My Updated Budget!

With the start of every new school year I get excited about nerding out on making a new budget! I looking forward to seeing what my take home pay will be and where I'll be putting my money over the course of the year.

​Let's check it out!

If you are curious on how to create a budget you can learn more here, or to see my past budgets you can click here. This will also be the first year I'll be experiencing the magic of a health savings account but that isn't listed here as this is only my take home pay! Also, just a reminder I work in a school and am NOT paid year round so I need to be more cautious with my savings so it can last me over the summer!

Budget For August 2019 - May 2020
 
Monthly Net Income - $3878
 
Savings
$ 690 – Savings Account
$ 325 - Travel Account
$ 1000 - Future House Account
$ 100 – Car Account
 
Total Savings: $2,115
Remaining: $1763
 
Fixed Costs
$ 775 - Mortgage
$ 70 - Car Insurance
$ 30 - Gym Membership
$ 15 - Netflix
 
Total Fixed Cost: $890
Remaining: $873
 
Variable Costs
$ 300 - Food
$ 100 - Gas
$ 175 - Electric/internet
$ 298 - Fun Money
 
Savings: I put all this money into a high interest online savings account. I know I should probably put it in the stock market but part of me just feels more comfortable knowing I wont lose it. As I said above I am not paid over the summer and need money to cover that time period so I put money into a savings account for that and to max my IRA. I'm still plugging away and throwing little bits of money into a car fund. Even though I just purchased my third property, I'm already beginning to save for the next one. I also always gotta save for more travel!
 
Fixed Costs: There have been some big changes here compared to my last budget. The first being I no longer have a loan payment, screw you loans! I also have a housing payment again. You'll also notice I don't have a phone payment. I'm on a plan with my mom to save us both money and she offered to pay it until I was done with my loans. Well, screw you loans I am done and told her the time has come for me to start helping to pay. She said it was only a $15 difference in having me on there and would let me know if she needed it. I feel very lucky, plus, extra savings!
 
Variable Costs: Electricity will be a variable as I have no idea what it will cost and I have found that $700 a month for food, gas, and fun is typically more than enough. My life isn't that fancy so I feel $175 a week is fine. Plus, I do my side hustles for extra income and that helps to pay for some of the finer things in life that I want, like a new grill for my house!
 
I will be living off 54.5% of my income. This is not the 76% savings rate I was at but that is okay. I couldn't live in my little unit forever. The irony is the unit I was living in will now be rented out for $775, which would cover my housing expense, and put me at a 74.5% savings rate.