Simple Work life balance formula

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biostud

Lifer
Feb 27, 2003
18,664
5,390
136
In 2023 I used:
61,6% on house, insurance, kindergarten, heat, electricity etc.
18,6% food/groceries
14,0% other (Medicine, car, things for the house etc.)

leaving 5,9% for "fun stuff"
 
Nov 17, 2019
12,237
7,363
136
Not having a mortgage, rent or other housing payment helps a lot.

In '23 I put 40% in savings off the top, first of the month, automatic. I figured it would be there (drawing 5%) if I needed it. I never did. In fact I was able to put more away each month. Savings accounts increased dramatically.

I don't subscribe to anything at all, no TV or other services of any kind. My gas cost is minimal with how little I drive.

I cut most other discretionary expenses also. Some renovation and repair projects had to be done, but I found ways to cut costs by using stuff I had on hand instead of buying new.
 

Red Squirrel

No Lifer
May 24, 2003
68,442
12,607
126
www.anyf.ca
Having the mortgage paid off can definitely help make a big difference. I figure mine will be paid off in around 4-5 years. I keep forgetting that I will have that extra money once that's done. Paying around $600 biweekly right now. I might up that to $650 once I have the wood stove going and install a heat pump water heater, since I'll be saving a lot in gas. Once the mortgage is paid off I'll probably start taking retirement savings more seriously. Can't rely only on a pension, as it won't be enough on it's own, and there's always a chance of getting laid off or something happening where I don't get it at all.
 

purbeast0

No Lifer
Sep 13, 2001
53,021
5,898
126
I don't have any special formula that I personally do. I put about $40k/yr into my 401k (company puts in some) and that is my only "retirement" that I'm currently saving for. I have rollovers and a roth ira from when I was able to contribute to it, and then a few little things here and there, but I'm thinking that $40k/yr that goes into my 401k should be good with my existing stuff. We will pay off our house in 12-13 years if we stay here since we refinanced to a 15yr loan.

I'm also contributing $800/month to my 2 kids 529b ($4800/yr per kid) so there is that too.

As I said I don't really have any plans for specifically saving for stuff. I try to take 3-4 vacations a year to tropical destinations but I also play the credit card game and save like $7-$10k/yr on flights due to that, so without that, I definitely wouldn't be going on that many trips.

Thankfully my job I can't work over 40/hr a week and now that I'm working from home the work/life balance is even better not having to deal with wasted commuting times. I also get 27 days of PTO a year so that helps.
 

JEDI

Lifer
Sep 25, 2001
29,391
2,736
126
As I said I don't really have any plans for specifically saving for stuff. I try to take 3-4 vacations a year to tropical destinations but I also play the credit card game and save like $7-$10k/yr on flights due to that, so without that, I definitely wouldn't be going on that many trips.

I'm flying more now-a-days and need to get into the credit card game.
Suggestions on where to start?
 
Nov 17, 2019
12,237
7,363
136
^^^ If you're looking for a card specifically to accrue points/miles for travel, there are quite a few. Watch carefully for annual fees that dramatically reduce the value. Some do things like allow extra baggage pieces, early/advanced check in and boarding, lounge access, discounts for accompanying passengers and so on.
 

purbeast0

No Lifer
Sep 13, 2001
53,021
5,898
126
I'm flying more now-a-days and need to get into the credit card game.
Suggestions on where to start?
I prefer the Southwest cards because there is a hub nearby and they fly to the Caribbean. You can get the companion pass which means you get to fly someone with you for free. So basically you use points to get your flight, and then a free flight on top of that. Since you can only get the same card every 24 months, my wife and I take turns each year, so we can have a companion pass for each kid.

Aside from that, I try to get United points since I also have a United hub nearby. I either get a United card or one that has Chase Ultimate Rewards points because those transfer 1:1 to United. They also transfer 1:1 to Southwest if need be.
 

