|
Couldn't find anywhere to ask this. What is the proper way to handle rental income? I own my house outright. My sister wants to use part of the property for about a year and her company will be paying me for it. Do I need to open a seperate checking account for the payments? A business account? How do I claim this on my taxes (I usually just plug my W2 into Credit Karma)?
|
#
?
Aug 22, 2021 05:39
|
|
|
|
| # ? May 18, 2024 07:39 |
|
|
You don't need to open a separate account, and if this is just a one-off temporary thing, I wouldn't bother. You will report this income on schedule E at tax time. Make sure you keep good records of all your property related expenses as you will be able to apportion some to the rental income and write it off.
|
|
#
?
Aug 22, 2021 15:11
|
|
|
Hey so I know this obviously changes depending on where you live, etc. but what's a good target on a grocery budget for two adults and a small child? $400/mo.? Anyone here have a comparable family situation willing to share how much they budget? E: For reference, two working adults in the Seattle suburbs with a post-formula toddler. LiterallyATomato fucked around with this message at 23:14 on Aug 26, 2021 |
|
#
?
Aug 26, 2021 23:09
|
|
|
I'm a single adult. In just a bit under 7 years of logging everything in YNAB, I've spent $15,828.41, or an average of $198 per month. That doesn't include restaurants. The only times when I can consistently get my grocery spending under $200 / month is when I've worked in grocery stores or restaurants (free produce or shift meals) or eat almost exclusively from the bulk bins.
|
|
#
?
Aug 26, 2021 23:32
|
|
|
LiterallyATomato posted:Hey so I know this obviously changes depending on where you live, etc. but what's a good target on a grocery budget for two adults and a small child? $400/mo.? My wife and I spend about $500/month on groceries, but we include things like diapers for our 6 month old in the grocery category. Also occasional purchases like beer and wine, which is probably a once/month purchase.
|
|
#
?
Aug 26, 2021 23:35
|
|
|
LiterallyATomato posted:Hey so I know this obviously changes depending on where you live, etc. but what's a good target on a grocery budget for two adults and a small child? $400/mo.? We cook from scratch virtually every night for 2 adults, in a lower CoL area, for 2 adults, and spend $500 a month. We don't try that hard to lower that, but we do shop at a cheap grocery store, buy staples, and could easily spend more if we wanted to. I think we could do $400 if we tried, but that sounds tight to me in Seattle (unless you eat out a bunch and don't count that in this budget). This does include paper products (TP, Tissues, Paper Towels), and some beer.
|
|
#
?
Aug 26, 2021 23:37
|
|
|
Grumpwagon posted:I think we could do $400 if we tried, but that sounds tight to me in Seattle (unless you eat out a bunch and don't count that in this budget). Yeah, thie $400 I was thinking of wouldn't include eating out or delivery once a week, nor would it include paper products. My wife doesn't drink and I'm good for one glass of whiskey a week at most.
|
|
#
?
Aug 27, 2021 00:01
|
|
|
 seems I spent $926 at Trader Joe's last month. This includes liquor and some birthday party/vacation snack spending. 2 adults, 2 small children. We definitely overspend on some stuff due to picky eating habits, and we have a non trivial amount of food waste because of it.
|
|
#
?
Aug 27, 2021 00:19
|
|
|
H110Hawk posted:
This is about where we’re at for two adults and two small kids also with a bit of spending on booze. Mostly at TJs and Costco and the local gourmet shop for a few items we like. We could definitely cut down, but we have a picky eater.
|
|
#
?
Aug 27, 2021 01:25
|
|
|
My wife and I probably spend around $500-$600/month. It's less when I do more of the shopping, but it depends if I'm cooking good poo poo or not too.
|
|
#
?
Aug 27, 2021 01:55
|
|
|
So far this year through July.... Groceries - $306.84/mo Eating out - $238.32/mo Plus whatever my GF buys. So probably $450 groceries and $350 eating out a month.
|
|
#
?
Aug 27, 2021 04:31
|
|
|
We are two adults and a small child at $700/mo in a HCOL area. That does include everything we buy at grocery stores, I'm not too picky about categories. Restaurants another $300/mo.
|
|
#
?
