- Mortgage/Taxes/Condo Fee - $2,050
- Credit Cards - $325
- Student Loans - $669
- Electricity - $65
- Cable - $85
- Cell Phone (2 lines) - $160
- Roth IRA - $450
- Gym (2 people) - $120
- Car (Payment/Insurance/Gas) - $470
- Savings - $500
- Food - $600
- Entertainment/Eating Out - $200
- Misc - $200
My monthly bills come out to $5,694. Wow, once I put that down in writing it seems like so much money. Luckily I'm a two person income family with no children. Now that I have everything down in writing I can look for areas that can be trimmed. Unfortunately for me, I've done this several times over the last year, so I've trimmed off most of the fat.
I think most people would consider $200 for Entertainment/Eating Out to be a very conservative number. Especially if you are living in a major city. We really enjoy staying around the house. My husband loves to cook, so that replaces a lot of the meals that would normally be eaten out. We both pack our lunches.
The Misc category is a complete guess, but you should include something for all of those random purchases that need to be made. For example, we recently rented a carpet cleaner to clean a couple stains off the bedroom carpet. Why we got white carpet with a dog, I'll never know.
Give this a try. Figure out what all of your expenses are. Take a look at how much you are really spending each month compared to your income. Once you do this it really puts things into perspective.
I know these first few posts are not exactly rocket science, but you really have to start with the basics before you can make any changes. Don't worry, we'll explore some ideas for saving money and many ways that can earn you a few extra dollars!!
Have a great day!
Interesting exercise. My dh takes care of most of our finances generally. But we have separate checking accounts and I should look more closely at where my money goes.
ReplyDeleteI'll try it.
Kathy
PS I think white carpet is a bad idea anywhere. You might want to learn more about stain removal and keep certain products handy so you don't have to hire pros. Acting quickly with the right stuff is key.
PS I meant to say I read your comments on my comments and its ok if you find that you are not interested in my blog which is crafty/gardening projects mostly. However, you may find that there are people out who want to be followed if they follow you. Yours is such a specialty blog that you may not run into that as much.
ReplyDeleteKathy