Exterous

Super Moderator
Jun 20, 2006
20,480
3,599
126
I prefer the Southwest cards because there is a hub nearby and they fly to the Caribbean. You can get the companion pass which means you get to fly someone with you for free. So basically you use points to get your flight, and then a free flight on top of that. Since you can only get the same card every 24 months, my wife and I take turns each year, so we can have a companion pass for each kid.

Aside from that, I try to get United points since I also have a United hub nearby. I either get a United card or one that has Chase Ultimate Rewards points because those transfer 1:1 to United. They also transfer 1:1 to Southwest if need be.
Yeah which airport you're near and which airlines fly to it a lot is going to be a pretty big consideration. DTW is better than a smaller airport like Indianapolis or Columbus but absolutely sucks compared to Chicago or even Boston because Delta has 70+% of the traffic at DTW and their points suck.

Honestly I'm getting close to swearing off Southwest. Personal preference and experience certainly but I'm tired of all their flight management issues. Screwed up another one of my flights as recently as December - in part because they're too cheap to pay for the airport provided deicing so contract it out to a worse option - in Detroit of all places. And we almost always need a connection to get to where we want to go. 2024 might be the first time in close to a decade we won't have a companion pass
 

purbeast0

No Lifer
Sep 13, 2001
53,021
5,898
126
Yeah which airport you're near and which airlines fly to it a lot is going to be a pretty big consideration. DTW is better than a smaller airport like Indianapolis or Columbus but absolutely sucks compared to Chicago or even Boston because Delta has 70+% of the traffic at DTW and their points suck.

Honestly I'm getting close to swearing off Southwest. Personal preference and experience certainly but I'm tired of all their flight management issues. Screwed up another one of my flights as recently as December - in part because they're too cheap to pay for the airport provided deicing so contract it out to a worse option - in Detroit of all places. And we almost always need a connection to get to where we want to go. 2024 might be the first time in close to a decade we won't have a companion pass
We have a lot of direct flights from BWI to Aruba, Grand Cayman, Turks and Caicos, Puerto Rico, etc. We did have a layover when we went to Belize but I don't think any airlines go directly to Belize from the DC area.
 

Exterous

Super Moderator
Jun 20, 2006
20,480
3,599
126
We have a lot of direct flights from BWI to Aruba, Grand Cayman, Turks and Caicos, Puerto Rico, etc. We did have a layover when we went to Belize but I don't think any airlines go directly to Belize from the DC area.
Yeah it would probably be a different story if we lived near BWI or MDW since that's where 95% of our SW layovers are from DTW
 
Reactions: purbeast0

purbeast0

No Lifer
Sep 13, 2001
53,021
5,898
126
Yeah it would probably be a different story if we lived near BWI or MDW since that's where 95% of our SW layovers are from DTW
I'm basically equidistant from BWI, DCA, and IAD. IAD is where all my United flights go out of. I rarely go to DCA.
 

brianmanahan

Lifer
Sep 2, 2006
24,417
5,851
136
In terms of monthly income and expenses, the recommendation is the 50-30-20 rule. I'm at 20-5-75.

roughly the same here

looking at 2023 spending as a part of income on mint before it shuts down forever:

- %18 needs
- %5 wants
- %77 savings
 

JEDI

Lifer
Sep 25, 2001
29,391
2,736
126
roughly the same here

looking at 2023 spending as a part of income on mint before it shuts down forever:

- %18 needs
- %5 wants
- %77 savings
What happened to mint? (I used to use their free stuff pre covid)
 

NutBucket

Lifer
Aug 30, 2000
27,051
568
126
They announced recently they are shutting down. Probably just not making enough money...
 

Scarpozzi

Lifer
Jun 13, 2000
26,389
1,778
126
Most people would be thrilled if their basic was low enough that basic + discretionary came in under half. Hell I spend like 25% just on groceries at this point.
Groceries are still cheaper than eating out if you know how to cook certain things. Lucky for me, I like rice and potatoes.
 

[DHT]Osiris

Lifer
Dec 15, 2015
15,270
13,571
146
Groceries are still cheaper than eating out if you know how to cook certain things. Lucky for me, I like rice and potatoes.
Yeah they are, if you even attempt to vary your diet that shit seems to climb quickly. Grocery bills are ass right now, I'm lucky if I can get below $100/bag right now.
 