Aug 27, 2021 04:57
|
|
|
Single adult, have averaged.. $437/mo this year  definitely not a high CoL area either, guess I just like nice things?Edit: actually that also includes the high-grade dog and cat food, litter, and treats, which for two cats and a dog comes about to about $130 month. I feel a lot better about that $437 now, lol. I think I'm going to split out pet stuff from human stuff in YNAB at some point in the future. Beach Bum fucked around with this message at 06:06 on Aug 27, 2021 |
|
#
?
Aug 27, 2021 06:03
|
|
|
LiterallyATomato posted:Hey so I know this obviously changes depending on where you live, etc. but what's a good target on a grocery budget for two adults and a small child? $400/mo.? I don’t understand how people can get their groceries so low. With my wife and myself, a toddler, and then a baby on formula (formula is not part of the grocery budget-we have a separate budget for formula/diapers/etc), we average $1200/month. This includes trips to Costco where we buy most of our beef/steak, as it’s the cheapest around us usually. That trip alone is about $200/month. We also do all of our cooking at home-we might get takeout once or twice a month. I know we usually have some type of meat/protein with every dinner so we don’t go vegetarian at all, but I try to cook pretty healthy and we buy lots of fresh produce for salads/etc. I also don’t eat out at work, so the budget includes food for work lunches, etc. The only things I can think of that I sometimes add to my grocery budget are things like paper towels, toilet paper, pet food. The Costco trip always has about $50 towards toiletries/etc and I’m sure another $50-100 when you add in pet food, cleaners, etc. Even with that though, my grocery budget would only fall about $100 to $1100 total. I also don’t cook too simply-it’s rare we just have a bowl of pasta with some sauce on top, or rice/beans, etc. my weekly trip to the grocery store averages about $150/week. Plus we have some subscribe and save food items from Amazon which are snacks our toddler eats/etc and that’s probably $100/month give or take. We live in northern Virginia and grocery prices do appear to be high compared to where we’ve lived in the past (Boston). nwin fucked around with this message at 11:58 on Aug 27, 2021 |
|
#
?
Aug 27, 2021 11:54
|
|
|
How you cook is for sure going to drive the number. It's just my wife and I but I'd guess we're up around 600/mo or so (including alcohol), plus a tolerably large eating out budget. We eat quite a bit at home but try to buy mostly local from farmers market and such. We could definitely take cost out of it, but overall I'd rather spend more money on nice quality fish and good vegetables and occasional lamb rather than save $150-200/mo. We tend to spend money on fish rather than land animals, but either of those tend to be expensive.
|
|
#
?
Aug 27, 2021 12:30
|
|
|
nwin posted:I don’t understand how people can get their groceries so low. With my wife and myself, a toddler, and then a baby on formula (formula is not part of the grocery budget-we have a separate budget for formula/diapers/etc), we average $1200/month. A small aside, but if your baby doesn't have any special diet needs, we found the Costco brand of baby formula to be absolutely awesome. It's less than half the price per oz compared to enfamil and our 6 month old likes it just as much. That could go a long way to reducing the grocery bill if your baby eats like ours.
|
|
#
?
Aug 27, 2021 12:38
|
|
|
nwin posted:I don’t understand how people can get their groceries so low. With my wife and myself, a toddler, and then a baby on formula (formula is not part of the grocery budget-we have a separate budget for formula/diapers/etc), we average $1200/month.
|
|
#
?
Aug 27, 2021 13:50
|
|
|
drive me nuts to school posted:A small aside, but if your baby doesn't have any special diet needs, we found the Costco brand of baby formula to be absolutely awesome. It's less than half the price per oz compared to enfamil and our 6 month old likes it just as much. That could go a long way to reducing the grocery bill if your baby eats like ours. drive me nuts to school posted:A small aside, but if your baby doesn't have any special diet needs, we found the Costco brand of baby formula to be absolutely awesome. It's less than half the price per oz compared to enfamil and our 6 month old likes it just as much. That could go a long way to reducing the grocery bill if your baby eats like ours. Both of our kids are raised on that poo poo. Costco for life.
|
|
#
?
