100k household income

[oneiric1975]

My wife and I hit the net 100k combined income recently and upon our budgeting yesterday. Di pa din namin maenjoy ung akala mong comfortable life. We budgeted savings, rent utilities konting eat out and we need to cut down p din with our expenses. We had our groceries last week and ang konti n ng mabibili mo. andaming tumaas in a span of 1 month. Grabe gulat kami s presyo.

We currently have our individual VUL. I also have cryptos n di ko talaga gagalawin since bear market. I will be jumping company next year after makuha ung bonus to get higher salary. If kaming kahit medyo ok nmn ang sinasahod nagtitipid pa din, pano n ung talagang nsa laylayan? Do they even see themselves living out of poverty? Ang hirap gumapang pataas pag ambilis at anlakas ng humihila sau pababa.

 

[theben]

@oneiric1975 Our household is currently earning at least 250k combined monthly. We don't do fixed budgeting. What we usually do is immediately deposit 30% of our salary directly sa "savings" account namin and the rest sa expense account namin. Whatever is left in our expense account before next salary, sinasave ulit namin.

Since I'm a CPA, I usually do a quick excel of all our monthly cashflow. We usually averaged 50-60k (around 75k if may lakad out of town kami) monthly. Our expenses usually includes insurance, amortization, health card, utilities (including assoc due), sweldo ng yaya, then groceries.

INGAT TAYO SA LIFESTYLE CREEP.

 

[amivivi122]

@theben This is almost the same as our monthly expenses. One thing I can conclude, ang mahal magka baby! Hahaha

 

[theben]

@amivivi122 Oh definitely. Nung kaming magasawa pa lang, 30-40k lang expenses namin. May weekly galang kasama na yan.

 

[rheeder]

@theben That’s actually a pretty well-managed budget, considering your household size and expenses. So lalabas more than half of your earnings go to savings, even without sacrificing your quality of life. Kudos to you guys for the financial discipline!

 

[jolynn]

@theben How much do you pay your yaya, if you don't mind sharing?

 

[theben]

@jolynn 8k (x2) with 13th month and SSS. Mga malayong kamaganak ng father ko.

 

[rheeder]

@theben Clarify ko lang, that’s two yayas at 8K each right? Not one yaya na 8K kada kinsenas? Haha, baka mapa-apply tuloy ako ng yaya.

 

[theben]

@rheeder LOL. Just realized how confusing that is. 2 yayas, 8k per month each.

 

[jolynn]

@theben Thanks for your response

 

[freddiealgon]

@theben Hello, i have a question that have been lingering my mind. Is double entry a good option for personal finance, or is it just a waste of energy and time. Have been using single entry ever since

 

[theben]

@freddiealgon Accounting? Personally, I'm always using double entry. nakasanayan na. Aside from that I don't really see any sense sa single entry. Saka automated na yung ginagawa ko sa excel so i just have to plot the bank statement na nadodownload ko online.

But single entry is a lot simpler for personal finance, since basically you're just add/subtracting from your cash balance.

 

[hazeldenise1952]

@theben Off topic. Just want to know since you're a CPA, ano yung requirements ng BIR para maging accredited ka nila na CPA? May ibang license pa ba yun?

 

[theben]

@hazeldenise1952 I'm not an accredited tax practitioner. Hindi sya another license, additional accreditation lang sya. I don't have any plan in doing public practice. As for the requirements, you just have to complete the required number of CPE credits and be certified as member or board or bar by 2 disinterested professionals.

 

[faeriecat]

@theben sorry ano po yung lifestyle creep?

 

[theben]

@faeriecat Lifestyle creep occurs when an individual's standard of living improves as their discretionary income rises and former luxuries become new necessities.

 

[mtshaw]

@oneiric1975 Yes a combined 100K is now not enough to be splurging incessantly. Ang lingid sa isipan pa ng madla, ay hindi lang mahirap makarating sa income bracket na ganyan, kundi doble hirap! It is a combination of multiple factors/fortunate breaks that can land you that income-level as a couple.

To your point, papaano nalang ang mga taong hindi ganoon kataas ang kita? Mahirap talaga. Ang daming uncertainties sa basic needs like food, shelter, education and clothing.

Kaya to be honest, let's be kind to each other more. It just goes to show na ALMOST EVERYONE, na hindi part of the 1% have struggles. 99% at least. At malamang marami doon sa 1% are just a health bill away from moving down a percentile point.

Pilpinas talaga, ang lakas maka-character build. Lahat ng indibidwal na storya natin pang teleserye.

God bless us all!

 

[survivor1288]

@mtshaw Another angle is:

Our demands eats up our available resources.

I have experienced this kind of situation as well.

It seems that no matter how much income we generate, it'll feel like it is still not enough.

From what I have observed, we are wired to eventually use or consume our available resources.

Same if we have too much time. If you have an entire weekend to clean a room, it'll be cleaned after the weekend. But if you have an hour to clean a room, it'll be cleaned after an hour.

What changes we made were:

We made sure to pay ourself first - kept 20% of our income as payment for ourselves, not for luxuries, we are just keeping it.

Allotted budget for each section of expenses. Groceries will stay at 8k per month. Nothing more.

Etc etc

 

[dovelove514]

@oneiric1975 Be careful of lifestyle creep. Lifestyle creep has fucked over so many high earning Filipinos.

Use the 33-33-33 method. 33% to invest, 33% to spend and 33% to save.

 

[raised2newlife]

@dovelove514 fire movement ba yang figure na yan parang ang laki ng 33% to invest. well i guess not all can subscribe to such a discipline