Muse

Lifer
Jul 11, 2001
38,384
8,685
136
It is not as easy as you put it. Having three kids costs a lot on the basics expenses, being around my kids and be there for them as much as possible cost very little, but it is what brings me most joy in the life. So my basic expenses >>> discretionary, but I'm still enjoying it.

Basically the most important thing in your life is your time and how you spend it, not the amount of cash you throw at it.
That paraphrases a notable utterance of Volodymyr Zelenskyy a month or two ago. Stuck in my head. It's one of those gems.

OTOH, Zelenskyy's arch rival Putin is the owner of a $700,000,000 super yacht but is a miserable heel, pays for the ship's attendees and upkeep but can't step on it, it having been impounded in 2022.

 
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Muse

Lifer
Jul 11, 2001
38,384
8,685
136
Yeah they are, if you even attempt to vary your diet that shit seems to climb quickly. Grocery bills are ass right now, I'm lucky if I can get below $100/bag right now.
I kept record for a number of years. Around 10-15 years ago I was eating for not much over $4/day on groceries and home cooked meals. I'm shelling out more now in large part because I'm sticking to organic when practically possible. The bulk of it is Costco bought.
 

[DHT]Osiris

Lifer
Dec 15, 2015
15,270
13,571
146
^^ I can fill a couple of banana boxes for $50 or 60.
With what exactly? I can't find a package of meat of any kind outside of neck bones for less than $10/package ($5 maybe for basic bitch ground beef). Veg is nutty, I bought a $6 head of cabbage from Tops the other day. Even cans of soup and beans are up at like $2/can now.
 

Muse

Lifer
Jul 11, 2001
38,384
8,685
136
With what exactly? I can't find a package of meat of any kind outside of neck bones for less than $10/package ($5 maybe for basic bitch ground beef). Veg is nutty, I bought a $6 head of cabbage from Tops the other day. Even cans of soup and beans are up at like $2/can now.
I do not buy cans of soup or beans. I buy dry beans and instant pot them. Soup instant pot too.

I've got to roll my eyes when people talk about buying cans of beans. I used to even buy raw peanuts and make peanut butter from scratch after roasting them in my oven. But I stopped making nut butters. It makes a real mess and I've burned out several blenders doing it. I have better blenders now, I guess, but am not willing to make a mess. I buy Costco organic PNB. I leave he almond butter alone, too pricey. I used to make that, cashew butter too.

I don't eat a lot of beef these days but what I buy is a cheap roast if available or a lean looking package of beef stew meat at Costco at $5.99/lb. My butcher uncle told me that if I knew what they put in ground beef at supermarkets I'd be disgusted. If I want ground beef, I grind that myself in my food processor system (a low budget affair, but it works), then it goes in the freezer.
 
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[DHT]Osiris

Lifer
Dec 15, 2015
15,270
13,571
146
I do not buy cans of soup or beans. I buy dry beans and instant pot them. Soup instant pot too.

I've got to roll my eyes when people talk about buying cans of beans. I used to even buy raw peanuts and make peanut butter from scratch after roasting them in my oven. But I stopped making nut butters. It makes a real mess and I've burned out several blenders doing it. I have better blenders now, I guess, but am not willing to make a mess. I buy Costco organic PNB. I leave he almond butter alone, too pricey. I used to make that, cashew butter too.

I don't eat a lot of beef these days but what I buy is a cheap roast if available or a lean looking package of beef stew meat at Costco at $5.99/lb. My butcher uncle told me that if I knew what they put in ground beef at supermarkets I'd be disgusted. If I want ground beef, I grind that myself in my food processor system (a low budget affair, but it works), then it goes in the freezer.
I'm not always in a situation where I can properly predict that I'm going to have beans at x time tomorrow so I can start soaking them today, so cans work fine. Even with the increased cost, the $.50/lb or whatever difference isn't what's breaking the bank, it's everything else.

The fact that even stew meat is $6/lb is pretty ghastly.
 
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