House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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I can't edit my post for some reason (404 error) but in addition to the things he's listed he also needs to include water, insurance, and I prefer to set aside some $$ for upkeep. Depends on the...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Yep thats how we do it. It has cut the financial arguments to 0...
Ouch. I don't see how that is equitable either. My parents were worse..
My father earned about 75% of the income, my mom...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Sorry, I may have used poor choice of words. If you are budgeting for a house, the general rule is to look for houses at most 3x your salary.
So if your household salary is 100k, the most...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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I do it backwards.
This is all NET.
I put savings and retirement first. Always. And adjust from there.
Savings and retirement 42%
Everything else (mortgage, bills, play money) 58%
Have...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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I am not a great example.
To answer your question. Right now 80% to house/bills/food/etc, 10% to charity, 5% to personal accounts, 5% to savings and we break even most months with that forumula....
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Find a smaller, cheaper home. You will not only save on the mortgage but also on the utilities and tax.
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Yeah, your most incorrect number is $3400 on a $500k mortgage.
I bought my first house in Nassau County this year with around that mortgage and pay only slightly more than that per month, and that...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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I think when I moved to pittsburgh I couldn't believe all the house you can get out here for the cost. I live in a 4 bedroom ranch sits on a wooded lot, 5 minutes from the city, 3500 sq ft, sunroom...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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I was referring to your numbers.
You said you put 42% of Net in savings/retirement and 58% towards everything else.
But you didn't mention taxes, etc.
Taxes is most likely (depending on...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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I just bought a house in May (first time homebuyer). I don't have the exact percentages on me, but our mortgage is around $21k per year and we make a combined ~$97k per year. The mortgage includes...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Move to a cheaper location. I would love to get out of Seattle, we are getting scammed here on house prices. I have a starter house that would be me about 5 times that house in most parts of the...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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That's more or less how we do it - personal checking accounts and joint checking and savings accounts. Although pay is DD'd into the personal accounts, I have auto xfers setup to move $$ into the...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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yikes;
I've spoken about our complicated setup before - but we each put 65% of net into the "kitty" (joint expenses like mortgage, utilities, daycare, etc) and 10% into savings. Note that these...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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here's a list of what's in my xls sheet:
Mortgage - Principal & Interest
Mortgage - Taxes
Landline/Cell/Internet
Satellite
CL&P (electricity)
Daycare
Medical / FSA
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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The only piece of advice I can offer is you and your wife have separate personal accounts and 1 joint, it has cut out a lot of grief out of our marriage.
How it works for me and my wife....
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Seriously, what kind of hellish rate does he have? I thought that must include impounds but then those are mentioned separately.
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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50% for needs (housing, utilities, food, transportation, insurance, etc.)
15% for wants (items/services you could easily do without)
35% for savings (emergency fund, retirement, college, etc.)
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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I agree with this advice. To live in a high COL area like LI or NYC takes a degree of balls, and is difficult, because a much higher portion of your income will go towards mortgage and property...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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That's crazy talk. No way I would spend that much.
My MAX is a little less then 2X my GROSS annual salary.
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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not if you have a reasonable mortgage payment, lots of savings, adequate insurance (health & disability), & shitloads of unsecured credit.
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Net is "net of taxes" (i.e. after taking taxes into effect). Gross would be your total income before taxes. He just meant you had your terms flipped (i.e. when he says % of net, that means a % of...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Crap, you're right.
I had it right in my first few posts....guess thats what happens when I post while trying to work.
Apologies saladdin
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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25-35 percent max on bills
at 50 percent you will foreclose
i f one or both losejob become sick
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Here is my problem with NET.
Its hard to calculate.
For instance, lets use 100k (since its easy to do math with).
you make 100k NET.
42% for savings/retirement = 42k
58% for everything else =...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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The general rule is to buy a house about 3x your annual salary.
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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This is probably your budgeting issue. Not knowing what gross and net are.
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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The wife and I are looking to purchase a home, but we are having a problem with the budget, I hope someone can give me some advice.
We keep disagreeing as to how much things should cost. (in terms...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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Oh, well the 7% default interest rate in that calculator is way off. With good credit history you'd get something closer to 4% on a 30-year mortgage. You'll see the monthly payment drop about $1k a...
House Budget question (% of income for bills)
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Thread created 12-15-2011 by sard
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LivninSC
>Seriously, what kind of hellish rate does he have? I thought that must include impounds but then those are mentioned separately.
>
I don't have a rate yet. Like I said, I'm trying to...
