OK, so I will be starting my first full time job in about 5 months, and I will be making $40,000 dollars per years. What do you think of this budget? What am I missing?
Gross Monthly $3,333.34
Fed Income Tax ($350.50)
State Income Tax ($134.00)
Social Security ($194.26)
Medicare ($45.44)
Health Insurance ($52.00)
Dental Insurance ($25.00)
Vision Insurance ($7.82)
401(k) (6%) ($200.00)
Net Monthly $2,324.32
Expenses:
Rent/Mortgage ($550.00)
Utilities ($70.00)
Cable/Internet ($65.00)
Cell Phone ($50.00)
Food ($250.00)
Car Payment ($115.00)
Gas ($100.00)
Spending Money ($160.00)
Remaining for Savings$964.32
My biggest short term goal is to save for my own house. I currently have about 18,000 already saved up for that.
2007-02-07 16:56:06 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I think you are shorting your plan on utilities and vehicle fuel, also, I don't know where you live, but 550 for a mortgage or rent is pretty cheap. The car payment might be a little low, unless that is your current payment and you are content with your vehicle. You better allow more for spending money...
You are missing clothing (new job, promotions, events), life insurance, IRA funding (401(k) and Soc. Sec. will not be enough), vehicle repairs, maintenance, tires etc., home-owner assoc./condo fees, home improvements, unreimbursed medical expenses (co-pays etc. ), vehicle insurance, existing debt (student loan or credit card), haircuts etc.
I am not trying to burst your bubble, but these thing are the items that have popped up in our life recently, that were not planned on 3 years ago. It is good that you are thinking like this though. Keep up the good work.
2007-02-07 17:13:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Spending money, 401k, utilities and car payment seem low to me. Car insurance missing, renters insurance missing.
Are you sure about the health insurance? Did HR tell you that's what you'd pay? If your teeth are in good condition, you might want to dump the dental, dental insurance doesn't usually cover much.
2007-02-08 00:40:38 · answer #2 · answered by Quixotic 3 · 0⤊ 0⤋
I think you're missing a few things. Auto & renters/homeowners insurance, real estate tax, personal property tax on the auto, etc. Your utility bill seems a bit low, based on current rates.
I have a budget in Excel that I'm willing to email to you for reference. Just let me know if you'd like a copy!
2007-02-08 00:16:01 · answer #3 · answered by boo's mom 6 · 0⤊ 0⤋
You are missing car insurance and entertainment. $160 a month is not a lot of spending money, especially if entertainment is included.
Also, your utilities and food look extremely low. Do you have a home phone or are you cell only?
2007-02-07 17:37:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
<>You have thought things out pretty well. I think you might want reconsider, or leave more flexibility for, utilities which have a sneaky way of increasing on you. You seem rather conservative on the cell phone...or are really that careful? Your car payment is low...that's very good. You might want to be a little more generous in your "spending" money...otherwise you might have a tendancy to cheat if you have a heay date! :) And deifinitely put a little something aside for "emergencies." Most important of all- stay on your budget if you can and you WILL get ahead! Good luck (and good question!).
2007-02-07 17:03:29 · answer #5 · answered by druid 7 · 1⤊ 2⤋
First, you should position in writing the month-to-month earning. Secondly, write all the utilities fee from renting, groceries, gas, charge playing cards, telephone, motor vehicle coverage, etc... in case you do not have the funds for for the lease, you'll discover someplace less extreme priced and safer. get collectively: you're making $2000 in line with month lease: $375 gas: $one hundred twenty cellular: $50 Groceries: $three hundred information superhighway&Cable: $25 gas&electric powered: $one hundred motor vehicle (oil change, air clear out, motor vehicle wash, coverage): $50 -- complete: $1020 Left on your pocket: $980 Am I lacking something? :-)
2016-11-26 01:45:37 · answer #6 · answered by bertao 3 · 0⤊ 0⤋
Looks pretty good! Are you sure that your gas/power/water is only $70? What about an emergency fund for car repairs or medical bills?
2007-02-07 17:00:34 · answer #7 · answered by Roger B 2 · 3⤊ 0⤋
Seems like your on the right track, no you dont seem to be missing anything. Its great that you have short term goals. You are wise with your money.
2007-02-07 17:03:19 · answer #8 · answered by . 6 · 1⤊ 0⤋
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2007-02-07 18:06:23 · answer #9 · answered by dottygoatbeagle 3 · 0⤊ 0⤋