Tuesday, January 26, 2021

Single girl budget

I don't really know how to describe my budget. It's been refined over the last several years, and it works pretty well for me. In theory, it's based on the 50/30/20 budget, but my percentages don't presently match up by any stretch of the imagination. 

My net income is approximately $4,040 after taxes, 401(k), HSA, etc., and I'm paid twice a month, on the 15th and the last day of the month. I use GoodBudget to keep track of my spending. My monthly budget is as follows:
  • Mortgage/HOA: $839.02 (this may go up in April, when the bank re-evaluates my escrow to ensure they're collecting enough for taxes and insurance, although I should have enough in my short-term savings account to cover the shortage)
  • Car: $240 (includes car payment - $154.15 - and the remainder is for gas and maintenance)
  • Savings: $820 (car insurance, $100; car repairs, $80; house maintenance, $120; vacation, $300; cat care, $170; gifts fund, $50)
  • Student loan payments: $342.75 ($265.78 is for federal loans, which are currently paused, so I'm using the money to pay down my credit cards, and $76.97 for my private loan, which is also getting $100 extra each month from a program at my work that helps pay down our student loans)
  • Bills: $249 (electricity, $98; Google Fiber, $70; Netflix, $14.06; gym, $24.99; NYTimes, $18.09; PBS, $5.15; laundry, $15)
  • Credit cards: $1,135
  • Groceries: $280
  • Entertainment: $174.23
Since I get paid twice a month, this is how I divvy up my actual paychecks. Most of my bills are due in the first half of the month, and my credit card due dates are in the second half, so this split works really well:

Month-end
  • Groceries: 200
  • Car: 240
  • Car savings: 180
  • Bills: 249
  • Mortgage/HOA: 839.02
  • House repairs: 120
  • Entertainment: 76.98
  • Credit cards: 135 
15th
  • Student loans: 342.75
  • Groceries: 80
  • Credit cards: 1000
  • Vacation: 300
  • Entertainment: 97.25
  • Cats: 170
  • Gifts fund: 50
I wish I had a little more money in my entertainment fund, but overall, this budget suits me pretty darn well. 

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