Current Situation: I am 27 years old, I have an Associates Degree from my local Community College, and I’ve lived on my own since I was 18. I do not/have not receive any financial assistance from family (family of 8 and both parents were victims of the 2008 crash and both lost their jobs the year I graduated High School). I live with my long-term boyfriend and we split living expenses evenly. My share is about $1,795 a month. I have $29K in Student Loans and I make $43K a year (take-home is $2,600/mo.). I previously made $30K (entry level Paralegal) but increased my salary by changing jobs. I have a little over $4K in credit card debt and I owe $3.5K on my car. I have $600 in emergency savings. That is not a lot in savings and I’m working on it. I’m trying to get rid of my CC debt first. If a really big emergency hit me, I have a $40,000 credit limit between three cards that is available to me but I hope to NEVER have to use them. My credit score is 782. I do not have medical insurance right now but will be enrolling in November for the first time in 9 years now that I can afford it and I have an employer that offers it. My situation is not great by any means but this is my reality. I wanted to share this here because I want people who are in a similar situation to feel more confident as they work towards their financial goals. I come to Personal Finance every morning for motivation. I’m going to share my budget here in the hopes that it helps someone. Any tips or advice welcome! I’m open to constructive criticism. If you have any questions, please feel free to ask.
- Rent: $715.00 (This is just my half. I live in a nice suburb and rent is expensive. This is the cheapest we could find w/3 pets)
- Groceries: $200.00
- Gas: $100.00
- Utilities: $200.00
- Pets: $100.00 (2 dogs and a cat and they eat good quality pet food)
- Student Loans: $150.00 (currently reduced from $350 to speed up paying my CC debt off. I’ll increase my payments starting in January when the CC debt is gone)
- Cell & Car Ins.: $100.00 (boost mobile phone plan at $40/mo and full coverage with Geico for $60/mo.)
- Elder Scrolls (videogame): $15.00 (hours of entertainment for me)
- Car Payment: $140.00 (I put $3.5K down on a $7K 2007 Toyota Corolla. I am so grateful to PF for keeping me well informed before buying a used car!!! I can totally afford this.)
- Savings: $50.00 (I will increase this once my CC debt is paid off)
- CC Debt: $710.00 (I was previously making $12/hr which is how I got into debt. I do NOT regret my CC debt. It afforded me the opportunity to live my life comfortably but I was well aware that I needed to pay this back and it kept me motivated to hustle and improve my situation.)
- Fun Money: $120.00 (usually going out to eat with my boyfriend and our friends a few times a month and occasionally a trip to the thrift store to spruce up my closet)
Edit: These listed expenses are just my half.