OK, so I will be starting my first full time job in about 5 months, and I will be making $40,000 dollars per years. What do you think of this budget? What am I missing? Gross Monthly $3,333.34 Fed Income Tax ($350.50) State Income Tax ($134.00) Social Security ($194.26) Medicare ($45.44) Health Insurance ($52.00) Dental Insurance ($25.00) Vision Insurance ($7.82) 401(k) (6%) ($200.00) Net Monthly $2,324.32 Expenses: Rent/Mortgage ($550.00) Utilities ($70.00) Cable/Internet ($65.00) Cell Phone ($50.00) Food ($250.00) Car Payment ($115.00) Gas ($100.00) Spending Money ($160.00) Remaining for Savings$964.32 My biggest short term goal is to save for my own house. I currently have about 18,000 already saved up for that.
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I think you are shorting your plan on utilities and vehicle fuel, also, I don't know where you live, but 550 for a mortgage or rent is pretty cheap. The car payment might be a little low, unless that is your current payment and you are content with your vehicle. You better allow more for spending money... You are missing clothing (new job, promotions, events), life insurance, IRA funding (401(k) and Soc. Sec. will not be enough), vehicle repairs, maintenance, tires etc., home-owner assoc./condo fees, home improvements, unreimbursed medical expenses (co-pays etc. ), vehicle insurance, existing debt (student loan or credit card), haircuts etc. I am not trying to burst your bubble, but these thing are the items that have popped up in our life recently, that were not planned on 3 years ago. It is good that you are thinking like this though. Keep up the good work.
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