Author Topic: Grade my monthly budget/Make suggestions  (Read 3533 times)

BuckeyeFinance

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Grade my monthly budget/Make suggestions
« on: May 10, 2015, 01:41:39 PM »
Rent:                            $400
Renter's Insurance:      $  10
Electric (Average):       $  40
Medical/Dental/Vision: $  65
Food/Groceries:           $250
Car Payment:               $200
Car Insurance:             $105
Gas (for car):               $100
Phone:                         $  30
Entertainment:             $150
Misc. Expenses:           $150
                                    $1,500

I split a 1 br apartment with my gf. All amounts above reflect my portion as we split expenses evenly. Rent includes cable/internet, heating (gas), water, and trash. We only pay electric (cooling).

Food/Groceries includes things like shampoo, body wash, toothpaste, toothbrushes, deodorant, light bulbs, batteries, etc.

Misc. expenses includes oil changes, medical copay's, all clothing, and any other odds n' ends that come up.

Entertainment includes any sit-down restaurant meals, alcohol purchases, movie/event tickets, etc.

I live 12 miles from where I work and make one 280 mile (round) trip per month. I have two speeding tickets on my record increasing my insurance.
« Last Edit: May 10, 2015, 01:51:35 PM by BuckeyeFinance »

tiger002

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: Grade my monthly budget/Make suggestions
« Reply #1 on: May 10, 2015, 03:13:48 PM »
It might be good to break up Misc. Expenses more, see what's in there and if you can cut something. Food/Groceries also seems like it might be a bit high, though doesn't seem too high. If you have extra money, I'd suggest paying the car off as soon as possible as well, as that would free up that money.

I'm kind of new to this (mostly lurking) so if someone with more experience could correct me, that would be great.

Travis

  • Handlebar Stache
  • *****
  • Posts: 2436
  • Location: Arizona
Re: Grade my monthly budget/Make suggestions
« Reply #2 on: May 10, 2015, 04:08:27 PM »
What is your income? How much do you save?

KungfuRabbit

  • Stubble
  • **
  • Posts: 244
Re: Grade my monthly budget/Make suggestions
« Reply #3 on: May 10, 2015, 04:33:05 PM »
that is crazy high car insurance man, holy cow.  shop around!

BuckeyeFinance

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Grade my monthly budget/Make suggestions
« Reply #4 on: May 10, 2015, 04:43:26 PM »
What is your income? How much do you save?

I save right around $2,500/month including employer match.

BuckeyeFinance

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Grade my monthly budget/Make suggestions
« Reply #5 on: May 10, 2015, 04:56:36 PM »
that is crazy high car insurance man, holy cow.  shop around!

Apparently I'd set my deductibles pretty low. I moved it up to 1k for collision and it brought my bill down $26/month! This is why I made this thread--still learning over here. Thanks.

KungfuRabbit

  • Stubble
  • **
  • Posts: 244
Re: Grade my monthly budget/Make suggestions
« Reply #6 on: May 10, 2015, 05:09:36 PM »
Glad i could help :) rock on man!

MDM

  • Walrus Stache
  • *******
  • Posts: 9411
Re: Grade my monthly budget/Make suggestions
« Reply #7 on: May 10, 2015, 05:17:54 PM »
It might be good to break up Misc. Expenses more, see what's in there and if you can cut something.
+1

Currently your Miscellaneous is 10% of your total.  As the case study sticky says, "Aim to have “Miscellaneous” somewhere ~2.5%.  Much lower and you may be providing too much detail, much higher and you have an obvious problem of not understanding your spending."

BuckeyeFinance

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Grade my monthly budget/Make suggestions
« Reply #8 on: May 10, 2015, 05:38:07 PM »
It might be good to break up Misc. Expenses more, see what's in there and if you can cut something.
+1

Currently your Miscellaneous is 10% of your total.  As the case study sticky says, "Aim to have “Miscellaneous” somewhere ~2.5%.  Much lower and you may be providing too much detail, much higher and you have an obvious problem of not understanding your spending."

Thanks. I'm going to give my gf a shot at cutting my hair this month. That'll cut another $20 out of misc. I'm also going to break out the items in here as much as possibe.

lhamo

  • Walrus Stache
  • *******
  • Posts: 9526
  • Location: Seattle
Re: Grade my monthly budget/Make suggestions
« Reply #9 on: May 10, 2015, 05:48:22 PM »
Your car related expenses are very high in relation to the rest of your expenses -- you are paying more for your car than for your housing, which is a bit insane if you ask me.  Consider moving down in car and losing the car payment to balance things out a bit.  And see what you can do to reduce your use of the car.  And stop speeding! 

Groceries/food also seems very high for one person.

Agree about breaking down the Misc category.  You can't change what you don't understand.

Overall pretty good savings to spending ratio, but you can do even better/be even more awesome with just a few tweaks.