I find budgets to be boring, yet I have to follow a spending plan in order to accumulate income producing assets. I don't have an inheritance or any kind of outside help. I must do this on my own and I must live below my means. Here's the plan:
$3,350 - Take Home Pay
$630 - Rent
$10 - Renters Insurance
$60 - Utilities
$50 - Internet
$10 - Cell Phone
$90 - Car Insurance
$275 - Gasoline
$60 - Haircuts
$250 - Groceries
$415 - Fun Money
$200 - Miscellaneous (car maintenance, clothes, presents, etc.)
$225 - Car Savings Account (I do not have a car note)
$250 - Wedding Savings Account
These items represent money that WILL be spent, just not right now. Since it will eventually be spent, I cannot include it in my savings rate.
$800 - Brokerage Account
$25 - Lending Club
Savings Rate: 24.6% (825/3,350)
The income side of the equation is especially strong at the moment. This is the most money I've made in my entire life! $3,350/month net is about $50k/year gross. I'm a high roller now!
I see two areas for potential improvement: car insurance, and gas. Seeing as how I'm over the age of 25 and have a pristine driving record, 90 bucks a month seems too high for insurance. I ought to do some comparison shopping. Gas is a tough one. While my SUV does guzzle gas, I think I'll need the 4X4 for winter ski trips. I may get a different vehicle next year, it remains to be seen. Other than that I think I'm doing great. I'll have to finagle a couple larges purchases somewhere in there as I need to purchase a season ski pass and plan to buy a new firearm.
If interested, my past budgets (while I've been blogging) can be viewed here: South Korea, North Carolina