I think you will find that you have more incidental expenses than you're accounting for here. You don't have anything allotted for haircuts, clothes, gifts, anything you might need for your apartment, etc. As long as you bartend and get a bonus, you should be able to cover most reasonable expenses, but I do think you will need that extra income. (So if by any chance you were thinking of stopping bartending, don't.) How much are your monthly bonuses? Are they guaranteed?
Post by heyrebekah on Jul 16, 2012 16:15:44 GMT -5
I think it looks ok now, without the car. Since you will be able to carpool with someone, maybe put off buying a car for 2 or 3 months instead of one, so you can get more into savings. And of course put that $500 into savings each month until the SLs come due.
If you spend ~$40 per week on groceries, how is that $120 monthly? There are about 4.5 weeks in a month, give or take, so a more realistic estimate would be $180, in my opinion. Tight, but you do have savings in there, so that's good.
Post by pedanticwench on Jul 16, 2012 16:21:41 GMT -5
Dude. Your cell phone bill is outrageous. Do you really need the unlimited data or unlimited texting? The answer is no.
Do you still have access to your college email? If you do, you might be able to get a student dicsount on your plan. It may only be $5 or $6, but every little bit helps.
Last Edit: Jul 16, 2012 16:22:03 GMT -5 by pedanticwench
I have all the books I could need, and what more could I need than books? I shall only engage in commerce if books are the coin. -- Catherynne M. Valente
Yes, I do have a savings. That's my rent at the moment. I could stay where I'm at and pay the same or I can move and pay about $100-200 more.
Additionally, my SL payment is about $200 more than what I'm estimating it to be once they come due in January. I just figure I should throw as much money as I can NOW before. So if I move I'll reduce that payment to $250-300. Depending on rent at the new place. If I get a new place, assuming I can find 3 of my must-haves.
Oh and entertainment is pretty high too. I usually stay closer to ~100 or less.
I'm confused about the SL payment. Either way, I would save the $500 until your student loans come due. If you can carpool for a few more months, that will pad your car downpayment.
Oh and I'd stay where you are. Even if you reduce your cell phone and entertainment, I think you will need the $ for commuting and car costs.
Yes, insurance is taken out pre-tax and it's about $35/week and doesn't actually kick in until November. A copay is about $20 and aside from doing a yearly check up, I plan to use savings for any unexpected medical expenses.
Haircuts are done for free via my sister. She also dyes my hair if necessary. I don't have a huge need for buying gifts. I usually use my entertainment budget for drinks out or something cheap and silly from the dollar store.
I'm guaranteed a monthly bonus. From what I was told it averages about $500/month.
I already have a decent savings. Which is why I'm comfortable purchasing a car next month instead of waiting longer. As for insurance, again, I've been driving long enough that my record isn't as bad and thus costs have come down significantly. Finally, a 20 minute commute isn't going to be more than $30-40/a week. So I'm estimating very high for the car cost. My last car was about $200 with insurance and gas, with a longer commute.
Taking the bus to work requires a 4 hour commute and running (pretty sure illegally) across a highway.
Not sure how my grocery seems low. It's pretty easy to eat on about ~$40 a week. I don't know how to spend more money. It's always commented on how low my grocery is but really isn't that hard to to stay under $120/month.
For my cell phone, I have a tablet as well. That's an additional $40 or so. And yes, I need unlimited texting and data. Or at the very least want. I already have a 17% discount on my phone, it pretty much covers the insurance plan.
Yes, rent/utilities includes internet. Rent is $490 and utilities are about $15-40. Most the places I've been looking at have utilities included in the rent.
I have all the books I could need, and what more could I need than books? I shall only engage in commerce if books are the coin. -- Catherynne M. Valente
I'm confused about the SL payment. Either way, I would save the $500 until your student loans come due. If you can carpool for a few more months, that will pad your car downpayment.
Oh and I'd stay where you are. Even if you reduce your cell phone and entertainment, I think you will need the $ for commuting and car costs.
I want to throw whatever I can at it now to 1) get in the habit 2) pay them off quicker
As for the car, I'm purchasing a $1000-1500 so there won't be a down payment or car payment.
