Amber in SJ Posted July 25, 2013 Share Posted July 25, 2013 I know that this is severely limited in # of people you can have in your family, but I found it to be spot on for how much we spend in other areas. How does it look for your area? http://www.epi.org/resources/budget/ Amber in SJ Quote Link to comment Share on other sites More sharing options...
Cricket Posted July 25, 2013 Share Posted July 25, 2013 Wow. We bring in a little more than a third of what is suggested for our area. )And that is minus one kid since it only allows up to three kids!) That explains a lot. Lol Quote Link to comment Share on other sites More sharing options...
MomtoCandJ Posted July 25, 2013 Share Posted July 25, 2013 Umm we make a little less than half for two parents and two children. Quote Link to comment Share on other sites More sharing options...
mamaraby Posted July 25, 2013 Share Posted July 25, 2013 It looked about right for our area and explains quite a bit, actually. Quote Link to comment Share on other sites More sharing options...
Guest Posted July 25, 2013 Share Posted July 25, 2013 BWAHAHAHAHAH! That's how it looks! :D Quote Link to comment Share on other sites More sharing options...
AmandaVT Posted July 25, 2013 Share Posted July 25, 2013 Wow - pretty accurate for my area. We don't use child care, but everything else is almost exact. Impressive! Quote Link to comment Share on other sites More sharing options...
LaxMom Posted July 25, 2013 Share Posted July 25, 2013 Spot on for our family, if you drop the childcare and take into account that we have a 15 year mortgage. Weird. Quote Link to comment Share on other sites More sharing options...
6packofun Posted July 25, 2013 Share Posted July 25, 2013 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?? Quote Link to comment Share on other sites More sharing options...
Wildiris Posted July 25, 2013 Share Posted July 25, 2013 Wow! It look just about right. CA is an expensive state, but I'm glad I don't live in NY. It's more. In many states for a two parent family of 3 food is almost $1,000 a month. Quote Link to comment Share on other sites More sharing options...
Wheres Toto Posted July 25, 2013 Share Posted July 25, 2013 Seems pretty accurate for this area. Very HIGH COL. Quote Link to comment Share on other sites More sharing options...
OnTheBrink Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
Dandelion Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
LucyStoner Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
elegantlion Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
twoxcell Posted July 25, 2013 Share Posted July 25, 2013 It says we need $72,710 for a family with two parents and 3 kids. :huh: We don't make any thing close to that and neither do most people we know. Quote Link to comment Share on other sites More sharing options...
Sparkle Posted July 25, 2013 Share Posted July 25, 2013 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). Quote Link to comment Share on other sites More sharing options...
Truscifi Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
LucyStoner Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
DawnM Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
itsheresomewhere Posted July 25, 2013 Share Posted July 25, 2013 Way too low in my area. The only way housing would be that little is if I lived in a tiny apartment or in a tiny house in a very shady area. Transportation was low too. The bridges alone cost a small fortune. Quote Link to comment Share on other sites More sharing options...
mamatohaleybug Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
gingersmom Posted July 25, 2013 Share Posted July 25, 2013 Very interesting. It was exactly right for the area I used to live in. And I was happy to see I will be saving $1500/month now that I moved to a new state (I was figuring about $1000/month). Quote Link to comment Share on other sites More sharing options...
Ravin Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
Um_2_4 Posted July 25, 2013 Share Posted July 25, 2013 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). Quote Link to comment Share on other sites More sharing options...
LisaKinVA Posted July 25, 2013 Share Posted July 25, 2013 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). Quote Link to comment Share on other sites More sharing options...
vonfirmath Posted July 25, 2013 Share Posted July 25, 2013 Housing was low. Everything else seemed high and we are getting by (A little tight, but managing) $20K low of what they said we "Need" Quote Link to comment Share on other sites More sharing options...
Parrothead Posted July 25, 2013 Share Posted July 25, 2013 Way off for us too. I spend more on food, less on gas, no child care. It only came close on the rent. Quote Link to comment Share on other sites More sharing options...
QueenCat Posted July 25, 2013 Share Posted July 25, 2013 I'd say housing is way off for what the calculator indicates but the rest of it is relatively accurate. Except that I don't have a clue as to what child care costs here. Quote Link to comment Share on other sites More sharing options...
NotSoObvious Posted July 25, 2013 Share Posted July 25, 2013 Housing was way low for all three places we've lived. Everything else seemed about right though. Quote Link to comment Share on other sites More sharing options...
caitlinsmom Posted July 25, 2013 Share Posted July 25, 2013 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! Quote Link to comment Share on other sites More sharing options...
lea_lpz Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
Renee in NC Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
Onceuponatime Posted July 25, 2013 Share Posted July 25, 2013 We spend less on food and transportation, no child care. That's about 2,500 less. But we make $20,000 less than the budget for 2 parents and 3 kids. We are just getting by. Quote Link to comment Share on other sites More sharing options...
I talk to the trees Posted July 25, 2013 Share Posted July 25, 2013 Housing was low for our area, but everything else seemed about right. We are doing okay on less than they projected, but that's probably due to the fact that we don't have childcare expenses or a vehicle loan. Quote Link to comment Share on other sites More sharing options...
ThisIsTheDay Posted July 25, 2013 Share Posted July 25, 2013 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! Quote Link to comment Share on other sites More sharing options...
Carrie12345 Posted July 25, 2013 Share Posted July 25, 2013 Mine was nowhere near what the average family makes around here, according to census data. Quote Link to comment Share on other sites More sharing options...
DawnM Posted July 25, 2013 Share Posted July 25, 2013 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). Quote Link to comment Share on other sites More sharing options...
kwickimom Posted July 25, 2013 Share Posted July 25, 2013 It doesn't fit where I live at all. Yearly total of over $81,000 for rural Illinois? We make less than half of that. Quote Link to comment Share on other sites More sharing options...
Ravin Posted July 25, 2013 Share Posted July 25, 2013 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). Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 25, 2013 Share Posted July 25, 2013 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? Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 25, 2013 Share Posted July 25, 2013 Ok if I substitute child support for child care it is about right.... Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
Mom0012 Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
Seasider Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
Matryoshka Posted July 25, 2013 Share Posted July 25, 2013 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... Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 25, 2013 Share Posted July 25, 2013 Did anyone notice the comment that in all cases this calculator is more than twice the federal poverty line. Quote Link to comment Share on other sites More sharing options...
Seasider Posted July 25, 2013 Share Posted July 25, 2013 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. Quote Link to comment Share on other sites More sharing options...
FairProspects Posted July 25, 2013 Share Posted July 25, 2013 Not accurate at all for my area. Where are they getting the figures for housing? WAY too low. Everything else is about right. Quote Link to comment Share on other sites More sharing options...
4everHis Posted July 25, 2013 Share Posted July 25, 2013 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? Quote Link to comment Share on other sites More sharing options...
goldberry Posted July 25, 2013 Share Posted July 25, 2013 Wow, very close to actual for my area. Health care is high...but that's what I was estimated after all the new laws take place. We're either going to be paying that or paying a penalty. Quote Link to comment Share on other sites More sharing options...
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