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Official Personal Finance/Home Economics Thread
- Thread starter phcitywarrior
- Start date
Dolla$
Minus the bullsh*t...life's great
Great thread. Past few years i’ve become complacent and been bullshytting with my money so the other day i decide to make a little breakdown of all my expenses so i know exactly how much i should be saving a month, which is as follows:
(Net income)$3,268-$2,367(monthly expense)=$901(savings)
Food & Misc
$500
Tolls
$255
Car payment
$223
Dog
$207
Phone bill
$174
Car insurance
$170
Furniture
$118
PSEG
$115
Water
$100
School loans
$99
Mortgage
$93
Haircut
$72
Verizon
$68
Vivint
$67
Netflix
$15
Google play
$14
Amazon Prime
$11
Xbox
$10
Microsoft Office
$7
Apple storage
$1
4/18/19-5/16/19: $298/$500 left
$551 to pay off equipment for Vivint(saves $12)
$100 to pay off Apple Watch saves $27
$625 to pay of iPhone saves $31
$2458 to pay off furniture saves $118
$7838 to pay off auto loan saves $223
Right now I’m focused on building at least 6 months emergency. Once i do that I’m gonna go full force in attacking my debt. My ultimate goal is to be able to save close to 50%-70% of my income
(Net income)$3,268-$2,367(monthly expense)=$901(savings)
Food & Misc
$500
Tolls
$255
Car payment
$223
Dog
$207
Phone bill
$174
Car insurance
$170
Furniture
$118
PSEG
$115
Water
$100
School loans
$99
Mortgage
$93
Haircut
$72
Verizon
$68
Vivint
$67
Netflix
$15
Google play
$14
Amazon Prime
$11
Xbox
$10
Microsoft Office
$7
Apple storage
$1
4/18/19-5/16/19: $298/$500 left
$551 to pay off equipment for Vivint(saves $12)
$100 to pay off Apple Watch saves $27
$625 to pay of iPhone saves $31
$2458 to pay off furniture saves $118
$7838 to pay off auto loan saves $223
Right now I’m focused on building at least 6 months emergency. Once i do that I’m gonna go full force in attacking my debt. My ultimate goal is to be able to save close to 50%-70% of my income
Dolla$
Minus the bullsh*t...life's great
Brehs/Brehettes do you reward yourself when you reach a certain savings/financial goal?
Was thinking about rewarding myself for every $5000 i saved, like the money i would put to the side for savings i would use to go shopping or whatever..What ya think?
I figured it would help me from getting burnt out cuz it has happened to me before where i would put myself on a super strict budget but then i would end up having a relapse somewhere down the line
Was thinking about rewarding myself for every $5000 i saved, like the money i would put to the side for savings i would use to go shopping or whatever..What ya think?
I figured it would help me from getting burnt out cuz it has happened to me before where i would put myself on a super strict budget but then i would end up having a relapse somewhere down the line
If you're talking about clothes shopping, you should include that in your budget already. The average sample budget allocates about 5% for shoes/clothing. Make sure your budget is comprehensive enough to include the things you still need because you don't want to feel like you failed because you wanted a new outfit lol.
Dolla$
Minus the bullsh*t...life's great
I was talking about a big shopping spree or purchasing a luxury item but i see what you’re saying. Although i do have clothes shopping listed under ‘Food & Misc’ but maybe it should have its own category.
Steel
Superstar
Dolla$
Minus the bullsh*t...life's great
I got a two family so my tenants pay majority of my mortgageBreh how is your mortgage $93
Steel
Superstar
I just started making enough money where i can actually contemplate buying a house (mid 60's). but thats definitely the route i'm trying to take, just gotta get my credit straight. I'm in the low 600s
but im definitely gonna follow in your steps and cop a two family or duplex.
Dolla$
Minus the bullsh*t...life's great
You don’t need perfect credit bro. Worst case scenario you can apply for an FHA loan where you would only need to put 3.5% down. Only thing with that is you would have to pay PMI on your mortgage. Depending on the bank you go with it can drop off after a certain amount of time of you making payments or it would just be there for the life of the loan.I just started making enough money where i can actually contemplate buying a house (mid 60's). but thats definitely the route i'm trying to take, just gotta get my credit straight. I'm in the low 600s
Remember, affordability and sustainability are two different things. Don't rush. Stack your paper, find the best loan product, find the best support team (realtor, home inspection, pest control, handyman, plumber, electrician, etc) and do research on neighborhoods you can afford...See the plans they city has for each neighborhood. You can do all this while you're getting your credit right.I just started making enough money where i can actually contemplate buying a house (mid 60's). but thats definitely the route i'm trying to take, just gotta get my credit straight. I'm in the low 600s
I see what you're saying and I used to operate my budget that way. I found regularly budgeting an amount for things like socks, underwear, t-shirts, bras ( in my case), or work basics, worked better than trying to buy all those things at once along with regular wardrobe. I found I had "guilt" for spending so much money at once after I've been living so strictly. Its like when you're on a diet and on your cheat day you overdo it if that makes sense. No wrong way to go about it though.
If, like most Americans, you get paid every other week, I suggest "half" paying your bills each paycheck, even better if you can automate them or schedule them around the same period. This really helps with cash flow.
Example: You're rent is 1,000. Pay 500 of that rent each paycheck rather than 1,000 with one single paycheck. The latter practice leaves you open to cash flow issues if something unexpected comes up. If you can do this with most of your bills (especially if on auto) then you'll be better off.
Essentially once your paycheck comes in, a portion of it is auto allocated to savings/investments and a portion of your regular occurring bills. The net income will be your discretionary spending.
Auto-payments essentially helps mitigate against misappropriating funds if no impending deadlines are close.
Example: You're rent is 1,000. Pay 500 of that rent each paycheck rather than 1,000 with one single paycheck. The latter practice leaves you open to cash flow issues if something unexpected comes up. If you can do this with most of your bills (especially if on auto) then you'll be better off.
Essentially once your paycheck comes in, a portion of it is auto allocated to savings/investments and a portion of your regular occurring bills. The net income will be your discretionary spending.
Auto-payments essentially helps mitigate against misappropriating funds if no impending deadlines are close.
For me personally, I set rewards for larger goals being accomplished. So like, if I hit X% returns in my stock portfolio or if I finish a Udemy course that it long AF, I will reward myself with something that I want but don't need like a new couch or a newer, more expensive Android Tablet. Delayed gratification really makes you appreciate things more imo.
This is so true. Plus you don't feel guilty about consuming whatever it is.
I don't. I also never set a savings goal. I may have to look into it. How much of that 5k you spend or plan to spend?
I don't do this either. I can see how it could be helpful to some. Personally, I couldn't see myself doing this unless it was an account that charges interest, like loan/mortgage. I like to think I make money off my money and paying bills early will cut into what I could make. It's probably not even pennies made though, lol. I got my Electricity bill like 3/29, I set up my bill Pay from my bank to process the very last day, which is today, 4/23 lol.