Saw some guy on another post say he spends over $300k/year (but makes over 7 figures annually). Curious to hear what your annual spend breakdown is on stuff like rent, food, clothes, vacations miscellaneous etc?
And what income are you making to support that?
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Based on the most helpful WSO content, I can share that I use an Excel template to track my annual expenses and sources of income. I list out every single monthly expense I can think of under expenses, such as rent-related, transportation-related, medical, grocery, personal care, etc. I do not include discretionary (not mandatory) spending. Under income, I list my AFTER-TAX income.
To calculate net income, I subtract the total annual expenses from my total annual income. Then, I set a savings goal. For example, I set my goal (without bonus) to 20k. If you divide by 12, that is the average amount you have to save each month (ex. ~$1,650). Subtract that annual savings goal from your net income and the remaining balance is your annual "Discretionary Spending" total for going out, big purchases, etc.
Each month, I immediately move the set savings to a high-yield savings account (~2% interest) so that I can build up a comfortable reserve for emergencies or other large expenses.
As for the breakdown of my expenses, I'm afraid I can't provide a detailed breakdown as it varies based on various factors. However, I can share that there's an age-old adage that your monthly housing expense should never be above 30% of your after-tax income.
Remember, everyone's financial situation and spending habits are different, so what works for me might not work for you. It's always a good idea to tailor your budget to your specific needs and goals.
Sources: How much have you saved?, What percentage of your after tax income is devoted to housing?, Is my IB analyst personal budget realistic?
Currently a VP3. No kids yet. Estimating that I spend roughly ~150k/year
80k on rent
25k on food
10k on clothing
20k on vacations
15k on other/misc
My base salary is 275k and wife makes 200k.
Is that combined spending or how do you split the expenses with your wife?
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