For the last 3 years I've been saving on average about 80-90% of my paycheck toward the goal of a house deposit. Now that I'm coming close to the successful completion of that goal, recently I drew up a budgeting spreadsheet for what my expenses will be once I own my own place.
It seems for the starter home I'm budgeting for, I will be able to meet all necessary "keep the wolf from the door" type expenses (mortgage, council rates/property tax, utilities, groceries, petrol for work) however I will only be left with about 20% of my paycheck at the end of each average week (for both savings and discretionary). Thus most weeks will look like 80/10/10 or 80/15/5 instead of the 50/30/20 often advised. My justification is that I've already done the saving hard yards and now I should be well within my right to even go 80/20/0 (with an small emergency fund at least).
There is also the possibility that I will be able to rent out a spare bedroom to a roommate for an extra $200 a week (which will equate to about a 20% increase in my weekly income).
Do you think I am overextending myself?
Submitted June 09, 2018 at 05:48AM by sentient_sasquatch https://ift.tt/2sHU3Nh
