re: Break it down - your finances

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With all things said, would still like to try and budget some if I can figure out a good system.

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I have a great system!

What I do is I have $6000 deposited in my checking account each month. I have a $2000 buffer in place.

If I spend more than $6k in a month, and eat into the buffer, then I cut back on spending the next month. If I spend less than $6k, it rolls over to the month. If I need to take something out of savings to cover an expense, I take it out but always repay it.

I don't care what I spend my money on as long as I keep to $6k a month. I normally come in under well under the $6k.

Its a no hassle way to do it. Luckily I have a very pliant wife in the matter. I can see some wives not being able to say - well we can't go out to eat this week b.c we went out too much last year.

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Baton rouge median household income is around 48K. TD doesn't attract poor families.

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That is actually lower than national median income.

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I don't care what I spend my money on as long as I keep to $6k a month. I normally come in under well under the $6k.

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I guess I have a similar system. Not even sure inwiuld call it a system for say though. I make a grand a month at my second job and that is pretty much my savings or activity money. Like we are going scuba diving this month and I will use that money. But on months with no extra big savings that gets put into savings. And if our checking account has anymore in it than a grand on the 1st thats extra and it goes to savings as well. I like to have a grand in our account on the first of every month. Lets me know how much extra we usually spent.

Took me two years of working before I got in a position to make that.

I'm just glad I took time after high school to figure out what I wanted to do first before having to spend all this money on school.

The horror stories I see on here when it comes to student loans scare the shite out of me.

32, married, 2 kids

Variable monthly income averages around $25,000-35,000 (I hold back 40% in a savings account to pay quarterly estimates to the IRS)

401k maxed each month / a few hundred also for health insurance pre tax

$600 disability insurance

$200 term life ($2 million, $500k) for myself and wife

$400 conversion per month of term to cash value life insurance

$400 college fund

$1900 mortgage / $160 HOA / ~$200 property tax & insurance

$1200 on 2 vehicles and insurance (one lease, one financed)

$300-700 utilities

$150 cell phone

$150 DirecTV

$1200 student loans

$500 CC

$350 consolidated debt loan

$478 private school tuition (disappears next year, my daughter is going to public school)

What's the opinion on converting term to cash value life insurance? I'm with Northwestern Mutual.

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I think there are a lot of engineers in this type of thread. And with LSU being on the gulf coast, a lot are in the O&G business. I won't give a breakdown of what I make compared to my wife, etc. but I'll tell you that I started out at 62k out of school, and after my training period, got a raise to ~75k. Got two more promotions to eventually put me over the 100k mark (a lot of turn around due to age and increased business. I took on some very stressful roles that came with higher price tags). In the past 6 months, I got a promotion to a sales job with a raise and a car allowance that was a significant increase in pay to me. My wife has her MBA and doesn't do too shabby. We clear the 150 mark very easily without even thinking about my stock options and bonuses. It's rare and I'm lucky (although I feel I work hard), but it's certainly not unattainable.

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24 and single.
Gross - $5,600/month

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68k a year at 24. You doing good son

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36k still in school shouldnt be something that's scoffed at.

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And he said net. So with healthcare, taxes, retirement etc taken out he is making about 50k a year gross.......... Some of the net numbers in this thread are what I feel may be off

Early in your career, people are getting 5-10% raises annually and promotions every 2-3 years when they get between 15-25%. Most also get some kind of bonus (typically small, but still something) if they work in a white collar environment.