Background 28F, Self Employed, In a relationship with a shared domicile but essentially separate finances outside of living costs. Living in North Central California.
Goals
1- Pay off all debt
2- Start Contributing a retirement account of some kind
3- Feel financially “comfortable” (something I’ve never felt)
Numbers
Debt- 6k Car Loan @4.2% (Honda CRV) - 8k Student Loan @4.9%
Income- $3500 monthly (I bank my income in a business account and pay myself this amount monthly so it doesn’t really change and won’t for the foreseeable future)
Budget
Monthly Expenses
Savings- $350 (general savings fund for personal emergency savings at $5k right now)
Housing- $1000
Car Note- $250
Student Loan- $105
Hulu- $10
Medical Insurance- $10 (a policy just slightly better than a catastrophe policy)
AT&T- $200 (my only source of phone and internet. No other company gets reception at my home and no other internet option)
Groceries/Consumables- $300
Gas- $150 (I live ~30 miles one direction from “town”.)
Spending money- $100 (miscellaneous mostly quick bites to eat and coffee)
Sinking Funds that I contribute to every month
Car Expenses- 200/mo (~$600 every 6 month for insurance and a fund for repairs)
Gifts- $50/mo (covers all gifts and Christmas. I don’t have many people to buy for)
Medical- $40/ mo (for if I get a cold or something like that and contacts/exam)
Clothing- $20/mo (unless I need a particular item then I’ll pump this up and fund other items less)
Personal care- $200/mo (haircuts, pedi, waxes, makeup, etc. so months I spend 0 and some months I go all out).
Variable Sinking Funds
Hobby. LASIK. New electronics.
This leaves me $515/mo that I either throw in my savings account, throw at debt, or split into my variable sinking funds.
I’ve just recently started to get my finances really in order after a financially bad divorce a couple years ago, but I’ve always been frugal minded. What are the thoughts on my budget? Any ideas on where I could tighten up? Im open to answer any questions and would love some help.
October 30, 2018 at 01:20AM
