Household spending and inflation 2022

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caligas

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Thought it would be interesting to see what other anesthesiologists are spending. I’ll share first.

We spent $120k in 2021. Inflation hit plus we spent 15k on my man cave and had some annoying house expenses like tree work. $140k in 2022. House is paid off so that’s saves us 20-30k. And heath insurance is covered by work. Obviously as a FT anesthesiologist we are still saving a lot, so not too worried.

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A lot. Couldnt give you an exact figure but I bought a $40k dock and a $15k jet ski. My home needed a major repair- that was about $12k. Spent $15k on a down payment for a vehicle. Easily another 50k on misc expenses bills etc. too much.
 
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My wife spends about $25k on luxury purses every year. She likes Hermes and Chanel the most.
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How on earth is a jet ski worth 15k? I’d pay 7k for one maximum haha. If they’re that much, why not rent when you get the itch?
If it floats, flies, or f$%s, you rent it.
 
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I spent $1200 on groceries this month!
My wife orders via an online app, and we get 2 meals per week from Home Chef or some thing similar.
That is insane to me. My parents fed a family of 5 on <$300 per month as a kid.
 
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I don’t have exact figures but:

Childcare/school: 50-60k. Don’t see this one decreasing any time soon as we live in an expensive city and both work. Can’t blame inflation much on this one but preschools went up about 10% in my city this year.

Food: probably $7000-9000, spending about 30% more than prepandemic. I keep pretty close tabs on this and some of the staples (eggs, milk) show inflation is nowhere near under control.

Housing/gas/electric: up maybe $500, not bad but if I moved it would likely double. Reduced by getting rid of cable. Probably around $60k for everything.

Travel: have always done about $10k/yr, paying for more seats now with kids so quality of vacations has gone down but price stable.

Gas: not a lot of driving fortunately so don’t notice this one at all

Cell phone: interestingly this went up 40% this year but had been unchanged for years before that

So I’d guess spending 120-140 depending on misc expenses. Save a third, tax a third, spend a third roughly. Inflation hurts but kids are by far the biggest hole in the pocket.
 
We spend about $275k per year. It sounds like a lot, but we’re in our 30s with young children. We live comfortably but by no means extravagantly.

- $5k for housing and utilities
- $4k for student loans
- $6k for childcare
- $1k for insurance (disability, life, car, etc.)
- $1k for car and gas expenses
- $2k for 529 plans
- $500 for cell phone, cable, Netflix, etc
- $1k for groceries
- $2.5k in other miscellaneous expenses

In 2-3 years the student loans will be paid and childcare will cost significantly less, so I’m looking forward to that.
 
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2022 - 2 jet skis, 2 new cars, 1 classic car, no mortgage, no big vacations last year. The new cars are financed as lease deals didn’t exist in 2022 and everything else was paid cash.

2023 - new boat (cash purchase) and 1 big family vacation during the summer. Nothing else on the horizon but will likely need around 10k for new AC.
 
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My wife spends about $25k on luxury purses every year. She likes Hermes and Chanel the most.
I buy my wife fendi, Chanel, Gucci, ysl, etc.. 1 new bag per month.

from china lol

Luckily she’s low maintenance and doesn’t care.
Uses them for a month and gives them away after.
 
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How on earth is a jet ski worth 15k? I’d pay 7k for one maximum. If they’re that much, why not rent when you get the itch?
That’s average price now for jet skis. My friends just brought two at 16k each jet ski Yamaha . Golf carts used to be 7-8k. Now they are 13-16k for good average ones. The elite golf carts start at 20k
 
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That’s average price now for jet skis. My friends just brought two at 16k each jet ski Yamaha . Golf carts used to be 7-8k. Now they are 13-16k for good average ones. The elite golf carts start at 20k
My 2 seadoos, double trailer, a few accessories and warranties came out to just over 40k. We live in Florida and ride them all the time. These aren’t ur grandpas 50hp 2 stroke water bikes.. 300hp monsters that can do 70+ cost $$$
 
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Income cut 50% as we work about 50% fte.
No weekends.
Big salary decrease w/ that but part of the plan.
Rentals/Hotels strong “mail box money”
Negative returns for 2022
No kids
Groceries noticeably up- we cook healthy every home meal. Same with gas.
All homes/cars paid off (although a few costly repairs this past year with 2 of our vehicles (labor costs are crazy right now). Minimum 80k miles before we trade in one of our cars. 250k at least on the diesel.
4-5 small vacations/year plus 1-2 big 3 week ones per year.
Saving a lot less- full retirement in 5ish years but I can squeeze out 10 with minimal call I think just because I like the work.

Cost of living def. up. Really just translates to working a little longer… not harder.

Cutting down on work and touching grass has been the single best change in our lives since before residency.
 
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Private loans I presume? How much did you start w between the 2 of you if you don’t mind me asking

Yes private, started with combined about $350k. I’m pretty debt-averse so would like to pay it down quickly in about 5-6 years since finishing training.
 
