<p>We were DINK (double income, no kids) for ten years. However, H was in the military for much of that and my jobs paid squat. When H got out and I changed professions we were 30 years old with no retirement (or other) savings to speak of so we played “catch up” and started saving - a lot.</p>
<p>Besides income, property and local taxes; house, car, and health insurance; utilities (in a freezing-cold-in-the-winter, nutso-hot-in-the-summer state); private school tuition; food, cars, gas, and car repairs/upkeep, we paid for two pairs of glasses at a time from age 5 on for S (because one pair was always in the shop) and braces for both kids (without dental insurance). And lots of house upkeep and repair expenses.</p>
<p>Public shool related money: registration, lunch, yearbook, donations to activities, college application fees, SAT test fees, AP test fees,… These are between $1000 to $2000 per kid.</p>
<p>I think the big expenses that people rarely see are sales taxes and credit card interest payments.</p>
<p>One year one of my law partners added up his annual costs for every bit of taxes (federal, sales, property, etc.) and insurance (health, property, etc.) It was a huge amount. I’ve never really wanted to add it all up - too discouraging.</p>
<p>No credit card interest payments EVER, but plenty of private school tuition K-12 and lots, and lots and lots of music lessons.</p>
<p>Most of the above, and add SAHM for 10 years (our choice but it “cost”), and helping parents with health care costs.</p>
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<p>Absolutely agree. </p>
<p>Our big expenses have been:
-Moved eight times in 20 years for military. Flight tickets to see family over that same time.</p>
<p>-paying for what is not covered by health insurance</p>
<p>-we could not sell our house, so we rented. Renters destroyed house. Had to put every dollar of savings into house before selling it at a loss.</p>
<p>Money for extended family members: birthday, graduation, wedding, funeral, party and tickets for visitors,…</p>
<p>Dinners out are a huge budget buster. Commuting costs can take a large bite, too. Lunches out at work = $50/month or more. Starbucks coffee every morning is over $1000 per year. Cars are expensive to maintain - oil, tires, insurance, repairs on top of gasoline. Family vacation with air travel and hotel can be 1/10 or more of the annual budget!</p>
<p>I agree about lunches with coworkers. Sometimes it’s more than $100 per month for me.
Luckily I don’t spend money on Starbucks. I think it’s overrated. I make my own coffee.</p>
<p>Our only extravagance is education for our kids. Old cars. Old, small starter house. Not into vacations or jewelry. Just big,big tuition bills. We don’t eat out much - just start feeling sick from too much restaurant food. We buy good food to cook though - the best possible seafood we can find, quality produce, nice breads and cheese. So I guess a lot of our money goes to Costco and Trader Joe’s.</p>
<p>But mostly school tuition for the kiddos.</p>
<p>divorce (but worth every penny)</p>
<p>Rent. Alimony plus child support for the last five years totaling more than 35% of my after-tax income, with child support continuing for as much as another four years, and alimony continuing for 10. I haven’t bought any new clothing, or even had my hair cut, for more than a year, and the weekend in the Berkshires recently was my first vacation in two years, and I’m still operating at a deficit with all my expenses.</p>
<p>Divorce</p>
<p>After remarriage, worked part time while the next little ones were small.</p>
<p>Full time preschool - $$!</p>
<p>Catholic school for younger 2</p>
<p>In one year - new roof, termites, 3 car accidents - large (and I mean large) dental bills, and tutoring for oldest S. That set us back big time when it all hit at once.</p>
<p>So, a couple of years ago, I got a big promotion and my income basically doubled. Which then cranked our EFC into the ‘you’ve got to be kidding me’ range.</p>
<p>S favored slacking and video games in high school, so no merit money at the more competitive schools.</p>
<p>S is starting at a state school this fall, full pay for us and still a struggle at $22K. Now mom is going into assisted living and we’ll have to help with that too.</p>
<p>oh, yeah, braces phase I and phase II for each child plus wisdom teeth for each!</p>
<p>How could we forget braces? DD’s broken nose and teeth were a huge expense last year. That cosmetic stuff you want to do for a beautiful girl is not reimbursed. Her teeth are perfect.</p>
<p>Car insurance - especially with 2 young drivers. Homeowner’s insurance, life insurance…</p>
<p>DANCE LESSONS. Competitive dance team for 10 years: tuition, costume fees, competition fees, shoes, etc. The last 3 years cost me over $4000/year, and that doesn’t include travel costs. </p>
<p>Stay at home mom for 8 years, and part-time worker since then. Huge income trade-off. Worth it, but huge.</p>
<p>Vet bills. This year alone I spent $100+ on annual check-ups, $100+ on multiple visits and medication to treat a rash, and more than I care to mention for teeth cleaning.</p>
<p>self employed paying medical insurance for family of six
property taxes pretty steep where we live
building a business
house repairs
four kids in college at the same time…We are thankful for some financial aid
insuring four cars
high food bills with a family of six
Medical bills that are rediculous…and we have good insurance</p>
<p>I am not sure that kids really understand these types of bills unless they are out on there own and trying to manage their own bills. Something tells me that our kids will one day say How did you do it?</p>