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Budget Critique

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  • Budget Critique

    Just looking for advice on biggest areas for improvement in your opinions? I have been using my surplus (including a bonus in Feb) to pay extra above what is listed for my SLs.

    Total Income 3,804
    Total Expenses 3,529

    EF @ $7600
    SL Balance @ $34,090 @ 6.8% (started at $46,200 in Dec )
    No car loan
    25 years old & single
    Roth IRA ~$293 (Amount to receive maximum company match)

    Salary (After tax/IRA/insurance) 3,250
    Parents (Goes to student loan pmt) 554


    Rent 799
    Garbage 52
    Electricity Bill 90
    Comcast (TV/internet/Landline) 123
    Groceries 250
    Dog Expenses 75
    Car Insurance 85
    Student Loan (parent contrib.) 532
    Student Loan (my contrib.) 605
    Eating Out 150
    Netflix 8
    Dog Daycare 370
    Cellphone 40
    Gas (at the highest) 150
    Discretionary 200

  • #2
    What is "dog daycare" and why is it necessary? Not criticizing, just never heard of it before. Most people I know just leave the dog at home solo.

    Could you survive on Netflix for most of your entertainment? You're probably under contract with Comcast anyway.

    Comment


    • #3
      123 isn't too bad for cable, internet & landline, but I agree that almost 400 a month for doggy daycare is ridiculous.

      Comment


      • #4
        From what you listed, here are your largest expenses:

        SLs: 1137 (high)
        Rent: 799 (reasonable)
        Food: 400 (reasonable to moderately high)
        Doggy Daycare: 370 (high)
        Discretionary: 200 (moderate to high)

        Why are the SLs costing so much each month? Is that the required payment, or your voluntary payment?

        IMO the path forward is pretty clear - work on SLs, reconsider the Dog Daycare, and reduce discretionary expenses and food expense.


        For your assets, EF is a bit low at 2 months, but as you're accelerating payments on your SLs, I like it there. I'd build that up after you've paid off the higher rate loans.

        Comment


        • #5
          Originally posted by auron View Post
          Just looking for advice on biggest areas for improvement in your opinions? I have been using my surplus (including a bonus in Feb) to pay extra above what is listed for my SLs.

          Total Income 3,804
          Total Expenses 3,529

          EF @ $7600
          SL Balance @ $34,090 @ 6.8% (started at $46,200 in Dec )
          No car loan
          25 years old & single
          Roth IRA ~$293 (Amount to receive maximum company match)

          Salary (After tax/IRA/insurance) 3,250
          Parents (Goes to student loan pmt) 554


          Rent 799
          Garbage 52
          Electricity Bill 90
          Comcast (TV/internet/Landline) 123
          Groceries 250
          Dog Expenses 75
          Car Insurance 85
          Student Loan (parent contrib.) 532
          Student Loan (my contrib.) 605
          Eating Out 150
          Netflix 8
          Dog Daycare 370
          Cellphone 40
          Gas (at the highest) 150
          Discretionary 200

          The dog can stay home by itself, IMO. You could get rid of Comcast. I use hulu every month and just live off that. And you don't really need a landline if you're using a cellphone. Discretionary can definitely be brought down. Eating out doesn't need $150/month. How much are you eating out? Hubby and I eat out once a week and we spend $160 a month on two people. Everything else seems pretty standard.

          Comment


          • #6
            The dog daycare is due to the fact I can't leave my dog at my apartment alone without crating her all day while I'm at work. It's a luxery, but one I want to pay.

            My student loan payment is as high because my parents pay the minimum (532/mo) and I don't want to have that debt for the next 10 years for my parents sake and my own so I pay 532/mo also. The extra over those two pmts is due to a recent small raise I received. My goal is to retire this debt within the next 2 years.

            I will have to get disciplined on the food budget and discretionary spending. I had been doing better, but the real account numbers in recent months don't lie .

            Thanks for the input

            Comment

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