4 years out of residency

~$80k expenses last year, LCOL, had to replace a boiler and started putting more into a 529. Lifestyle creep is hitting hard, that's up by about $10k from the year prior :b

Invested >$300k into boring etfs, too dumb to try anything else.
 
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We go on vacations about 4-5 times a year
Sometimes domestic, mostly international.
Per trip it is about $2-3k for domestic and $6-10k for international.
We mostly fly economy, we splurge on other things not the air fare
 
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How on earth is a jet ski worth 15k? I’d pay 7k for one maximum. If they’re that much, why not rent when you get the itch?
I live on a lake and I dont have a boat. Its a 300 hp 3 seater jet ski. Actually MSRP is 20k. I got an excellent deal.
 
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We bought the last home we'll ever buy (probably) Dec 2021.

For 2022 I think we're about $350K into the renovations at this point. Just about done. This place was $400K less than the other one we got outbid on though. We bought it knowing it would need the work, and it was underpriced for the market because of the work it needed. I don't know if I should count that as "spending" in the spirit of this thread though. One of our coping mechanisms when writing $100K checks to our contractor is to rationalize the expense as sort of a delayed virtual down payment on the house.

We still need to bulldoze a few acres of trees that got wiped out by invasive beetles (est $60K to raze it burn it and replant), needs some fencing, and we'll probably do some other improvements now that the house is done.


About $45K for my daughter's last year of undergrad. Probably similar costs for the next two years (grad school).

Beyond that we haven't been spending a lot of money lately. Some CONUS travel but I'd rather be at a national park than a luxury hotel and the ranger at the gate asks for a lot less money.


True first world problems
 
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In vhcol area

Post tax annual cost
60k rent and utilities
12k grocery
40k childcare, toys, baby food
10k vacation
20k everything else (clothes, jewelery, license fees, etc)

So about 140k post tax

2023 will be big. Gonna buy a luxury car and wife wants to buy a place too...
 
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100k
30k on rent
1k on utilities
7k on groceries
7k on restaurants
Rest on travel, 4 trips
200k in 0% federal loans
Car paid off in residency
 
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We bought the last home we'll ever buy (probably) Dec 2021.

For 2022 I think we're about $350K into the renovations at this point. Just about done. This place was $400K less than the other one we got outbid on though. We bought it knowing it would need the work, and it was underpriced for the market because of the work it needed. I don't know if I should count that as "spending" in the spirit of this thread though. One of our coping mechanisms when writing $100K checks to our contractor is to rationalize the expense as sort of a delayed virtual down payment on the house.

We still need to bulldoze a few acres of trees that got wiped out by invasive beetles (est $60K to raze it burn it and replant), needs some fencing, and we'll probably do some other improvements now that the house is done.


About $45K for my daughter's last year of undergrad. Probably similar costs for the next two years (grad school).

Beyond that we haven't been spending a lot of money lately. Some CONUS travel but I'd rather be at a national park than a luxury hotel and the ranger at the gate asks for a lot less money.


True first world problems
Congrats dude.
Glad to see you out there as a civilian anesthesiologist. Looks like things have taken shape. 👍🏽
 
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In a VHCOL area. No kids and no debt. Pretty frugal (in my opinion anyways). Car is a beater. Saving for a home. Looking at relocating for a higher paying job this summer, but in another VHCOL environment.

Rent 36k
Util 3k
Credit card bill for year 36k. Avg 3k a month. Couple vacations throughout the year in the 3-5k range.
 
Luxury purses can hold their value really well and even increase in value if you get the right ones. Not the worse high dollar purchase in the world.
 
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Luxury purses can hold their value really well and even increase in value if you get the right ones. Not the worse high dollar purchase in the world.
Same goes for high end watches. Buy them at the right price you may even make a few bucks.
 
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definitely can splurge on luxury stuff esp if in lower cost area.
its sad when i see nyc take 25k away from me each year... that would pay for so many fancy restaurant dinners... bags... some watches
 
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probably about 120k for 2022. No kids yet. hoping my 4% SWR can be 300k in 2030 then it's game over.
Thanks for sharing. So 7.5 mil net worth in the next 7 years? Assume you're relatively young because of the "yet" at the end of the "no kids" statement. Would you mind telling us a bit more - years out of residency, average income per year, debt burden, etc.? Don't expect to have that much even at the end of my career. Would love to hear about how you plan to get there
 
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probably about 120k for 2022. No kids yet. hoping my 4% SWR can be 300k in 2030 then it's game over.

I think more recently the recommended SWR is closer to 2.7-3.0%, especially if you’re planning to retire earlier and need the money for longer than 30 years.

Thanks for sharing. So 7.5 mil net worth in the next 7 years? Assume you're relatively young because of the "yet" at the end of the "no kids" statement. Would you mind telling us a bit more - years out of residency, average income per year, debt burden, etc.? Don't expect to have that much even at the end of my career. Would love to hear about how you plan to get there

All in on crypto with leverage.
 
Thought it would be interesting to see what other anesthesiologists are spending. I’ll share first.

