Hi everyone. Will be moving for a job to a HCOL area in the USA (SF Bay Area). Currently living in Europe.
I'm trying to make sense of the cost of living there (had only a few brief months there as a tourist, so hard to figure out whether my spending estimates are correct). All estimates are for two people. "Provisions" mean a monthly allocation to a budget line.
Budget (screenshot of a spreadsheet) here: My budget
Am I missing some important expense categories or underestimating the cost of living in any one of them? Will be thankful to anyone who can shed some light whether my plan is feasible or not.
I do expect an increase in the salary and bonus going forward, but would like to maintain cost of living at a similar level to maximize savings.
A few notes:
- Will rely on one person's salary for at least two years. Goal to fully survive on salary alone, bonus goes to savings.
- We're relatively thrifty (do not have high quality requirements for clothing, furniture, car, bike etc.)
- Plan is to purchase a car (van) outright out from cash savings (already accrued). Daily commute - bikes.
- Entertainment mostly includes dining & drinking out (no more than 4 p.m.), the occasional theater / cinema / concert visit (no more than 1 p.m.).
- Work in office, but plan to have 80% of meals made from home
- My health insurance is covered by the employer, will have to purchase one for spouse.
- Plan for kids within ~2 years. No plan to buy a home. All savings go toward retirement / moving to a LCOL area within a decade.
- Expect salary & bonus growth annually. Other comp. is stock based (not tech) and not included towards any calculations.
- Own an apartment abroad (passive rental income) and currently ~22k currently saved in an index fund. Bonus (if any) & passive income will go to savings.
original posted by Feisty-Okra to r/personalfinance on Tue, 27 Feb 2024 13:00:37 GMT.