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JonaYolles
Member since Feb 2015
315 posts

Break it down - your finances
27 years old, single

Net - $4000/month
Rent/Utilities - $1100
Savings (rainy day fund) - $440
Car w/ full coverage as stated - $420
Bills (phone, CC, etc) - $500
Grocery, Gas and Fun - $1000 (rough estimate)

Remaining money goes to retirement (about $500/month so about 12.5%)

I know it needs some improving, but being single, I'm not too stressed out. I'll start putting more towards retirement when the car is paid off, and once my rainy day fund reaches $10k, I'm gonna bring that down to $200/month, and add $240 to retirement.


seawolf06
LSU Fan
Raleigh, NC
Member since Oct 2007
6972 posts

re: Break it down - your finances
quote:

Grocery, Gas and Fun - $1000 (rough estimate)


Try to get that down to $500 per month. Compound interest, my friend.


JonaYolles
Member since Feb 2015
315 posts

re: Break it down - your finances
quote:

Try to get that down to $500 per month. Compound interest, my friend.


Looking at my Mint acct, I think it may be a bit hard to get it all the way down to $500. Could probably get it down to about $700.

Gas averages $150/month, Grocery about $300/month, the rest is fun money which is where I would cut. I'd say about $100/week would seem reasonable to cut down to. Dates and whatnot. That's $750 without really tightening too much.


swanny297
LSU Fan
NELA
Member since Oct 2013
2106 posts

re: Break it down - your finances
quote:

Bills (phone, CC, etc) - $500


Use some of your rainy day money to pay off your debt...


DirtyMikeandtheBoys
LSU Fan
Member since May 2011
18352 posts

re: Break it down - your finances

This post was edited on 4/27 at 1:26 pm


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Oenophile Brah
LSU Fan
The Edge of Sanity
Member since Jan 2013
7415 posts

re: Break it down - your finances
Do you have a 401k? Is that part of the $500?


JonaYolles
Member since Feb 2015
315 posts

re: Break it down - your finances
I have a solo 401k (self-employed) - which is why the amount contributed may vary month to month. And the $500 goes into there (max is 18k for 2015)
This post was edited on 4/27 at 1:26 pm


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Tigerfan56
LSU Fan
Member since May 2010
7876 posts

re: Break it down - your finances
I'm always interested to see what others are doing as well and what I need to work on.

25, single

$2800/month after taxes
650 rent
395 for monthly bills
458 to Roth IRA
320 for groceries
160 for gas
300 for misc./fun
+400 rent from GF

Leaves about 900-1000 going to savings each month.


Croacka
Chicago Cubs Fan
Denham Springs
Member since Dec 2008
60992 posts

re: Break it down - your finances
32, married with 2 kids, so I'll combine numbers

Income = 9,500 net
car notes/insurance/gas = 1,950
Mortgage + utilities = 2,100
Daycare = 650 (dropping this in a few months)
Groceries = 500
Eating out = 350
Savings = 1200 minimum plus any leftovers
401K = 750 plus company match
IRA = max at end of year usually
Wife has state retirement benefits but I have also started her a roth


Our vehicles are expensive and we eat out too much which really needs to change if we want to save more.

We have the goal of building/buying a new house in the next 3 years.



TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
18384 posts

re: Break it down - your finances
These threads always make me realize my spending on food and entertainment is ridiculously high. I budget $750 for each and I rarely fall below that. I am young and single, but if I could get my spending on those in line, I would be swimming in cash. My main goal is to not run out of cash between annual bonuses.


Croacka
Chicago Cubs Fan
Denham Springs
Member since Dec 2008
60992 posts

re: Break it down - your finances
I know the feel

I listen to Dave Ramsey and get really jealous of the debt free/paid off mortgage callers but then I realize how miserable they probably lived for several years and it turns me off.

I've made some small changes to improve things but I'll never get that frugal.


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Jcorye1
Detroit Mercy Fan
Tom Brady = GoAT
Member since Dec 2007
55749 posts
 Online 

re: Break it down - your finances
You're pretty much where I'm at in life.

26

~3,000 Income per month after taxes
620.00 Rent
100.00 CPA Course
105.00 Student Loans
135.00 Cell Phone
20.00 Gym
15.00 GoogleMusic/Evernote
55.00 A Week to my car
50.00 A Week to my Roth.
~320.00 A Month to LASERS
~100.00 Gas (more but paid by expense account)
~50.00 Per Month for Animals
~300.00 Per Month for food.
~139.00 For Insurance, I will be shopping around soon.

The rest collects in my savings account as a rainy day fund.

This post was edited on 4/27 at 2:33 pm


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JonaYolles
Member since Feb 2015
315 posts

re: Break it down - your finances
quote:

Use some of your rainy day money to pay off your debt...


