Yahoo Finance Actor Freddie Smith Shares $7,100 Living Expenses On TikTok, Commenters Say 'Way Too Much'
Days Of Our Lives actor Freddie Smith shares his monthly expenses as an Orlando, Florida resident, which total around $7,100 per month. Commenters on his TikTok video almost unanimously agree that this is way too much.
Don't Miss:
Are you rich? Here’s what Americans think you need to be considered wealthy.
Boomers and Gen Z agree they need a salary of around $125,000 a year to be happy, but millennials say they need how much?
Before judging that amount for yourself, let's see what Smith had to say and how these expenses breakdown.
"With the cost of living being so high, millennials get a lot of crap for overspending," Smith states. "So I figured, being a millennial of 35 and my wife being 35, I want to go over what our bills are, and you can let me know if we’re overspending or if we’re kind of right in the pocket."
He then breaks down their monthly living expenses by category.
The most expensive is their house, at $3,300 per month. Smith says it's "nothing fancy," just a 1600-1700 square foot house with three bedrooms and two bathrooms.
They spend $1,200 per month on groceries. Smith estimates they spend about $90 every three days. That also includes household supplies like paper towels, soaps, and food for their dog.
Their car payments are around $850 per month for two leased 2023 Volkswagens, to which Smith says, "I don’t think is too shabby, I think we got a great deal."
Next, their accumulation of debts runs about $574 per month; however, he didn't explain what these debts are.
Trending: Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average?
Their monthly personal care budget is $350. This includes the cost of his wife's hair, nails, and eyebrows, plus his own monthly haircuts.
They spend $200 on car insurance, $200 on grooming and medicines for their 15-year-old Shih Tzu, $173 monthly on cellphones, $150 on gas, and $80 on subscription services.
All of that totals around $7,100; however, Smith explains there are still other costs that bring this total closer to $8,000.
"That doesn’t include date nights, savings, investing, dues that we owe, or accountant or gifts or weddings or anything like that," Smith says. "So, technically it’s about $8,000 that we need, and then everything over that we put into savings and investing."
Many people took to Smith's TikTok video, saying they don't know how he and his wife spend so much. Some of the top comments include, "I cannot comprehend how to spend $1,200 on groceries for two people in a month," and, "$350 for personal care is excessive." One commenter even said their take-home pay is roughly the same as Smith's house payment.
According to a Forbes study, the average monthly living expenses for a family of two in 2022 were $6,372. When accounting for 6.5% inflation in 2022, 3.4% in 2023, and 3.4% in 2024, that average would rise to $7,255. So, maybe Smith's cost of living isn't the wealthy lifestyle that so many seem to think it is.
What do you think? Is $7,100 too much to spend each month on basic living expenses?
As you consider your cost of living and where your money goes each month, remember that a financial advisor can help you regain control of your finances to ensure your financial future and start making your money work for you.
Read Next:
The average American couple has saved this much money for retirement — How do you compare?
Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Actor Freddie Smith Shares $7,100 Living Expenses On TikTok, Commenters Say 'Way Too Much' originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
