Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
Posts: 12,448
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Post by Firebird on Feb 2, 2011 12:19:47 GMT -5
This morning I did my expenses for January, and realized that I had finally kept consistent financial records for a full calendar year. So I thought I might try making my first yearly budget.
Here's what I came up with-- it's a combination of last year's numbers (when applicable) and my projections for this year's (when not).
Gross income: $65,000 (not including bonus)
Take home after 401k contribution (currently 6% but I am raising it 1% per month and I took that into account), taxes, transportation costs, and other benefits: $42,000
Expenses: Savings: $10,000 Rent: $8,500 Utilities: $1,400 (includes cell phone) Student Loan: $2,400 Car Loan: $4,200 Food: $4,000 (includes eating out) Household: $700 (e.g., toilet paper and toothpaste) Travel: $2,135 (includes flights, gas, parking, etc.) Insurance: $1,375 (car and renter's) Car Expenses: $680 (maintenance, repairs, registration, etc.) Entertainment: $700 Clothes: $550 (includes dry cleaning) Services: $650 (computer repair, taxes, stuff like that) Family: $2,000 (long story but I have to plan for this) Gifts: $2,000 (includes Christmas) Medical: $710 (medication, copays, etc.)
TOTAL: $42,000
Half of the savings total is allotted for my 2011 ROTH (2010 is fully funded as of this morning, yay!). The rest goes to EF for a total of ~$10k. With my ROTH contribution plus my 401k, I'm saving almost 14% right now and I'm planning to be up to at least 20% by the end of 2011.
If my calculations are correct and I stay basically on track, my net worth should look something like this in 11 months:
Assets: EF: $10,000 ROTH: $14,000 401k: $10,000
Liabilities: SL: ($12,000) Car: ($4,800)
Net Worth: $17,000
Of course, experience has taught me that it's never going to go exactly the way you think it will-- but this seems pretty realistic to me.
Not looking for any specific advice, but I'd be glad to hear thoughts that anyone wants to share with the class ;D
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Post by ummboutthat on Feb 5, 2011 2:53:45 GMT -5
I just finished my 2010 End of year results spreadsheet money spent
Auto/ Nikita............$5,262.10 (accessories, repair, etc.) Bills.........................$27,074.35 (C Cards, subscriptions, Rent, etc.) Court......................$0 (tickets, going to trial fighting tickets) Dry Cleaners............$368.25 Entertainment..........$860.24 (movies, DVD rentals, entering car shows, etc.) Food..........................$5,906.15 (grocery store, fast, etc.) Gas............................$2,167.05 (my car, her car, rentals, etc.) Gifts..........................$831.86 (money given away and don't expect back, etc.) Haircut......................$650 (gots to look good for da ladies!) Loans........................$1,809.94 (money I loaned out and expect a pay back) Laundry.....................$334 (laundry mat) Machine.....................$50.65 (Vending machines) Medical......................$1,644.43 (added in 2010, I'm on meds now) Payback.....................$4,923.36 (income tax return, refunds, money loaned paid) Stuff for me................$3,301.79 (clothes, games, household items, etc.) Toll.............................$220 Vacation......................$458.38 (if I go away for a car show for the weekend, etc.)
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
Posts: 12,448
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Post by Firebird on Feb 7, 2011 11:47:14 GMT -5
Is it safe to budget $0 for court?
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Post by ca on Feb 7, 2011 12:02:11 GMT -5
Budget Fail.
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