I can totally stay where I am. I can also find a place to myself for the same price. It's just going to be small. I just need to decide what's more important too me; living alone or having more space.
Because I want one. I don't see a reason to get rid of it. I'm still able to make all my expenses what's the harm in having a data plan. I use my phone for the bus schedule, paying bills, etc.
Yes, insurance is taken out pre-tax and it's about $35/week and doesn't actually kick in until November. A copay is about $20 and aside from doing a yearly check up, I plan to use savings for any unexpected medical expenses.
Haircuts are done for free via my sister. She also dyes my hair if necessary. I don't have a huge need for buying gifts. I usually use my entertainment budget for drinks out or something cheap and silly from the dollar store.
I'm guaranteed a monthly bonus. From what I was told it averages about $500/month.
I already have a decent savings. Which is why I'm comfortable purchasing a car next month instead of waiting longer. As for insurance, again, I've been driving long enough that my record isn't as bad and thus costs have come down significantly. Finally, a 20 minute commute isn't going to be more than $30-40/a week. So I'm estimating very high for the car cost. My last car was about $200 with insurance and gas, with a longer commute.
Taking the bus to work requires a 4 hour commute and running (pretty sure illegally) across a highway.
Not sure how my grocery seems low. It's pretty easy to eat on about ~$40 a week. I don't know how to spend more money. It's always commented on how low my grocery is but really isn't that hard to to stay under $120/month.
For my cell phone, I have a tablet as well. That's an additional $40 or so. And yes, I need unlimited texting and data. Or at the very least want. I already have a 17% discount on my phone, it pretty much covers the insurance plan.
Yes, rent/utilities includes internet. Rent is $490 and utilities are about $15-40. Most the places I've been looking at have utilities included in the rent.
I would consider getting rid of data at least on your tablet if not on both devices until your finances are looking better. Particularly if you have internet at home.
Also, get rid of the cell phone insurance. It is a sucker deal. If you lose your phone, buy a new one cheap on ebay. But don't lose your phone.
What kind of laundry situation will you have at the new place? Will you have to pay per load or will it be in-unit? What about things like dry cleaning and having to buy new clothes for work?
I'm not getting rid of my cell phone insurance. It's like $6/month, it's not going to kill me. It's just not worth it. I'd rather have insurance.
Laundry situation depends. It could be hook ups (I have a washer/dryer already) or it could be on-site. Ideally, it'd be in my own unit. But again, I'm not sure about moving. It's still in the research stage. I'd like too, but I really need to find 3 things I can't live without and go from there.
Because I want one. I don't see a reason to get rid of it. I'm still able to make all my expenses what's the harm in having a data plan. I use my phone for the bus schedule, paying bills, etc.
I rarely use my computer anymore.
To be fair, you did post your budget, which presumably means you want opinions. pedantic's opinion is that you might not need data. You might disagree, and the great thing for you is that it's your life so you can make whatever decisions you like. (For what it's worth, we have 2 smart phones with unlimited data for $138, so $130 is a little steep for one.)
As for the car, I'm purchasing a $1000-1500 so there won't be a down payment or car payment.
You may have pretty high maintenance costs on a $1000-$1500 car, no? I'd try to come up with a good estimate there too.
Bah...why do people always think this? Both of my cars were bought for $1000 and $2000 and neither have needed anything more than routine stuff. Why is it that most cars that are sitting on the side of a freeway are newer, it's because if a car is going to be a clunker, you're going to know it before 100k, once it gets past that, you have a pretty good idea if it's solidly built. As long as you keep up on the routine maintanence that keeps it clean, an old car does not always = a piece of shit. Signed, Owner of a car that is now going on 310K miles and going strong. Biggest issue has been a worn out ignition that cost $100 to replace
$40/week for groceries times 4 weeks a month is $160, not $120.
What does this ~ mean?
I always took it as "estimated". I typically spend about $120/month. On the high end $40, but I rarely go over $120/month on food.
$120/month on groceries is ~ $28 per week. Everyone has to prioritize when you're on a budget, but I'd prefer the $40 from the tablet go towards food, a better car, savings or debt.
I also have to assume you're not actually looking for advice though.
Because I want one. I don't see a reason to get rid of it. I'm still able to make all my expenses what's the harm in having a data plan. I use my phone for the bus schedule, paying bills, etc.
