Jump to content

Menu

Try this family budget calculator (limited to US)


Amber in SJ
 Share

Recommended Posts

Huh.  We're down $30k with only 3 of our 6 actual kids.  LOL!!  I think we could live very well on the $75k it says a family with 3 kiddos needs in our area.  I think even $10k more a year for us would make a HUGE difference. But these calculators never seem to suit us, though...I mean, $1300 a month on child care??

Link to comment
Share on other sites

It wasn't accurate for me at all. I spend 1/5th on health care for me and my ds than what their budget says. Also, I have no car payment, so that wipes out 75% of their transportation amount. I spend 2/3ds the amount on housing, and I spend nothing on child care. Food was pretty close. My income is about $10K a year less than what the site says is average, too. 

Link to comment
Share on other sites

It projected way too low on housing (couldn't find anything at that price unless we lived in an apartment or very small house in an iffy area). 

 

Food cost looks about right.

 

It projected too high on child care, transportation, and possibly health care.  If we used child care, we could get quality child care for several hundred less than what was listed.   Even if we had two car payments (we don't), we would not be paying the amount they listed for transportation.

 

So...not very accurate for my area IMO. 

 

ETA: it just occurred to me that they might be including gas in transportation costs. If that's the case, that cost looks about right, and possibly too low. 

Link to comment
Share on other sites

I think this assumes that both parents in a 2 parent home are working at the same time and need childcare and separate transportation. The amount for my family per year was $70,000 and it was low on what housing actually costs here. Food was roughly spot on. Everything else was high for us but I don't think high in general for the area. We live on the cheap right now. Our housing outlay is almost what they estimated factoring in utilities but we downsized to an apartment for the duration of my husband's schooling and pay way, way less than our peers do for rent or mortgage since we got into a tax credit building where the rents are affordable to households earning 50% of the median income at the time of move in. We would pay 50-75 percent more for a similar apartment if it were not for that.

 

The only reason it was higher on healthcare is that we have that ever elusive employer paid plan. It's part of his compensation but we don't pay OOP for anyone but me and it's quite affordable.

 

At times we have earned much more than that (when I worked FT) and at times (like now) quite a bit less. We have always been comfortable by our standard but we don't require a lot of stuff and even when we made a lot more and both worked, we off shifted quite a bit to minimize our childcare needs.

Link to comment
Share on other sites

Not very accurate for me, might be for some of our area. They have 920.00/month for health care for one child, one parent. Around here most people can't afford that and will do without. That's higher than mortgage amount listed. The projected monthly income for one adult is way too high for our area. It might be more representative of a two working adult household or those in professional services, like doctor or lawyer. And that would make those lower than national averages probably. 

Link to comment
Share on other sites

We are way under budget for every category except transportation - we have no car payments but I'm counting gas and car insurance costs in that amount. The housing - our mortgage is 2/3 of the amount budgeted, but I guess if you add in utilities, etc. it might equal out to that amount. And that was maxing it out at 3 kids (we actually have 4).

Link to comment
Share on other sites

We are under on healthcare and food, but everything else is about right.  Well, transportation is right if you include gas as well as car payment and maintenance.  And the total is several thousand a year more than we make.  Sigh.

Link to comment
Share on other sites

I spent $14,000 in cash on a car 6 years ago. That doesn't make the cost free to me now. It's depreciating every year. I traded payments for a prepaid cost. OF COURSE transportation includes loan payments on transport, gas and insurance. It also includes periodic things like tabs, maintenance and repair and ideally, saving for our next car.

 

We budget about $350 a month for transportation. Most months that is not all spent but it means that when we need to buy brake pads or tires or tune up a bike or pay $300 for 6 months of insurance, the money is on hand and it's not a stretch to pay. You gauge if the transportation amount is accurate by totaling every single transportation related expense from oil to student bus pass for the year and dividing by 12, not what your car payment and gas is for the month. Good budgets are made or broken on periodic payments.

 

Ok, wannabe Suze Orman OUT.

