Thanks for your kind words. Well, after paying off the mortgage, we will save some more to buy a grand piano (our lifelong dream).
After that, everything will go into saving/investing for college/retirement. My husband loves his job so he won't retire but I'd like to learn enough about dividend investing so that the dividend will cover our spending.
The thing is we are happy without spending now. So, aside from the sense of security, our lifestyle won't change at all. We like to travel a bit more in the future.
Anyway, our monthly budget looks like this:
I'm nothing compared with the master Jacob but here it is.
Mortgage (plus escrow tax): $1139.31 - new amount starting march 2012
Gas: $110 (our winter lasts for 5-6 months! BRRRRR)
Internet: $80 (includes hosting etc. my husband's work needs)
My cell: $7.25, my husband's: provided by work for free
Insurance: $125 (2 auto, 2 life, 1 homeowner - I should get rid of my life but my hubby against just in case!)
Adult clothes/kids clothes: $0 My mother in law buys my kids' cloths or I exchange handmedowns with my friends
Toiletries: $30 (diapers and wipes) - I'm toilet-training my child this month
Kids education: $90 or less
Adults education: $90
Gifts/others: $150 or less (repair, gifts, postages etc)
*budgeted for $150 but usually really low - we take kids to zoo and science museum where I have annual memberships ($50/year or so) or parks or playdates between friends
*includes my latte trips
Restaurant: $30 when I have PMS!
Medicals are free by my husband's work.
We pay copay with FSA.
We don't smoke, drink (maybe a few times during holidays) or drink soda.
When car/house breaks, my husband fixes it for me :-)
No cable, books/movies from the library.