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Currently I have a part time job A working 28 hours a week bringing in 26,000/year. I just started another part time job B working 24 hours a week bringing in 37,500 a year. Net pay it 3600/ month.
My expenses:
Car payment-1500/month--(360/month is min payment)
Car insurance-200/month
Rent-200/month(live with parents )
Misc/food-300/month
Gas-100/month
Phone-180/month
gym-20/month
Fun stuff-200/month
Emergency Fund-500/month
Maybe Roth IRA??-400/month Total Expenses:3600
I contribute 6%, company match, at job A. I have $35k in student loans(ibr payment 0 right now) and have about $20k left on my car loan. My goal is to move out by June 2016, 16 months from now. I'll have my car paid off by month 13 and by June I should have 12k in my E-fund when I move out. Does this sound like a decent budget? Looking for all advice no matter how critical . Thank you!
Currently I have a part time job A working 28 hours a week bringing in 26,000/year. I just started another part time job B working 24 hours a week bringing in 37,500 a year. Net pay it 3600/ month.
My expenses:
Car payment-1500/month--(360/month is min payment)
Car insurance-200/month
Rent-200/month(live with parents )
Misc/food-300/month
Gas-100/month
Phone-180/month
gym-20/month
Fun stuff-200/month
Emergency Fund-500/month
Maybe Roth IRA??-400/month Total Expenses:3600
I contribute 6%, company match, at job A. I have $35k in student loans(ibr payment 0 right now) and have about $20k left on my car loan. My goal is to move out by June 2016, 16 months from now. I'll have my car paid off by month 13 and by June I should have 12k in my E-fund when I move out. Does this sound like a decent budget? Looking for all advice no matter how critical . Thank you!
Is health insurance paid for by your employer? And does "fun stuff" include both local entertainment as well as travel costs?
When are you going to start paying on the student loans, and which payment plan will you go on?
Currently I have a part time job A working 28 hours a week bringing in 26,000/year. I just started another part time job B working 24 hours a week bringing in 37,500 a year. Net pay it 3600/ month.
My expenses:
Car payment-1500/month--(360/month is min payment)
Car insurance-200/month
Rent-200/month(live with parents )
Misc/food-300/month
Gas-100/month
Phone-180/month
gym-20/month
Fun stuff-200/month
Emergency Fund-500/month
Maybe Roth IRA??-400/month Total Expenses:3600
I contribute 6%, company match, at job A. I have $35k in student loans(ibr payment 0 right now) and have about $20k left on my car loan. My goal is to move out by June 2016, 16 months from now. I'll have my car paid off by month 13 and by June I should have 12k in my E-fund when I move out. Does this sound like a decent budget? Looking for all advice no matter how critical . Thank you!
You sound young.. what other consumer goals do you have in mind in the next 5-10 years Condo? House?
I don't see a line item for that sort of savings.
Otherwise, seems pretty good for a younger person.
Phone - why? Something is wrong. You need to cut back.
ROTH, yes as much as you can as you might not qualify latter on due to income.
Disability Insurance needed. (Life ins. probably not)
Health insurance is needed.
Food seems low. Is this just while you are at work? What about after you move out.
Probably compared to your piers you are ahead in the area of financial planning.
You might have some more expenses such as car repairs etc so you might need a few dollars for "all other expenses"
Is health insurance paid for by your employer? And does "fun stuff" include both local entertainment as well as travel costs?
When are you going to start paying on the student loans, and which payment plan will you go on?
If it's IBR of zero, forget paying it.
IBR is a horrible thing for the nation, but it is law and if you don't utilize it you're just getting the short end of the stick (your taxes will rise to pay the aggregate tab, so might as well get the benefit).
IBR is a horrible thing for the nation, but it is law and if you don't utilize it you're just getting the short end of the stick (your taxes will rise to pay the aggregate tab, so might as well get the benefit).
It's not going to stay at zero with OP's income level going up so much.
Is health insurance paid for by your employer? And does "fun stuff" include both local entertainment as well as travel costs?
When are you going to start paying on the student loans, and which payment plan will you go on?
Quote:
Originally Posted by flyingsaucermom
You sound young.. what other consumer goals do you have in mind in the next 5-10 years Condo? House?
I don't see a line item for that sort of savings.
Otherwise, seems pretty good for a younger person.
I am young only 25 and I'm still on my parents health insurance for now. "Fun stuff" includes clothes, electronics etc, i don't travel much but that will soon change after I get some of this debt paid off. I plan to start paying student loans after I pay off my car, so beginning of next year. Will pay $500/month(315 min payment). I've always rented and/or lived in an apt so I've never thought of buying a house. I'll probably stay with a roommate when I move out for 2-3 years. Rent, utilities, cable etc will cost $600 for each person.
$180 month payment for your phone? Is that a typo?!? Good God that's a car payment!
Quote:
Originally Posted by rjm1cc
Phone - why? Something is wrong. You need to cut back.
ROTH, yes as much as you can as you might not qualify latter on due to income.
Disability Insurance needed. (Life ins. probably not)
Health insurance is needed.
Food seems low. Is this just while you are at work? What about after you move out.
Probably compared to your piers you are ahead in the area of financial planning.
You might have some more expenses such as car repairs etc so you might need a few dollars for "all other expenses"
Well I pay me and my parents phone bill. 3 Iphones, unlimited everything=$180/month. I pitch in on food at the house and eat out a few times a week, alcohol is also apart of the food budget haha. Doesn't seem too low to me, food expense may increase $100 when I move out. I figure any random repair can be paid out of my emergency fund dollars, by the way my car is a 2014.
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