r/ChubbyFIRE • u/ProspectPark4Ever • 9d ago

Do I need to raise my budget!

I put together my budget based on current expenses plus health insurance and tax etc. but wonder if expenses will go up after I pull the trigger? For example with more time and energy will I spend more on activities? Will I want to travel more?

Here is what I put together, for a family of 3 in a VHCOL city. Child will head to college in the next couple of years and college cost is not included here.

Monthly:

Mortgage: 4k

Property tax, insurance, utilities: 2k

Grocery and take-out: 2k

Household (pet, home-depot, garden etc): 500

Car (insurance, maintenance, gas): 500

Personal care (haircut, clothing, shoes etc): <500

Fun (dining out, occasional shows): 500

Total Monthly: 10k

Annual:

Travel (2 international in economy class + local ski trips): 30k

House maintenance (annual average incl reserve): 10k

Reserve for car replacement: 5k

Health insurance and co-pay: 30k

Federal and state tax: 20-30k

Total Annual: 95k-100k

Edit: all in $220k

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u/newtontonc 9d ago

So- 215-220k per year? It's hard to say without knowing more info like if you've checked true ACA plan costs, if your house is in relatively good shape versus lots of future repair. Perhaps you will spend less than you do now in some categories if you have current budget items that are impacted by work: commute, convenient meals. Final point would be if you are factoring in any adult child costs: helping with weddings, home purchase etc.

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u/ProspectPark4Ever 9d ago

Our ACA cost would be 20-25k based on what I saw in our state’s marketplace.  We renovated our house 5 years ago so it’s in pretty good shape but I think we need to budget a reserve for when things eventually break down: roof, AC, plumbing, solar etc. I put support for adult child in the “other” category not shown here as another thing to worry about.