Budget Check: Am I saving/ balanced enough? any suggestions to save more?
I make under 18k a year working full time, I am currently 19 and entering my third year at university. My Monthly Budget is as follows:
47% to Rent + Utilities (700$)
7% to Pet Savings Fund (vet, flea meds, emergencies) (100$)
7% to Car Savings Fund (repair, parts, inspection, etc) (100$)
7% to travel (100$)
2.5% to Concert Fund for a Tour Next Year (40$)
5% to pet food and litter (70$)
2% to groceries (30$)
3% to gas (50$)
3% to misc (50$)
2.5% to a new blender and hard drive (40$)
14%(100-200$) remaining goes to catch all savings: future dreams/school, some to retirement, and emergencies.
Does this seem like an adequate amount to save? I know I’m low income, but I worry I’m just not saving enough when I see others suggesting a savings of 1000$ a month. I hope to be in a higher income bracket once I finish school. (I’m trying to work through school with no loans) I can’t find any other way to squeeze any more money out of my budget because it seems like everything is accounted for.
April 08, 2017 at 07:24AM
