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Income: 2,798.53
Rent + Parking: 950.00 (includes $200.00 employee living stipend)
Public Transportation: 4.17
Car Insurance: 100.00
Car Payment: 160.00
Utilities: 150.00
Comcast: 75.00
Gasonline: 100.00
Food: 250.00
Verizon: 70.00
Health Insurance: 75.00
Student Loans: 400.00
Clothes: 50.00
401K: 200.00
Entertainment: 100.00
Savings: 200.00
Misc: 114.36
Balance = 0
I start my new job next month and this is my monthly budget. Most of these expenses are estimates, as I am still apartment hunting right now. Please let me know your thoughts!
Last edited by time4help; 09-04-2012 at 08:56 AM..
Is the $2800 income net? Do you already have your furniture? Is this for one person?
Looks ok, some suggestions:
*try to find a place with internet included for home or at least some utilities
*use prepaid phone minutes (I spend about $150 a year on my mobile phone service buying from T-Mobile)
*live as close to work as possible to control gasoline expenses
I'm looking to get an apartment downtown, which will be walking distance to work.... so my gas expense should be pretty low (probably closer to 100).
I do not have furniture, but I plan on purchasing it prior to moving to an apartment in January.
If you are not picky, have Mom, Dad or Auntie give you stuff. I am always giving the younger gen in my family or friend circle things I wish I could move out. Great excuse to get stuff I have wanted! Have given lots of bedroom suites and couches, sections, etc. to the newly graduated..... bet if you made family aware you could get some super things!
I think your budget looks fine. $900 for downtown living might be tough -- at least in my market -- unless you have a roommate. Like all the savings you are planning to do and repaying the loans. WTG!
Knowing that is your salary adjusted for taxes, I think it looks pretty decent.
Just one suggestion (I am not sure if it is good or bad, but it is simply an idea). Do you really need a car? If you can walk to work, could you sell your car, get rid of the expense and use zipcars/rentals? I know for many people the cost of renting when they need to drive is significantly less than the cost to own a car/pay for parking/pay for insurance.
Again - that might not be feasible for you, but I know it makes a lot of sense for a lot of people.
Your rent's definitely on the "high" side of acceptable for your income.. (using the 1/3 of take home pay rule.) I make similar take-home and I only spend about $600 sharing a place.
Seriously think about why you're paying such a high rent. Are there no other good neighborhoods nearby? Are you trying to live in a walkable area? (In that case, it makes sense to pay more rent and do without a car.) Do you have a lot of stuff? (You might want to sell whatever you don't "need" then move to a cheaper place.)
As you have been editing your list, I don't know how the comments relate but I don't think you are spending too much on rent, I think you are spending too much on your car
Parking: ?
Car Insurance: 100.00
Car Payment: 160.00
Gasoline: 100.00
You stated you need a car but not why. You can get a cheaper car or even a scooter. Renting when needed could work.
Most of the apartments/lofts that I am looking at charge a parking fee of $50-100 a month.
Pretty much everyone in my city owns a car... my city (think cleveland, pittsburgh, detroit) has terrible public transportation!
Also, my car is very cheap! It's $160/mo for two years..... I just bought it.
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