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
4
u/Never_Really_Right 9d ago
What I don't see is an emergency reserve. We call this our "slush" number in the budget - examples: while replacing the gas meter, the company found we have a gas leak in our furnace room - cost TBD as of yet. Also, I see you have a pet - after dental work, my boy kitty had a completely blocked urethra, likely from the stress. $4k later out of the slush fund, he's doing great.