household exspenses?

Question

in math we're doing these job projects, and one part is you take the salary of your job and plan your future budget. i've done everything but the miscellaneous, and i can't think of anything. after taxes, rented house(have to rent), heat and electricity, phone, food, transportation, and clothes, i've spent $102,760 out of $ 228,200.

in misc. i have eating out, movies,cell phone, savings, pet needs, furniture, landscaping, maid service, charity, internet access, iO cable, lawn decor..lol.. Vegas Timeshare, benefits, work clothes, and parties/gatherings/BBQ's. All together with that i spent $ 50,328. that means i only spent $ 153,088.

PLEASE HELP WITH THE OTHER $ 75,112!!!

monthly- how much would you put in a 401K?

i chose to be a surgeon. and thats low for the other stat's i found!

Answer 1

You aimed high, $228,200 is an incredible salary - keep in mind that is for an established surgeon at a private hospital. Also, keep in mind that depending on your age in this scenario, you might still be paying off student loans for both college and medical school.
-Are you sure you calculated enough for income taxes? That's probably 30-40% of your total income right there.
-Rent should be about 25-30%

Other categories you need to consider:
-Utilities - some apartments also charge for water and trash $30-50 per month.
-Medical insurance, co-pay for doctor's visits, medical prescriptions (you don't get deals just because you're a doctor!)
-Renter's insurance $150-200 per year. Required by most landlords.
-About 10% should go into your retirement savings.
-Consider an extra 5-8% for short-term savings (for a house, car, children's education, etc).
-Non-monthly expenses: did you factor in the stuff that only comes up a few times a year? What if the car breaks down and needs a new transmission? What if your friend gets married and, as maid of honor, you need to shell out for a dress, gift, bridal shower, and bachelorette party?

I think you may be underestimating costs of some items - talk to your parents and ask them if your estimates seem reasonable compared to what they pay for similar items.

Answer 2

Your list is pretty decent. I'm not sure though about your numbers. That $102,760 might be a little on the low side for covering everything on your list.

For people at that kind of income level, a vacation can easily eat up $20K or more.

Any kids? They're expensive. And any bills like school loans?

Strange assignment to have you work with such a high salary - would be a more useful learning experience to work with a salary more usual for people starting out.

Answer 3

birthday gifts, doctor bills, dentist bills, homeowners/renters insurance, car repair and insurance, christmas gifts, 401k, kids needs, pest control, new car, recreation, boat, house repairs/paint...
After taxes and social security and the extra tax on making more than the government wants you too- your take home is about 140,000 dollars- so that means you are in the hole and spending too much.
The government really does tax the rich more than everyone else...I know- that is what we made last year and paid over 70 grand in taxes.

Answer 4

Where did $228,000 come from? The median income in the US is around $40,000. Without more details, I bet ALL your expense numbers are low for a $228,000 income.

Answer 5

i think of roommates ought to share almost each little thing. Me and my previous roommate chop up groceries, components, hire, cable and so on..it is going to by no potential artwork out if 2 roommates are choosy and say i offered this you owe me for that, roommates are meant to be like terrific of acquaintances, sisters. solid success to you.

Answer 6

Need the number of what you have calculated for expenses to see if they are reasonable, that is where your problem might be