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I am not struggling but it feels like I have nothing straight after I get paid. I am 30 years old, how am I financially doing? Your thoughts and suggestion on what changes I should be making is greatly appreciated.
Income after tax fortnightly:
Work Salary: $1,830
3 Boarders living at my house they bring in: $740
Total Income monthly: $5,140
Outgoings:
Mortgage repayments monthly $2,900 (I still owe $343,000, the house is valued at $515,000)
House hold expenses (house insurance, cable tv, phone/net,power and water etc..) $600 monthly
Personal expenses (food,petrol, entertainment, clothes etc…) $960 monthly
Total outgoing monthly: $4,460 SURPLUS of $680 per month.
I am not struggling but it feels like I have nothing straight after I get paid. I am 30 years old, how am I financially doing? Your thoughts and suggestion on what changes I should be making is greatly appreciated.
Income after tax fortnightly:
Work Salary: $1,830
3 Boarders living at my house they bring in: $740
Total Income monthly: $5,140
Outgoings:
Mortgage repayments monthly $2,900 (I still owe $343,000, the house is valued at $515,000)
House hold expenses (house insurance, cable tv, phone/net,power and water etc..) $600 monthly
Personal expenses (food,petrol, entertainment, clothes etc…) $960 monthly
Total outgoing monthly: $4,460 SURPLUS of $680 per month.
$740 is fornightly income from boarders and i make $1830 fornightly = $5,140
740+740+1830+1830= $5,140
that's a new term to me anyway...
fort·night·ly
ˈfôrtˌnītlē
BRITISH
adjective
1. happening or produced every two weeks.
"a fortnightly bulletin"
adverb
1. every two weeks.
"evening classes will run fortnightly"
you should rerun your numbers using monthly averages to help gauge your position. Those 3 paycheck months can change things if you plan for them. GLTY.
I am not struggling but it feels like I have nothing straight after I get paid. I am 30 years old, how am I financially doing? Your thoughts and suggestion on what changes I should be making is greatly appreciated.
Income after tax fortnightly:
Work Salary: $1,830
3 Boarders living at my house they bring in: $740
Total Income monthly: $5,140
Outgoings:
Mortgage repayments monthly $2,900 (I still owe $343,000, the house is valued at $515,000)
House hold expenses (house insurance, cable tv, phone/net,power and water etc..) $600 monthly
Personal expenses (food,petrol, entertainment, clothes etc…) $960 monthly
Total outgoing monthly: $4,460 SURPLUS of $680 per month.
Should I use that surplus and save for a emergency fund or should I put half of that into paying down the house mortgage.
Got a cell phone? Dump the land line or switch to a VOIP if no cell.
Call see if you can get discount on Internet service and TV service.
Any money saved throw it to the emergency fund WITH the surplus
Save at least 3x (preferably 4-5 months) amount of your monthly nut for rainy day.
Once you got 3x saved
Use 3/4 the surplus to kick the student and CC debt. Then once done don't use CC unless a TOTAL emergency comes up. Save the rest and upping the savings and emergency funds.
Once debt free take 1/2 the surplus keep saving it. Take the other 1/2 and add it to principal payment every month. Or 3/4 save 1/4 principal. That's up to you.
Reason I say you need to build the hell out of savings and dump the debt is because without ROOMATES you will sink. That's not a good position to be in. Build the savings, dump the debt then start saving and put extra to principal.
06-16-2015, 07:47 PM
i7pXFLbhE3gq
n/a posts
Waaay too much house for that little salary.
Build up savings ASAP. As Electrician4you said, lose a roommate or two even for a little bit and you're sunk.
Build up savings ASAP. As Electrician4you said, lose a roommate or two even for a little bit and you're sunk.
I agree, you need a nice emergency fund in your situation.
Quote:
Originally Posted by midwestlaxer
fort·night·ly ˈfôrtˌnītlē
BRITISH
He must be Britsh, No one calls Gasoline Petrol in the U.S.
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