Income $110000
Mortgage $500000, yearly payment $37k
SS tax $7k
Fed tax $12k
State tax $5k
Property tax $7k
Insurance and utilities $4k
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Now you have $38k
Less:
Health $2k
Car depreciation $5k(2 cars)
---------------------------
$31k
Low budget living expenses
Food $10k
Education $5k
Transportation $2k
Household expenses $6k
Everybody who has 3 kids must know that this is realy bare-bone budget. No travel, no fancy birthday parties for kids.
--------------------------------
Now you still have:
$8k
What if I underestimated the taxes?
Well, then you will be really living check by check.