That’s where it all goes! To be honest, this is the first time i’ve actually sat down and calculated this, and i’m not liking it :( Especially that 43% and 11% up there…i’m gonna have to work on that. These #’s are based on the following categories, and the amounts spent on them each month. Here’s a breakdown of everything, from high to low:
Mortgage $$ ($1676.48): My portion of our monthly mortgages. It comes out to about 2/3 of the total mortgage payments we have each month (naturally the rest comes from my fiancée), and it covers our 1st mortgage & our 2nd mortgage (our HELOC). Had i ran these #’s BEFORE purchasing our townhouse, i would have probably gone a different route, aka purchase a cheaper place, BUT what’s done is done, and it’s all a learning experience. Plus, the lake in our backyard doesn’t hurt the eyes ;)
My Credit Card ($800.00): This is the amount budgeted for each month. It covers all my personal spending, eating out, shopping, etc, and is paid in full each month. Lately it’s only been around $650, but considering how i am a good $270 OVER what i bring in each month, this only helps me to work on breaking even.
House $$ ($500.00): This covers 1/2 of all our food, utilities, house credit card, and home owner fees each month.
Auto Loan ($443.49): Covers my SUV payments each month. I DEFINITELY need to work this out in the near future, as this is a ridiculous amount. I’m still considering selling it and then picking up an older car and having no more payments (i’d just pay it off in full). Either that or at LEAST halving the amount each month. This should be easier to do now that winter is coming up so i won’t *need* the suv… although she’s a beauty!
Condo Investment ($120.00): The amount i pay my brother each month to help him pay his mortgage. It’s a loan at 5% and should end over the next few months. He’s now comfortable w/ his payments and $ situation, so he doesn’t really *need* it anymore. Good job buddy!
Wedding Fund ($100): We both put in $100 a month, plus any extra savings we make from going under our “house budget” (soon to be posted). We’ll turn this into a “vacation fund” or something of that sort once we’re married. 3 more months to go, and then it’s marriage time!
Cash Withdrawal ($100): This is an average amount, as sometimes i end up taking out around $80 or $120 depending on how much i eat out and splurge :) That, and I am adamant of carrying around at LEAST $5-$10 on me at all times.
Insurance ($119.26): This covers all of my auto, life, and some personal property insurance. not bad, right?
Emergency Fund ($20.00): It’s not exactly 0% as depicted in the graph, but pretty close! I just started this last month when i opened up a money market account. Although $20 is def. added each month, i also tend to put in any extra savings, bonus’, etc that may flow down the pipeline.
That’s the whole kitten caboodle! I *SHOULD* allocate my 401k deductions in here, but since it’s pre-tax and not factored in to my spending budgets, it didn’t feel right adding it. BUT, just so i get it out there, I put in a whopping 18% each paycheck!!! Thumbs UP & thumbs DOWN.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!