Quote:
Originally Posted by Aleta
Your mortgage percentage is great ( 13%). That's great but you always have to look at having emergency funds, funds for home maintenance, car maintenance, vacations, holidays, gifts, etc. If you don't have any of these categories, you might want to set up a budget after your debts are gone.
You also don't mention your age and whether you are married or how many incomes are involved.
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Oh yeah. I do have the misc category to include car maintenance, medical deductibles, dental, summer day care, home maintenance, etc...
I'm 42 and have about $22K in EF, I'm single with 2 kids - one in college and the other in middle school. My youngest son's college tuition is paid for in a prepaid college tuition through the state.
The 5% covers their "fun" also. The college kid is on 100% scholarship but lives at home so she gets a cut back to her from the school since she doesn't have dorm & food expenses. She pays her own expenses except room and board while living at home. I cover that so she can pay for gas, books, fees, and other expenses. No money from ex per se but he does cover 1/2 their bills; hence my misc fund may seem smaller than normal.
I think I may take $100 a month out of the Roth IRA deposit, that would lighten it up a bit. Any left overs from the other budget items will go back to the IRA at the end of the year...
BTW, 5% equates about $380/month for the 3 of us...
Thanks for the inputs! I don't feel so uptight about it now.