Aug 27, 2021 14:50
|
|
|
spf3million posted:I'm kind of with you here. Two adults, no kids in HCOL we've averaged $800/mo on food, $300/mo eating out (doesn't include alcohol), plus $200/mo on alcohol (combined between drinks out and take home). That makes me feel a a bit better. We have $100 a month for alcohol because hangovers+kids doesn’t work out for us.
|
|
#
?
Aug 27, 2021 14:52
|
|
|
drive me nuts to school posted:A small aside, but if your baby doesn't have any special diet needs, we found the Costco brand of baby formula to be absolutely awesome. It's less than half the price per oz compared to enfamil and our 6 month old likes it just as much. That could go a long way to reducing the grocery bill if your baby eats like ours. If your baby does have special formula needs, make sure to get it prescribed through insurance. Our alimentum bill went from $11/bottle OTC to $2/bottle for a months supply ordered through insurance. Much cheaper and we haven’t had a projectile vomiting incident since making the switch. Groceries run around $600/month for us, including any household supply needs. We’ll usually go veggie heavy the week after restocking on wine/detergent/toilet paper/etc.
|
|
#
?
Aug 27, 2021 15:37
|
|
|
Democratic Pirate posted:If your baby does have special formula needs, make sure to get it prescribed through insurance. Our alimentum bill went from $11/bottle OTC to $2/bottle for a months supply ordered through insurance. Much cheaper and we haven’t had a projectile vomiting incident since making the switch. Coupons is bleeding over... If you're a woman who is of childbearing age who takes a multivitamin ask your doctor for a "folic acid multivitamin supplement" prescription. Check your insurance for the exact amount of folic acid they cover and make sure they write the Rx precisely. ACA made those $0 cost share. You can probably get them as a 90 day supply mail ordered. Even if you don't want kids right this instant, unless you've been permanently sterilized you never know and better safe than sorry right?  You could basically do this from the day you turn 18 until menopause.
|
|
#
?
Aug 27, 2021 15:48
|
|
|
drive me nuts to school posted:A small aside, but if your baby doesn't have any special diet needs, we found the Costco brand of baby formula to be absolutely awesome. It's less than half the price per oz compared to enfamil and our 6 month old likes it just as much. That could go a long way to reducing the grocery bill if your baby eats like ours. This is good advice. Our little person didn't do well on the Costco brand - made him gassy. We went back to enfamil until I figured out the Meijer house brand was the same formulation at like a third the price, never looked back.
|
|
#
?
Aug 27, 2021 18:10
|
|
|
Our monthly budget for groceries (myself, my wife and 2 kids ages 7 and 4) is $420 per month and we very rarely go over that. We shop pretty exclusively at Aldi and shop for sales on fresh meat / produce at other stores.
|
|
#
?
Aug 28, 2021 00:32
|
|
|
$2,000 a month for two people, including groceries, restaurants and alcohol Food is our favorite experience in this life so we don't try to watch the expense
|
|
#
?
Aug 28, 2021 01:20
|
|
|
Sock The Great posted:Our monthly budget for groceries (myself, my wife and 2 kids ages 7 and 4) is $420 per month and we very rarely go over that. We shop pretty exclusively at Aldi and shop for sales on fresh meat / produce at other stores. That’s a fantastic number. Are you making the majority of your snacks/quick foods? I think by going Aldi and Costco pretty much exclusively my family could get there too.
|
|
#
?
Aug 28, 2021 02:40
|
|
|
Sock The Great posted:Our monthly budget for groceries (myself, my wife and 2 kids ages 7 and 4) is $420 per month and we very rarely go over that. We shop pretty exclusively at Aldi and shop for sales on fresh meat / produce at other stores. If you at all have the time, could you please post what is a normal weekly menu for you all? Kids/parents, breakfast/lunch/dinner/snacks.
|
|
#
?
Aug 28, 2021 03:25
|
|
|
GoGoGadgetChris posted:$2,000 a month for two people, including groceries, restaurants and alcohol Yeah we're in the 1500-2000 neighborhood for two of us. I quit drinking last year and expected my restaurant spend to go way down but now I just order more food.
|
|
#
?
