTfela
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Re: What's your annual cost of living (expenses)?

Post by IoTfela » Sat Jan 20, 2018 11:58 pm

First post in BH..

COL 166:$124K
Married, No kids
Includes Prop Tax,no income tax

SQRT
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Re: What's your annual cost of living (expenses)?

Post by SQRT » Sun Jan 21, 2018 2:44 am

Doesn’t it depend to a large legacy extent on your income? Especially once retired and savings no longer required.

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Re: What's your annual cost of living (expenses)?

Post by Alex Frakt » Sun Jan 21, 2018 3:39 am

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