Hello fellow mustachians, please analyze my budget and tell me what I should change to optimize it.
Also, I will get three paychecks in march, what do I do with the third paycheck (which is basically like free money), do I put it all towards my investments or all towards my EF so I can reach my goal faster?
My average monthly income : 1940$ / month
Savings:
Long Term Investments (Canadian Couch Potato -> 60% VXC, 30% VCN, 10% VAB ): 350$
Emergency Fund (in savings account): 201.78$ (Until I have 3000$ accumulated)
Medical/Dental Emergency (in savings account): 20$ (Until I have 2000$ accumulated. I live in Canada, so healthcare is usually covered)
Total: 571.78$
Fixed Bills:
Rent: 300$
Groceries: 400$ (I live in Canada by the way)
Electric Bill: 187.15$
Cell Phone: 21.85$
Bus Pass: 79.50$
Gym Membership: 36.77$
Total: 1025.77$
Money I put aside each month to pay various stuff:
Costco Membership card: 14.45$
Magazine Subscription: 5.84$
Prescription: 24.54$
Passport Renewal: 14.62$ (I have to renew it in 2017)
Car Licence Renewal: 13$
Clothing: 25$ (Until I have 300$ for this category)
Gifts: 15$ (Until I accumulate 300$ for this category)
Household Items and Personal Care: 30$
Total: 142.45$
Non-Essentials:
Vacation: 100$
Dining Out: 50$
Spending Money: 50$ (On whatever I want)
Total: 200$