Link to comment
Share on other sites

Huh, the difference between where I live now (medium COL) and where we moved from (HCOL) is more minimal than I thought.  It is a difference of only about $13K per year.  I thought it would be closer to triple that.

 

The amounts were off for us.  Housing is more, taxes are less, food is less, but those are choices we make.

Link to comment
Share on other sites

It wasn't very accurate for my situation. We make way more than we "need" but I felt the housing was VERY low compared to actual cost (and we live in a small, humble home). The health care was more than twice the housing cost (for a family of three with two parents and one child) which is close to what we pay. Interesting.

Link to comment
Share on other sites

Yeah, we live on like a third of what it said, plus food stamps and Medicaid for healthcare. The amount I will earn as an attorney working for the county if I land such a job after graduation will earn less, though it might come close when you factor in employer's share of health insurance coverage.

Link to comment
Share on other sites

Hm, CA here and close on housing and food (counting only 3 of the 4 kiddos). Off on childcare, healthcare and taxes (big time). But close on transportation (just counting gas and insurance, we have no car payments. If we did it would be much more).

Link to comment
Share on other sites

2 parents, 3 kids...$107,663 (we make under 6 figures...not telling you how much under, but the 20% cut certainly didn't help...and we have 5 kids).  If we made $150,000/yr we'd be able to save quite a bit more, and not worry about a car going out.  OTOH, we now qualify for reduced lunch programs...but our kids don't go to public schools.

 

Most of the numbers seemed off.  Housing seemed low (definitely low for us), transportation was probably right.  Don't need the childcare, but I could see those numbers...unless you had an infant, than it would be low.  Food (per person) is generous (we spend less per person...but not because I want to).

Link to comment
Share on other sites

Everything was pretty close for this area.  If you subtract the child care and medical coverage we are sitting exactly where we should be yearly.  I don't know anyone who spends close to 1500 a month on health care!  I can't imagine.

 

Now that I am cutting our grocery bill I can see how accurate this is.  I wish I had my old grocery budget!

Link to comment
Share on other sites

We live on about half of that. Lol. But this does make me feel better about our grocery bill. We don't pay for childcare and we spend about half of what is budgeted on housing (but sheesh our place is cramped). We also spend a lot less on gas since only my dh commutes and not very far. If I stick mostly around town I will probably only go through half a tank of gas.

 

Actually with subtracting what we pay in housing, childcare, and health insurance (to what we actually pay) and taxes (I forgot about that), make just about that. We live on one income.

Link to comment
Share on other sites

I had to use the 1 parent, 3 children (I have 6 at home) and came out with $74K.  I would say it is about right, except I don't pay quite as much for child care unless you average in the summer care for the school-age ones.  I have good, cheap health benefits and my children get state insurance, so medical is not quite that high.  Otherwise it is right on.

Link to comment
Share on other sites

Not even remotely close.  We make about half of what it says we "should," and that's not an accurate reflection of how we live. 

 

We moved here in the past decade due to the low cost of living, and yet the calculator indicates this is a more expensive place that where we moved from.  That's wrong too!

Link to comment
Share on other sites

I found it to be way off on MOST people's housing in CA, unless you bought prior to the year 2000 or were renting. Same with taxes. In CA our taxes were lower only because we bought our home prior to 2000.

 

I hate how everything is reassessed here in NC and our taxes just keep going up based on the assessments.

 

Healthcare was off only because I carried all the healthcare for our family and it was 100% included in my benefits package. I paid nothing for any of us other than co-pays. My pregnancies were even 100% covered with no co-pays. I had it really good! Now that I don't work we pay much more.

 

 

Hm, CA here and close on housing and food (counting only 3 of the 4 kiddos). Off on childcare, healthcare and taxes (big time). But close on transportation (just counting gas and insurance, we have no car payments. If we did it would be much more).

