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Where did the money go??

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    Where did the money go??

    So I did up a budget from online template that you input all your numbers into.
    Our After tax income, debt min payments, mortgage and fixed expenses. This leaves us with around 60 000 Then of course groceries all variable must come off of that etc...are we really spending 60 000 in variable expenses?? I have to guess much more of that went to gambling then I ever realized.
    If my numbers are correct we should be able to pay off around 40 000 a year of debt and start an emergency fund. Seems impossible. Am I missing something I wonder?

    #2
    Originally posted by Trace View Post
    So I did up a budget from online template that you input all your numbers into.
    Our After tax income, debt min payments, mortgage and fixed expenses. This leaves us with around 60 000 Then of course groceries all variable must come off of that etc...are we really spending 60 000 in variable expenses?? I have to guess much more of that went to gambling then I ever realized.
    If my numbers are correct we should be able to pay off around 40 000 a year of debt and start an emergency fund. Seems impossible. Am I missing something I wonder?
    It's hard to say but it's certainly possible, especially if you aren't sure how much was spent gambling. The good news is if you can conquer the gambling problem, fixing the debt and saving won't be a problem at all.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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      #3
      You mean 60000 a year? That means roughly 160 per day! Are you sure it is just gambling?
      Sagalamora

      The mind behind MoneyBrio

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        #4
        it's definitely possible to waste huge sums of money without knowing it. That's only $5k per month. If you have a family and don't budget your food expense, you can pay 1k-1.5k on food. Dining out, entertainment, etc might be 1k per month. Clothes and other material goods 1k per month. Utilities vehicle expenses, insurance 1k per month. Gambling 1k per month.

        that's 5k right there, granted the numbers are raw and not all inclusive. Doesn't include existing loan interest or credit card repayments either. Do you mostly pay cash or credit? Take a look at your bank and credit card statements and see where your money is going.

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