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10% is easy for me, I have a lot of fat in my budget atm with going out and the like. I allow for it since I'm 100% vested my IRA and 401k:
- If I drop going out entirely, I might drop my monthly budget by 20% (wow!) assuming my math is correct.
- If I REALLY need to cut, I'd get a 3 - 4 bedroom in South Brooklyn and drop my total rent from $1967 to $500-$750/mo. This is split 1/2 with my gf though, so it's more like $933 to $250-$375/mo. Reason I pay as much as I do? Rent stabilized luxury apartment in Lower East Side, Manhattan. First and only place I truly loved living in outside of NYC as a whole, with a fast commute to boot (10m on a good day to 15m on a bad day).
With those 2 things, I'd reduce my budget per month by a whopping 30%! I don't need to as I still have a very high net coming in even with my current expenses.
I can't complain, life is very good right now! I have ways to make it better of course, like starting grad school in the fall (I've already been accepted).
10% is easy for me, I have a lot of fat in my budget atm with going out and the like. I allow for it since I'm 100% vested my IRA and 401k:
- If I drop going out entirely, I might drop my monthly budget by 20% (wow!) assuming my math is correct.
- If I REALLY need to cut, I'd get a 3 - 4 bedroom in South Brooklyn and drop my total rent from $1967 to $500-$750/mo. This is split 1/2 with my gf though, so it's more like $933 to $250-$375/mo. Reason I pay as much as I do? Rent stabilized luxury apartment in Lower East Side, Manhattan. First and only place I truly loved living in outside of NYC as a whole, with a fast commute to boot (10m on a good day to 15m on a bad day).
With those 2 things, I'd reduce my budget per month by a whopping 30%! I don't need to as I still have a very high net coming in even with my current expenses.
I can't complain, life is very good right now! I have ways to make it better of course, like starting grad school in the fall (I've already been accepted).
I pay myself from my money market account on the first of every month. So I would just take 10% less.
Everything I make goes to money market; everything I spend is transferred on the 1st to checking. I have many months worth of money in Money Market.
Location: Formerly NYC by week; ATL by weekend...now Rio bi annually and ATL bi annually
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Quote:
Originally Posted by jtur88
Supposing, for some reason, you discovered that you had to immediately reduce your household budget by 10%. What are the ongoing expenses that you would cut? This has to be things that you would actually do without -- no fair re-scheduling loan payments or reducing your savings input.
Consumables, discretionay expenses, then housing or transportation change. Cutting things like a high cable bill and only having internet. Cancelling certain memberships, and not spending disposable income on certain luxuries is always the place to start. Though as other posters have said, housing is probably your biggest gain if you can somehow re-arrange the amount you pay (different location, smaller size, etc.).
Drop Netflix, Amazon Prime; Patreon and Twitch folks I support with monthly memberships; cut cable but keep internet; Stop spending $15-$20 a day at the food trucks and pack a lunch instead; ...
... stop dating and find a girlfriend who is similarly trying to save 10% and enjoy more cheap/free outings (hiking, dog parks, drives into the mountains for meals at little hole-in-the-walls with great food, free concerts ...)
Nothing. We live well within our means and a 50% reduction would still be easily absorbed.
Yeah that’s what I was thinking, it’s a hard question to answer because last year I spent maybe 35-40% of my income even with extraordinary expenses like an engagement ring. My investment income is too variable to live anywhere close to my means, which has forced me to be at least fairly frugal in my lifestyle. That’ll end one day but for now and the next few years, it makes no sense to press up against my means.
If I had to cut it would be meals out, we eat out a lot and that adds up fast I suppose. I don’t really pay it much attention but I’m guessing that’s 10% right there considering I have no mortgage. My costs are fairly low.
Supposing, for some reason, you discovered that you had to immediately reduce your household budget by 10%. What are the ongoing expenses that you would cut? This has to be things that you would actually do without -- no fair re-scheduling loan payments or reducing your savings input.
beer and cable. Done.
Could also cut down on vacations for a year.
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