110,00020,000 mortgage10,000 health care? school10,000 food8,000 car payment and gas2,000 car insurance5,000 taxes4,000 utilities4,000 clothing1,000 insurance600 cableThat s about 65,000 dollars without the primary school or unexpected things that always come up. Then, furniture and old credit card debts or college loans have to be paid for. Maybe money for 401k or something although lots of companies are paring back on that in this economy (it s the first thing to go). The kids need money for school projects, and giving to charity is something that people do. I assume income taxes and Social Security can take $30,000 out of the paycheck. All of those numbers can go up and down. If it was me, I would always save at least 10% of my check, and I would also set aside lots of money that your budget doesn t catch at first like trips to McDonalds, Pizza Hut, cigarettes or slurpees from convenience stores, cups of coffee from Starbucks. That stuff never seems to find its way into the budget until you wake up one day and ask why you are 15% over budget. And, that is always the cause. The choice is up to you: you can live 10% over budget or 10% under budget. I hope you avoid the credit trap and make sure you come under budget every month for years and years to come. Good luck.If the car or fridge breaks down, or you find yourself without a job, you will want 20,000 in the savings account.
I looked at the number that The New UKKR posted here and tried to find fault with them. I can t. He seems to be pretty much on the money with his budget. There are ways of saving more...but for the most part, I think his budget numbers are reasonable. So, you re looking at $65,000 a year for living expenses...but it does not factor in the cost of private school. You can cut back in some areas and possibly still abide by that budget with the cost of schooling for your children, but it would mean things like driving a cheaper car and eating-in most of the time.Like the man says. Those $4 cups of coffee and snacks from vending machines and other little things you buy along the way can add up fast.