Aug 28, 2021 03:49
|
|
|
Wife and I are at around $450/month for groceries and $100-150 for restaurants. The wife is currently pregnant so we've upped our grocery just a little – probably $30-50 a month so far. We also upped our restaurant takeout during the pandemic to try to help the restaurants. I have no idea how the baby (our first) will affect our budgets going forward.
|
|
#
?
Aug 28, 2021 11:30
|
|
|
drainpipe posted:Wife and I are at around $450/month for groceries and $100-150 for restaurants. The wife is currently pregnant so we've upped our grocery just a little – probably $30-50 a month so far. We also upped our restaurant takeout during the pandemic to try to help the restaurants. Depends if you’re doing disposable diapers or not and if you have a Costco around. Also depends if you’re breastfeeding or not. Breastfeeding is cheaper than formula, but it’s not for everyone. Kids start at around 10 diapers a day for the first month or so and go down from there. You’ll also go through so many loving wipes. Plus all the random things you end up randomly needing (swaddles, different sleep aid stuff, etc).
|
|
#
?
Aug 28, 2021 17:06
|
|
|
We are target people and have used their brand of diapers for two kids. It's a hundred or so a month probably, after the first few months they stop using a zillion a day. We used Similac special stuff (sensitive for #1, then non-dairy I think for #2) and that was probably $100/week. Make sure you hit up your doctor for samples. Every visit. Every time. They come with coupons. If you're breastfeeding that's obviously free (200-300 or so cals a day extra.)
|
|
#
?
Aug 28, 2021 17:38
|
|
|
nwin posted:If you at all have the time, could you please post what is a normal weekly menu for you all? Kids/parents, breakfast/lunch/dinner/snacks. Of course. I neglected to mention that my wife keeps a pretty good vegetable garden, which is supplying us with a decent amount of kale, lettuce, tomatoes, yellow squash etc. Most Sunday mornings I make a large batch of pancakes, which I refrigerate and the kids have paired with fruit for the remainder of the week. We always have standby cereal, oatmeal etc. In a pinch we always have frozen waffles / pancakes in the chest freezer. My wife and I usually only have coffee in the morning. In the summertime lunches typically consist of leftovers from the night before for myself and my wife. Kids will usually have a mini-charcuterie board (cheese cubes, sliced salami, grapes, crackers etc) and we also have chicken nuggets, Mac n cheese, other garbage kid food on occasion. For snacks we always buy whatever fruit is on sale at Aldi that week (my kids prefer strawberries, but we will get other berries if the price is better). We also keep the regular contingent of granola bars, crackers, nuts, etc. on hand at all times. We live in Connecticut so hot lunch is free for all K-12 students in most towns (not income related); this is just how most districts have chosen to spend their COVID dollars from the feds. Here are our menus from the last 2 weeks. 8/22: “Cheat” chicken parm using frozen chicken patties with angel hair pasta. 8/23: Grilled cheeseburgers, got the fresh ones from Aldi (usually we have frozen from Costco). 8/24: Baked potatoes and chili dogs. 8/25: Crispy chicken salad. Frozen chicken strips, most vegetables from the garden. 8/26: BBQ Boneless country ribs on the grill and pasta side. 8/27: BBQ chicken thighs and egg noodles. 8/28: Spaghetti, meatballs, Texas toast. 8/29: Frozen Pierogis and sausages 8/30: Breakfast for dinner (eggs, waffles, pancakes from scratch) 8/31: Grilled cheesebuergs 9/1: Chicken parm (real, no cheating) 9/2: White bean chili 9/3: Pizza babka from scratch.
|
|
#
?
Aug 30, 2021 01:53
|
|
|
My gf is trying to reduce her private student loan payments (46% of her monthly income) and it seems the provider is unwilling to reduce it further, but suggested she sell the loan to someone else, how does one do that?
|
|
#
?
Aug 30, 2021 16:42
|
|
|
By refinancing.
|
|
#
?
