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Monthly income vs expenditures
Posted on 8/19/24 at 8:39 am
Posted on 8/19/24 at 8:39 am
After accounting for all expenditures, on average, how much extra money do you guys typically have a month and how much of that do you invest? What is considered paycheck to paycheck?
54
Posted on 8/19/24 at 8:40 am to RandySavage
$350
Posted on 8/19/24 at 8:42 am to RandySavage
A lot less than I had 4 years ago.
Posted on 8/19/24 at 8:46 am to RandySavage
Around $1000 a month to mainly just put it into savings. (Probably not the best thing to do with it. )
Lot's of things I can't afford but don't consider myself as anywhere close to living paycheck to paycheck.
Lot's of things I can't afford but don't consider myself as anywhere close to living paycheck to paycheck.
Posted on 8/19/24 at 8:46 am to RandySavage
quote:
how much of that do you invest
Used to drop $100 a week (50 Savings/50 IRA), now I "invest" a monthly amount to my ex-wife. Investing is on hold for the next 5+ years.
This post was edited on 8/19/24 at 9:06 am
Posted on 8/19/24 at 8:47 am to RandySavage
Technically I'm paycheck to paycheck, but that's only because I'm trying to cut a 15 year mortgage down to 11 so that I can retire at 54. I've run the retirement numbers. After taxes and insurance, I'll be able to cover my basic expenses with 1/3 of my take-home with 2/3 being discretionary to travel on.
Posted on 8/19/24 at 8:47 am to RandySavage
$1,000.00 for all extras including entertainment , eating out, blah blah blah
Sounds ok but when you divide it by 4 it's not hard to spend $250.00 per weekend.
We ate at Olive Garden yesterday (3 people) + tip $72.00
Sounds ok but when you divide it by 4 it's not hard to spend $250.00 per weekend.
We ate at Olive Garden yesterday (3 people) + tip $72.00
Posted on 8/19/24 at 8:47 am to Shexter
I can usually kick between $500-$1000 month to savings. Wish I could do more but it’s rough out here
Posted on 8/19/24 at 8:50 am to RandySavage
I'm an OT poor, so I generally keep about 18 hundred to 2 thousand dollars in my checking acct at all times. That's after bills, daily expenses, groceries and all that other shite.
At times the stars align wrong though and a bunch of bills might be due all at once. When that happens, my checking acct can go as low as a thousand by the time my next pay check is deposited. A couple of months ago, it actually went as low as 600 dollars but that's really uncommon.
At times the stars align wrong though and a bunch of bills might be due all at once. When that happens, my checking acct can go as low as a thousand by the time my next pay check is deposited. A couple of months ago, it actually went as low as 600 dollars but that's really uncommon.
This post was edited on 8/19/24 at 8:53 am
Posted on 8/19/24 at 8:50 am to RandySavage
Tough to say. My wife and I both get paid biweekly and on alternating weeks. The way we budget is "paycheck to paycheck" but not really.
We have all expenses and incomes in an excel, track what is coming for the week. Whatever is left after all bills are paid and an average of expenses for the week is kept goes into savings.
Some months we save 1k, some months we save 3k. Depends on how expenses line up.
We have all expenses and incomes in an excel, track what is coming for the week. Whatever is left after all bills are paid and an average of expenses for the week is kept goes into savings.
Some months we save 1k, some months we save 3k. Depends on how expenses line up.
Posted on 8/19/24 at 8:52 am to RandySavage
I am currently saving (including 401k contribution) 54% of my gross. However I’ll be a moving soon and that number will certainly decrease. Hoping to keep it around 33%. I am not a baller (gross 135k) just live simple and minimal expenses.
Think my woman (not married, maybe in the future) has a good head on her shoulders (good head in bedroom too). Sure, she likes to splurge a little here and there but she is money conscious.
Think my woman (not married, maybe in the future) has a good head on her shoulders (good head in bedroom too). Sure, she likes to splurge a little here and there but she is money conscious.
This post was edited on 8/19/24 at 10:18 am
Posted on 8/19/24 at 8:52 am to RandySavage
quote:
After accounting for all expenditures, on average, how much extra money do you guys typically have a month and how much of that do you invest? What is considered paycheck to paycheck?
Without getting into specifics, just wanted to point out that you HAVE to flip this mentality. Should not ask how much do I have leftover to save/invest for the future after I spend the money on stuff I need (want?) now. Should ask how much do I have leftover to spend now after I save/invest what I need for the future.
Save first (straight from your paycheck via 401k contribution, HSA contribution, straight to a brokerage account, straight to extra premium on mortgage, savings account, whatever fits your investment strategy goals) and THEN ask your self how much money you have leftover to cover your expenditures and fit your lifestyle, expenditures, budget based on that amount. Obviously you have to be realistic and make adjustments, but it's more about the discipline and mindset which will help you change your habits.
I know that may sound naive, privileged, ivory tower, but that mentality is consistent among those who find a way to get ahead and retire some day. Even if the amount isn't huge, the mentality of paying your future self the FIRST part of every paycheck rather than the LAST part of every paycheck can change everything.
Posted on 8/19/24 at 8:53 am to RandySavage
$1,050 a month goes to investments. Thats an exact amount every month
Roughly $1,000 give or take goes to savings a month for future vacations and such. But if I have a big vacation planned for the upcoming year, this number can easily be $2,000 a month simply cutting out eating out, spending, etc
Roughly $1,000 give or take goes to savings a month for future vacations and such. But if I have a big vacation planned for the upcoming year, this number can easily be $2,000 a month simply cutting out eating out, spending, etc
This post was edited on 8/19/24 at 8:56 am
Posted on 8/19/24 at 8:56 am to Pizza Dan
Then you are doing it wrong.
Posted on 8/19/24 at 8:58 am to Pizza Dan
quote:
A lot less than I had 4 years ago.
Feels like groceries tripled in cost within a short period of time.
Posted on 8/19/24 at 9:04 am to RandySavage
quote:
After accounting for all expenditures, on average, how much extra money do you guys typically have a month and how much of that do you invest? What is considered paycheck to paycheck?
I’m terrible at investing. I’ve got $700 a month coming out to back door my Roth IRA but other than my wife and I putting into our 401k’s we just put the extra into a high yield savings account.
Posted on 8/19/24 at 9:06 am to RandySavage
quote:
how much extra money do you guys typically have a month
Extra, in this economy?
Posted on 8/19/24 at 9:08 am to LNCHBOX
Around 4200.
Posted on 8/19/24 at 9:17 am to RandySavage
I max out HSA and retirement account contributions, and about half of what’s left gets redirected into a brokerage account. My wife’s money gets spent on all the stupid shite it takes to keep a 40 year old attractive and a never ending cycle of decorating and redecorating.
This post was edited on 8/19/24 at 9:18 am
Posted on 8/19/24 at 9:18 am to RandySavage
4-5k. About half to general savings/investments, the other half to 401k.
All of this comes out of my paycheck at payday.
All of this comes out of my paycheck at payday.
This post was edited on 8/19/24 at 9:19 am
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