My debt really isn't that much (CC)

I'm thinking phone bill, netflix, two CC payments (about $100 each which is about 3 times the minimum) and other smaller bills (Xbox live, etc)


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SouthOfSouth
LSU Fan
Baton Rouge
Member since Jun 2008
43203 posts

re: Break it down - your finances
quote:

These threads always make me realize my spending on food and entertainment is ridiculously high. I budget $750 for each and I rarely fall below that. I am young and single, but if I could get my spending on those in line, I would be swimming in cash. My main goal is to not run out of cash between annual bonuses.


Yep. This thread got me looking at my credit card statements last 4 months... Have been 1500+ in three of the 4 months... (doesn't include regular bills)

Still saving a lot of money, but I have certainly spent more money than necessary. Alot of traveling lately and new(ish) GF costs $$$.
This post was edited on 4/27 at 2:47 pm


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geauxbears08
LSU Fan
Houston, TX
Member since Jun 2011
169 posts

re: Break it down - your finances
28 years old, divorced

Yes, I know I track this stuff with way too much detail, so tl;dr whatever. I always look at things as a fraction of gross income, since taxes are usually your largest expense and should be managed accordingly.

Monthly:
Gross - $12400
All taxes (Fed, FICA, Property) - $3600
All insurance (Health, dental, vision, disability, home, car) - $600
Mortgage - $1700
401k, Backdoor Roth IRA, HSA - $2200
Non-tax advantaged investing (ESPP, Brokerage) - $1000
Travel fund - $500
Bills & Utilities - $500
Groceries/restaurants - $700
Gas, Tolls - $200
Drinking/entertainment/gambling/dating- $800
Other miscellaneous - $600 (but has a bad habit of ending up in the previous category)

quote:

once my rainy day fund reaches $10k


I know a lot of people keep a large amount in a "rainy day fund" which is a good thing. But I hate pocketing 88 cents of interest every month when that money could be better invested. So I only keep about $3K in cash and invest the rest. I can't imagine a scenario where I would need more than $3K without at least a week's notice.


Jcorye1
Detroit Mercy Fan
Tom Brady = GoAT
Member since Dec 2007
55749 posts
 Online 

re: Break it down - your finances
quote:

These threads always make me realize my spending on food and entertainment is ridiculously high. I budget $750 for each and I rarely fall below that. I am young and single, but if I could get my spending on those in line, I would be swimming in cash. My main goal is to not run out of cash between annual bonuses.



Mine fluctuates wildly. Some months I blow a ton on entertainment and various other expenses, other months I really don't even spend money.

I'm buying a kayak next month, but I haven't done shite this month.


DownSouthDave
USA Fan
Christiansted
Member since Jan 2013
6696 posts

re: Break it down - your finances
Hobie ftw.


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Teddy Ruxpin
LSU Fan
TX
Member since Oct 2006
33693 posts

re: Break it down - your finances
quote:

These threads always make me realize my spending on food and entertainment is ridiculously high. I budget $750 for each and I rarely fall below that. I am young and single, but if I could get my spending on those in line, I would be swimming in cash. My main goal is to not run out of cash between annual bonuses.



Ya, I budget $700 for groceries and $400 for eating out for 2 people.

How this poster above is at $500 for 2 people and 2 kids is beyond me

I will say "Groceries" can be a bit loose. I count anything I buy there, which includes pet food or maybe the random thing that isn't "food" that I may pick up, but its 98% food.
This post was edited on 4/27 at 3:04 pm


anc
Member since Nov 2012
12521 posts

re: Break it down - your finances
39, married with two kids

Income: $9300 net
Mortgage: $1655
Electricity: $132
Gas: $59
Cable/Internet: $110 (I splurge, I know)
Groceries: $528 rolling 6 month average
Dining Out: $290 rolling 6 month average
Household: $89 rolling 6 month average
401k: $750 plus company match
IRA: $916.67
Vacation Fund: $300
Christmas Club: $100
Brokerage Account: $2500
College fund: $500
Blow Account: $620 (eating out lunches, miscellany purchases)
Slush Fund: $750

Compound Interest is the greatest power on earth. On about a $130k combined income, we should retire well into 8 figures just by not doing stupid shite.


BoogaBear
LSU Fan
Member since Jul 2013
2984 posts

re: Break it down - your finances
Our finances are so out of whack right now I want to just put it out there to laugh.

Building a house, sold our other house already.

Monthly - 10,500
Pay MIL to live with her - 750
Car payments - 945
Student loans - 500
Cell - 170
Auto ins - 90
Storage unit - 180
Gas & Groceries - 600-800
Savings - 3,000

Every decision we make right now is about getting the down payment squared away on the house being built. It's a weird scenario and it's been driving me insane with all the 1 time costs of selling, buying, building, living with MIL.


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