Here goes nothing, I'm curious what you guys think of my budget.
I currently live with my girlfriend, have no debt, and will likely be getting married to the girlfriend within the next 2 years. We are 24 and 25, and both have jobs paying in the mid 40k range in the Sacramento, CA region. Income will only continue to grow in the future. But we currently have seperate finances. We split rent, groceries, and any entertainment. Currently, I pay the phone bill and the annual aaa membership. She is currently paying the electricity and cable bill.
Minimum Income: $2960 (*1)
Eating Out: Budget = $125 12m Average = $100 (*2)
Fuel: Budget = $100 12m Average = $97 (*2)
Groceries: Budget = $250 12m Average = $170 (*2)
Stuff: Budget = $25 12m Average = $40 (*2)
Exercise & Golf: Budget = $50 12m Average = $27 (*2)
Fun & Entertainment: Budget = $50 12m Average = $105 (*2)
Gifts: Budget = $50 12m Average = $51
Phone: $105 (*3)
Rent: $575 (*4)
Hot Rod: $25 (*5)
Honda: $150 (*6)
Insurance & Registration: $160 (*7)
Vacation: $150
Retirement: $850 (*8)
Future Savings: $295
Notes:
(*1) = This minimum income does not include months where bonuses are awarded or I am able to pocket reimbursements, both of which happen frequently. Those amounts go to my Future Savings Category. Annual raises of at least 8% are expected for the next 5 years as well.
(*2) = Note: these categories are reset to $0 each month, and often times come in well under budget. These amounts provide for any month where there is a splurge. I can always cover overspending with excess from one of the others.
(*3) = covers smartphones for myself and girlfriend.
(*4) = covers half the rent of a 1400 sq ft condo that is in excellent shape right in the middle of both of our jobs where we just signed a 2-year lease. Plan to stay here until we buy a house, and do not plan on buying a house and tying myself to an area until I leave my job in public accounting for a private company.
(*5) = I have a Dodge pickup that I have completely restored, and it is one of the main reasons I am where I am today. It has too much meaning to me and between me and my dad. I will never be getting rid of this truck, and eventually would like to get a muscle car to build for the drag strip as well (barracuda or duster equivalent)
(*6) = Includes maintenance and saving for new car replacement of a brand new honda civic in about 7 years, of course, at that point, I may shop around for a used honda civic depending on whats available on the market.
(*7) = Includes insurance and registration for both vehicles, and includes aaa membership for me and my girlfriend.
(*8) = Includes maxing out my Roth IRA annually, and 10% of each paycheck to my 401k.
(*9) = Includes money for engagement ring, wedding, house downpayment, etc.
Additionally, I have rainy day funds that include $500 in my exercise & golf, $500 in fun & entertainment, $1000 in gifts, $1000 in medical, $500 in phone replacement, $1200 for rent (equivalent to one month's full rent), and about $50k in the bank related to my honda, hot rod, and future savings categories.