We spent $120k in 2021. Inflation hit plus we spent 15k on my man cave and had some annoying house expenses like tree work. $140k in 2022. House is paid off so that’s saves us 20-30k. And heath insurance is covered by work. Obviously as a FT anesthesiologist we are still saving a lot, so not too worried.
I spent about $24 dollars on a Swaygu burger (burger with Waygu beef). Best damn burger ever!

Also I had to replace my garage door.
 
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Gosh I don’t know how you guys are keeping expenses around 120k /yr. We spent about 240k last year. Not sure we could get that low with student loan, car, mortgage payments
 
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Gosh I don’t know how you guys are keeping expenses around 120k /yr. We spent about 240k last year. Not sure we could get that low with student loan, car, mortgage payments
Someday the loans will be gone. Just can’t replace them with other toys/cars/bigger house/etc
 
Gosh I don’t know how you guys are keeping expenses around 120k /yr. We spent about 240k last year. Not sure we could get that low with student loan, car, mortgage payments

No car payments as I paid cash. Student loans are on hold, I have the money parked in a hysa at 4%.
 
Gosh I don’t know how you guys are keeping expenses around 120k /yr. We spent about 240k last year. Not sure we could get that low with student loan, car, mortgage payments
If you live in a hcol, both have loans, and both drive luxury cars then it makes sense. Breakdown would help in ur case.
 
Don’t like this game at all. Spent way too much…. But it is cheaper than horse shows and showjumpers used to be. I won’t tally it up but monthly - 8k in mortgage, 3k in cars…big purchases- . Bought a plane.
Trips- Germany, safari in Africa ($$$) but worth every penny, Crete and Florence. Still put >100k in side retirement and maxed out our 401ks. Work hard play hard. Husband is a pilot…. While he makes a fraction of what I do it really really helps to have a partner who does well on their own
 
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If you live in a hcol, both have loans, and both drive luxury cars then it makes sense. Breakdown would help in ur case.

Medium/low COL. Big ones every month are:

Mortgage/utilities: 3500
Cars: 2900
Nanny: 4000
Student Loans: 2000
Disability/life: 1000

Then other stuff just adds up so fast. Eat out a lot, baby stuff, pay for families flights to come visit, food when here etc.
 
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I am 8 years out and I feel like my wife and I are doing something wrong looking at some of these budgets. We don’t live extravagantly by any means but our kids end up sucking up a big chunk of change. We have a rental property that pays for itself. No big expensive vacation, typically do one week a year visiting family. We have 3 kids all in private schools for a total of 32k per year.

Monthly expense as follows:
- 1600 for food/groceries
- 1500 for two cars plus insurance
- 3100 for mortgage
- 3000 for students loans
- 1000 miscellaneous
- 800 for childcare
- 250 for heating
- 100 electric


We have 50k in cash in savings plus 35k in an emergency fund. I fully fund my 401k.

Unfortunately our house is old and needs constant work. The cost of anything home related went through the roof last year. Our furnace went last year and we have to replace AC and paint the entire house this year. Student loans should be gone in two years, graduated with almost 400k in debt.
 
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Medium/low COL. Big ones every month are:

Mortgage/utilities: 3500
Cars: 2900
Nanny: 4000
Student Loans: 2000
Disability/life: 1000

Then other stuff just adds up so fast. Eat out a lot, baby stuff, pay for families flights to come visit, food when here etc.
Ok makes sense. 50k is a nanny but that is a temporary expense till kids start school. 3000 in cars or 36k can be a temporary expense if plan is to buy. Without those your in the 150s which you will be in the next few years unless you keep the nanny and continue to lease 1-2 higher end cars every q3 years.

I don't even have kids or a mortgage and spend 120k roughly but save/invest double which has been a rule i have to keep myself honest.
 
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I am 8 years out and I feel like my wife and I are doing something wrong looking at some of these budgets. We don’t live extravagantly by any means but our kids end up sucking up a big chunk of change. We have a rental property that pays for itself. No big expensive vacation, typically do one week a year visiting family. We have 3 kids all in private schools for a total of 32k per year.

Monthly expense as follows:
- 1600 for food/groceries
- 1500 for two cars plus insurance
- 3100 for mortgage
- 3000 for students loans
- 1000 miscellaneous
- 800 for childcare
- 250 for heating
- 100 electric


We have 50k in cash in savings plus 35k in an emergency fund. I fully fund my 401k.

Unfortunately our house is old and needs constant work. The cost of anything home related went through the roof last year. Our furnace went last year and we have to replace AC and paint the entire house this year. Student loans should be gone in two years, graduated with almost 400k in debt.

Not sure what is bad here. You spend 11k/month not counting tuition roughly. Yearly that's 132 plus 32 for tuition or 164. Subtract 20k when your cars are paid off in 3-4 years and even with tuition your at 145 ish.
 
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On the topic of spending, been looking at getting myself a new vehicle, at the moment it's boiling down to Model Y Performance and the Toyota/BMW Supra 3.0. Which one would you guys get?
 
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