I was thinking this was property tax. I have not seen Income Tax as HH expense. You do get some of it back or you might owe some at the end of year. Witholding is not 100% accurate.
Hi Uma, I sat down and recollected our monthly expenses and it comes to below $2000. We don't shop from a single store and check for deals too. For example, we mostly get rice and dals from Indian store, vegetables and Fruits from Farmer's market, meat from Afghan store, Seafood from Chinese market, Snacks and other breakfast food (flour, milk, juice etc) from Safeway/Foodmax, Household stuff like tissues, soaps etc from Costco. And we really haven't planned well, we go to one store every 2 weeks and spend around $50-100. Other expenses Phone/Internet/Electricity - $200 Insurances - $200
So interesting to see how you all manage the budget for us there is house mortgage auto loan medical house heat, gas etc monthly grocery
I didnt mention the Income Tax as HH expense.. but its an expense at the end of the year. Quicken smartly can account the year end tax adjustments into the SAME year. check this link: https://qlc.intuit.com/questions/arWD02NQer4ActeJfaade6?legacy=true I have followed this for one year then onwards, its just copy-paste and change the numbers for each year once.
Hi Uma, Thnx for the suggestions. I have been exploring budget tracking apps and so far everything requires you to sync your bank acc with their app.. Is it trust-able? And I checked out Quicken suggested by Sreesri, it seems to ask for a 40$?!! Is there any option, without syncing ur acc data apart from the budget tracking spreadsheets?
Yes. Mint does ask you to sync with your bank account. But it cannot access the money. it's more like a "read only" option that mint is using. I've been using mint for over 2 years. no issues so far. However, if Quicken is free, I'll explore that option.
What line are you in? The income you stated is very high. Even an IT director in a DOW 30 company is paid less than $150K with 10 years of experience.
