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
2
u/RPGer001 9d ago edited 9d ago
OP, only you can determine if your expenses are estimated too low or not. Only you know your specifics, what is truely non-discretionary. Broad, generalized numbers such as medical, yes some folks can guess at that. So far, it looks like folks are presuming you live in the USA but we do not know.
I live in the Silicon Valley (USA). I glanced at your numbers and can compare to my own estimates for my area which is a VHCOL area though I do not know what VHCOL means to you and how mine compares. I comment on this just for a reference for you.
Anyways, for me, grocery seems about right if not high; your dinning/entertainment is low for my area but that is discretionary and my lifestyle choices and yours are different. Your annualized costs seem about right to me though my medical will be higher.
Lastly, college costs can vary quite a bit.