Hi! I am 30 years old and I work in education at a university in CA and below is my budget for January 2021. I recently bought a new car and my roommate moved out and I just noticed how much tighter my budget is now. My partner wants to rent a home and move out from my apartment but I feel like my budget is tight and is kind of scary. Any feedback is appreciated and please let me know your thoughts! Thank you.
Based on the table below, how would you rate my budget? What should I do with the extra $312 in my budget? Should I put the extra $312 toward my loans, car loan, or toward Emergency Fund? My partner wants to move to a house but at this point, I only have space to raise my rent up to $1200 and then I will be living almost paycheck to paycheck unless I drastically reduce my food and fun money budgets. Should I be maxing out Roth IRA contributions if I am already putting in 7% into my government pension?
Thank you!
| Pre-tax Monthly income | $5333 | |
|---|---|---|
| Pension contribution | 7% = ~ $400 | |
| Monthly Post-Tax Income | $3600 | 6 month E-fund = $12,000 |
| Rent | 900 | |
| Phone Plan with phone installment | 107 | |
| Car Payment | $385 | $21,000 left, 55 months left, 1.9% APR |
| Car Insurance | $150 | |
| Spotify | $15 | |
| Netflix | $16 | |
| Gas and Electricity | $60 | |
| Wifi | $30 | |
| Phones for sister and niece | $50 | |
| Water Bill | $50 | |
| Internet for mom's house | $75 | |
| Loans | $310 | $20,000 left, 3-4% interest rate |
| Renter's Insurance | 10 | |
| Average gas for car | $30 | |
| Total for bills and debt | $2188 | |
| Est. Food | $300 | |
| Roth IRA | $500 | |
| Fun Money | $300 | |
| Total Expenses | $3288 | |
| Left Over Money | $312 | |
Submitted December 28, 2020 at 03:26AM by Current-Junket-388 https://ift.tt/3hppFiM
