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
$ 690 – Savings Account
$ 325 - Travel Account
$ 1000 - Future House Account
$ 100 – Car Account
Total Savings: $2,115
$ 775 - Mortgage
$ 70 - Car Insurance
$ 30 - Gym Membership
$ 15 - Netflix
Total Fixed Cost: $890
$ 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.
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HELLO AND WELCOME!
I'm Jake, a dude interested in personal finance and travel creating the life I choose.
In 5 years I went from living in a basement with Craigslist roommates to paying off 90k of debt, backpacking 3 continents, getting a house for myself and 5 rental units.
Read my story in the about me section.
All photos on the blog are from my travels
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