Link to comment
Share on other sites

Ours was pretty spot on for housing if it's just rent, way too low if it includes utilities. It might be closer to right for an owner with a decent mortgage and a house that's properly insulated and has non-decrepit reasonably efficient appliances. We rent a 3 bedroom house in a decent neighborhood, but our landlord doesn't fix anything he doesn't have to to stay out of trouble or maintain property value (and not always that).

Link to comment
Share on other sites

Interesting. It is a simplistic calculator and of course can't factor in things like child support and extra fuel for visitation travels. But food is close.....housing for most people is close ( we have no mortgage) transportation is close. Health insurance was very high---1300? Wow who would pay that. We are currently doing without. Where was utilities?

Link to comment
Share on other sites

We don't make the amount stated either, but only DH works and because he works we also don't have certain expenses. If I worked we would definitely make the stated amount, but we would also have those extra expenses. So I suppose it's not totally off the mark, it's just that this one size fits all scenario isn't going to be totally accurate.

We were making more than the calculator before dh was laid off.....no mortgage and no vehicle payment.. I have no idea why we can't make ends meet. Well probably because of the overall year we had of moving, trying to remodel, dh getting sick and not working for 3 months, surgery, dh getting laid off, another surgery....yeah it has been a rough year.

Link to comment
Share on other sites

It looks fairly accurate for our area, where the cost of living is quite high.  One of the guys my husband reports to in Indiana always makes snide comments to my husband about his salary, but I think he just doesn't get how much more expensive it is to live here.  According to the calculator, it would cost us $25,000 less a year to live in that location in Indiana.

Link to comment
Share on other sites

We make the amount stated but in looking at the individual cost breakouts, they're off. Housing and food are each about 30% higher than than budget allows, and we don't need child care, so that's out of line.

 

This budget has no line item for debt retirement (or did I just miss it?). I'd venture a guess than 70-80% of the people in this area carry some kind of consumer debt aside from automobile expenses. Don't think it included savings either, so to do anything more than live paycheck to paycheck, that salary would have to increase.

 

ETA there is an "other" category, but I think that's a fair allotment for clothing, shoes, club fees, entertainment... Still not enough to do all I just mentioned, pay off debt AND save in any significant way.

Link to comment
Share on other sites

For those of you dismissing "child care" costs because you don't use daycare - I'd put all the outside classes the kids take in that line item.  They sure cost a lot!  Even people with kids in school don't use daycare once they're all school-aged, but that's when the costs switch to team sports, dance, gymnastics - and academic courses too.  We've been outsourcing more, but around here it seems everyone's got their kids in academic enrichment programs even with their kids in school (esp. Math).  And summer camps (we do less than people with both parents working, but we still do a few day camps).  Of course, I'm sure we spend less overall than people with both parents working...

Link to comment
Share on other sites

For those of you dismissing "child care" costs because you don't use daycare - I'd put all the outside classes the kids take in that line item. They sure cost a lot! Even people with kids in school don't use daycare once they're all school-aged, but that's when the costs switch to team sports, dance, gymnastics - and academic courses too. We've been outsourcing more, but around here it seems everyone's got their kids in academic enrichment programs even with their kids in school (esp. Math). And summer camps (we do less than people with both parents working, but we still do a few day camps). Of course, I'm sure we spend less overall than people with both parents working...

I have a college student and two kids in private high school. The monthly allowance for child care exceeded these expenses!

 

All this budget really tells me is that I couldn't afford to go to work after having kids unless I was earning a really big salary. Couldn't afford the child care costs.

Link to comment
Share on other sites

This seems WAY off to me, especially for this area.

 

Flint, MI MSA (MI)

 

Two Parents, Three Children

Item Cost

Monthly Housing $928

Monthly Food $921

Monthly Child Care $1563

Monthly Transportation $607

Monthly Health Care $1457

Monthly Other Necessities $473

Monthly Taxes $477

Monthly Total $6426

Annual Total $77114

 

We have 5 kids and spend about this much on groceries and I don't know many, even 2 income families that earn $77,ooo annually. I'm trying to figure out how they get the childcare total. Anybody have a clue?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...