Hey friends,
I've been a lurking mustachian for 3 or 4 months now. I decided I finally want to take the plunge and get my budget ripped to shreds by some of you :) . I'm 24, married (my wife is half on-board for the mustachian ways), living in Providence (potentially the best city in the US).
Monthly Income (after taxes):
$4k (my wife is a public school teacher and I work for a non-profit)
Monthly Expenses:
Rent- $600 (we have a huge 1 bdrm, Providence prices are awesome)
Groceries - $250 (recently I've been spending less, but this is what is budgeted)
Public Transit- $100- (we both take the bus)
Other Transportation $200 (this is split between $100 uber and occasional weekend trips out of state)
Student Loan payment- $300
Internet- $40
Utilities- $100 (it's much less in the summer, but this is what I budget for)
Phones- $26 (switched to republic no data plans 3 months ago, best decision of my life)
Free Spending- $700 (I got my wife to agree to a $350 spend-on-whatever allowance for both of us, has helped her learn to manage her money). (This is mostly broken down into going out to eat, buying clothes, entertainment events, coffee, etc)
Giving $400 (we give 10% of our take home to our church)
Miscellaneous - $100 (This usually goes to household purchases or health-related stuff)
Total Monthly spending- $2816
Total Monthly savings ~ $1200
Savings in 1% savings account: $6K
Loan Amount: 27K @ 3% interest
Strengths:
Cell-phone plan, housing costs, no car, groceries
Weaknesses:
$100 Uber
I don't spend all of my $350 free budget every month, but it's really hard to help my wife not go over it. She's used to not thinking about money. Any advice for how to get wife more excited about spending less would be helpful.
A couple other things: I'm currently training to get a programming job in NYC ~ 90k salary and my wife is looking to move up in high-end non-profit world. My wife and I are going to the peace corps for a couple years which will change my loan-paying off plans for sure. We leave in September.
Any thoughts/advice would be nice!