Figure this is the best use of my first real blog post, to give an idea of where I am at right now. Not very happy about it, but accountability is part of the reason I am doing this.
Money In:
Salary: $50,000 a year
Side Work: Between $ 150 and $350 a week
Total: Average of $2,500 a month ( after taxes and 401k contribution)
Money Out:
Rent: $550
Car/Insurance: $530
Student Loan: $170
Groceries:$200
Phone/Utilities:$150
Entertainment:$200
Gas/Upkeep: $150
Total: $1950 ( higher this month due to holidays)
Accounts:
Checking: $650 ( Most bills already paid this month, outside car, and still have one more check coming)
Savings 1: $1,245 ( Not great, but considering it only had about $200 a little over a month ago, I am happy with this)
Savings 2: $72 ( This is just a 52 week challenge account that will be used as additional EF, and hopefully can turn into a vacation fund one day)
401k: $9,987 ( This is the most embarrassing to me. I have been employed basically since 2003 ( outside of 2007 through 2009 when i went back to school), but either contributed the bare minimum or never even signed up in past. I now contribute 12 %)
I am sure there are things I left out, but this is basically where I am now, and back as recently as October I was spending over $700 on food alone, so I am trying to clean budget up. If there is anything I should add, or suggestions in general, please let me know.
(P.S. - Because someone asked earlier, I am not married yet, but am in a fairly new but serious relationship ( she is actually very good with saving, and part of the reason I saw the need to change) so some of food costs include 2 people
Where I am, The Beginning
December 9th, 2014 at 12:51 pm
December 9th, 2014 at 01:29 pm 1418131778
December 9th, 2014 at 01:35 pm 1418132149
December 9th, 2014 at 01:39 pm 1418132381
December 9th, 2014 at 01:48 pm 1418132889
December 9th, 2014 at 02:26 pm 1418135189
December 9th, 2014 at 02:27 pm 1418135229
December 9th, 2014 at 03:47 pm 1418140034
December 9th, 2014 at 04:32 pm 1418142732
Also...no credit card debt!
How much do you owe on your student loans?
Best of luck to you with your new relationship. And she is good with saving! I like her already.
December 9th, 2014 at 05:04 pm 1418144648
December 9th, 2014 at 05:23 pm 1418145809
Since you do 'side-work' it's critical to set aside the sum that will be due in taxes each and every pay. You are entitled to have a self employed retirement plan, from that income which reduces the tax bite. If you often have a major tax rebate most years, it's a good idea to make a plan for those sums. How do you currently handle irregular bills like vehicle tabs, maintenance as suggested in the manual, medical/dental co pays, clothes, personal grooming, electronic updates/new toys etc?
sorry, so many questions but we truly wish to be helpful
December 9th, 2014 at 06:02 pm 1418148129
December 10th, 2014 at 03:32 am 1418182340
Since you don't have credit card debt and it sounds like your student loans are in good standing, why not consider paying above your car payment? 2 years may not seem long, but being done with payments might mean you can reduce your insurance coverages and save some money. This of course depends on the age/value of the vehicle.
Regarding your cell phone, if you haven't already, shop around for a better deal. There are so many unlimited talk/text plans out there and if you have internet at home/work there's no need to pay for it on your phone. Don't be suckered in by the latest "smart" phone either, you can be plenty happy with a "dumb" phone =)
And more just me being nosy..... when you say you used to spend over $700 a month on food were you including dates? I wonder because my guy friends all swear men spend more on dating, while my gal pals and I beg to differ.
December 10th, 2014 at 11:43 am 1418211787
December 10th, 2014 at 07:51 pm 1418241094
December 20th, 2014 at 05:13 pm 1419095587
What is the interest rate on your student loans?
January 5th, 2015 at 12:22 am 1420417361