I rarely use my computer anymore.
Remember though, beyond just meeting your expenses and having a tiny bit leftover, you want to start thinking about things like emergency savings, retirement savings, and general savings (vacation! big house someday! fancier car someday! new furniture!).
Ya, I'm contributing $200/month to savings, I have a 401k and a monthly bonus that will at least double my savings. So yes, I'm still thinking about that.
Because I want one. I don't see a reason to get rid of it. I'm still able to make all my expenses what's the harm in having a data plan. I use my phone for the bus schedule, paying bills, etc.
I rarely use my computer anymore.
To be fair, you did post your budget, which presumably means you want opinions. pedantic's opinion is that you might not need data. You might disagree, and the great thing for you is that it's your life so you can make whatever decisions you like. (For what it's worth, we have 2 smart phones with unlimited data for $138, so $130 is a little steep for one.)
Yes, it is. I completely agree, however it's an expense that I pay and don't mind paying for it. If it was my cell phone or groceries I'd cut it.
I've been paying that much for so long that it doesn't even phase me anymore. That's probably not a good sign.
You may have pretty high maintenance costs on a $1000-$1500 car, no? I'd try to come up with a good estimate there too.
Bah...why do people always think this? Both of my cars were bought for $1000 and $2000 and neither have needed anything more than routine stuff. Why is it that most cars that are sitting on the side of a freeway are newer, it's because if a car is going to be a clunker, you're going to know it before 100k, once it gets past that, you have a pretty good idea if it's solidly built. As long as you keep up on the routine maintanence that keeps it clean, an old car does not always = a piece of shit. Signed, Owner of a car that is now going on 310K miles and going strong. Biggest issue has been a worn out ignition that cost $100 to replace
in high school I bought a car with 130k miles on it. I paid $2,000 and had it checked out by a mechanic before I handed over any cash.
it lasted exactly 28 days before the engine blew on my way to school one day.
regardless, this is all anecdotal. my point is that every car has an expiration date - spending $1k probably means that you are only looking at cars that are nearing that expiration date. to assume otherwise would be pretty foolish, even if you've had great luck personally.
You may have pretty high maintenance costs on a $1000-$1500 car, no? I'd try to come up with a good estimate there too.
Bah...why do people always think this? Both of my cars were bought for $1000 and $2000 and neither have needed anything more than routine stuff. Why is it that most cars that are sitting on the side of a freeway are newer, it's because if a car is going to be a clunker, you're going to know it before 100k, once it gets past that, you have a pretty good idea if it's solidly built. As long as you keep up on the routine maintanence that keeps it clean, an old car does not always = a piece of shit. Signed, Owner of a car that is now going on 310K miles and going strong. Biggest issue has been a worn out ignition that cost $100 to replace
Exactly. As long as I get a car that's been taken care of, I'm not too worried about it. I know too many people who have bought a $1000 and it's lasted years.
I always took it as "estimated". I typically spend about $120/month. On the high end $40, but I rarely go over $120/month on food.
$120/month on groceries is ~ $28 per week. Everyone has to prioritize when you're on a budget, but I'd prefer the $40 from the tablet go towards food, a better car, savings or debt.
I also have to assume you're not actually looking for advice though.
No I'm looking for advice. I personally, would rather have my tablet instead of a fancy car, it's basically a commuter car. Everywhere else I need to go I get there by foot.
If I wasn't eating enough, or needed that $40 for food or had cc debt than I'd turn it off. However, I'm not so at this moment, it's not something I want to give up. Or something I *have* to give up. It's a luxury that I enjoy and use daily.
Ya, I'm contributing $200/month to savings, I have a 401k and a monthly bonus that will at least double my savings. So yes, I'm still thinking about that.
How much do you plan on putting in your 401(k)? At your rate of savings, it is going to take quite some time to get a healthy emergency fund set up, and beyond that, you won't have money set aside for fun things like vacations. And you're way better off getting a good start on your 401(k) now rather than later.
If you cut unnecessary spending, you won't have to continue to live like a student. That will make your hard work more worth it. And then when you get raises and such, you can buy yourself luxuries like tablet data plans.