Aug 30, 2021 16:49
|
|
|
A fun story about how it never hurts to ask: I worked for a startup for a few years, so I had some stock options that had vested. I decided to leave in November 2020, and had 90 days to decide if I wanted to exercise my options. Buying all of the vested options would have cost me roughly a month's salary on essentially a gamble. I decided to buy half, so I filled out the form online and mailed the check to the address listed. At the end of the 90 days, I was informed that the exercise of the options was cancelled because they never received my check. I honestly wasn't too heartbroken about this (again, it was a gamble) so I just wrote it off and told the bank to not let the check cash. Fast forward 6 months, and that company gets bought by a much larger company. I take a day to kick myself over not following up on the exercise of the options, but then I came to the conclusion that I made the best decision for me at the time with the knowledge I had, and I can't consider it a bad decision based on the outcome. A couple weeks ago, I told this story to a friend while we were catching up, and he told me to email their finance and legal team and just explain that I tried to exercise the options and see what they say. I was so sure that they would say "too bad", but it took me 3 minutes to write an email just laying out the facts, so I sent it. I got an auto-response that the person was on vacation, which solidified in my mind that I would likely not hear anything. Well, it turns out that they sent a formal letter saying that while they cannot convert my options to the new company, they can give me the difference in value! I'm blown away that it was that easy, so instead of having nothing, I got a nice unexpected bonus.
|
|
#
?
Sep 10, 2021 20:49
|
|
|
ObsidianBeast posted:A fun story about how it never hurts to ask: Come on, you can't leave us hanging....how much was it?
|
|
#
?
Sep 11, 2021 00:55
|
|
|
Omne posted:Come on, you can't leave us hanging....how much was it? $26k. I was considering not saying the amount, but gently caress it. I think it's important for people to know what to expect from being an employee at acquired startups. It's a fantastic amount for me, and I'm giddy with excitement about what we can do with that money, but I think there's a perception that it's "retire now" kind of money. That's only for founders or investors.
|
|
#
?
Sep 11, 2021 01:09
|
|
|
That is pretty eye-opening... I thought those kinds options were one of the main reasons people work for and put so many hours in at startups. edit: covid-permitting I would also recommend taking that friend out to a nice dinner
|
|
#
?
Sep 11, 2021 01:31
|
|
|
zmcnulty posted:That is pretty eye-opening... I thought those kinds options were one of the main reasons people work for and put so many hours in at startups. Yeah, it's why I always advise people looking at joining startups that you should always make sure to get a good salary, and the options are worth exactly $0 until they're potentially worth a nice bonus. It was my fourth startup that I was a part of, and the only one that has actually paid off from an exit. I like the startup world more from the "small company that I can do a variety of things at" angle when compared to larger, established companies. And you are absolutely correct, that friend is getting a VERY nice thank-you gift with part of that money.
|
|
#
?
Sep 11, 2021 01:41
|
|
|
That's mind blowing that they aren't writing you off. Congratulations!
|
|
#
?
Sep 11, 2021 01:41
|
|
|
|
| # ? May 18, 2024 07:39 |
|
|
ObsidianBeast posted:$26k. I was considering not saying the amount, but gently caress it. I think it's important for people to know what to expect from being an employee at acquired startups. It's a fantastic amount for me, and I'm giddy with excitement about what we can do with that money, but I think there's a perception that it's "retire now" kind of money. That's only for founders or investors. Hey, so long as Options Payout > (3/60)xHourly Rate, it was worth it. I'm on my second startup (both "de-risked" as they say). At the first one, after they raised Series B, they opted to not give out any options to anyone under VP-level. They did, however, let us purchase stock, up to a certain amount. I did $5k, walked away with $19k after taxes when the company was acquired a year later. And then I got a $50k deal bonus on top of it, which blew my mind. Newly-formed company post-acquisition also made the brilliant decision to offer zero equity to people (except some hush-hush options to a few people; I had options tentatively worth low six figures, but I also felt they would never pay out). The only people I've seen get "gently caress you, I'm retiring" money have been the founders and the growth equity companies that invest. Everyone else, maybe you can buy a car with it
|
|
#
?
Sep 12, 2021 22:58
|
|