Money Matters
tigerfighter
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Figuring out budget for new apartment.
I just sat down and put all of my transactions into an Excel Spreadsheet (including by category). Now I am trying to make a realistic budget for the new apartment, however the past few months I had lots of shopping to set up the new place and had to pay the security deposit and first month, as well as not knowing the utility bills for this place.
Things I do know:
Income $1800/month (this is my non-overtime pay)
Rent: $725
Car Insurance: $218/6 months (up again in August)
Renters Insurance: $217/year (just paid)
Cable: $100
Cell Phone: $50
Electric (cooking and heat): Varies
Savings: $25 auto (put more in when I can)
MC: $40 min. $2300 balance (had paid it down more, bought a bed)
Furniture: $80 min. $2540 balance
Gas (Car): $90/month
Groceries: $200/month
Netflix: $7.99
Household and Cash: $40/month each
Clothes I am currently good on and will buy more when I can financially
I do get gel manicures for holidays and go to a salon for my hair every 3 months. $30/nails $115/hair
I had thought about cutting those out but I enjoy the pampering and have cut it down.
My car is not passing inspection next month and I am planning on buying a new vehicle, I am looking at getting a 2012 small crossover.
Any other ideas.
Re: Figuring out budget for new apartment.
Right now I'd save first for the car. I'm not totally anti-payment, but looking at your expenses and other debts I wouldn't want the payment to be more than $200 a month, maybe $250 max. At the same time, I am anti really long car loans. I think 4-5 years is ideal. Keep in mind that your insurance will go way up if you get a 2012, and you make have a high excise tax if your state does that.
Once your car is all set, I'd snowball the other debts. I bet they'll be gone in no time! Then I'd up your retirement contribution to 15% and start saving for other goals.
Do you have an e-fund? If no, that should be getting some money monthly too. How much depends on your comfort level.
Check credit unions too for your car loan-they have great rates even for non-members. I saw Navigant offering some good deals recently.
I'm in MA right now, and my electric bill lately has been bonkers, even though our consumption is comparable to last year's. Last March is was $100, this March $150, all out of our control. So irritating!
I know that I'm going to go against the grain here, but that's pretty usual.
1. I would get an estimate on how much it would cost to fix your car and get it through inspection. I would make saving up for those repairs my 1st priority. Your budget still has some wiggle room, but once you get a $250/month car payment and an extra $100-$200 for insurance costs on the newer car. Then it becomes a tight budget that doesn't have much extra for savings or applying toward those credit cards.
2. Then I would focus on saving up $1,000 into an emergency fund.
3. Start with $2,300 balance CC. Cut up all of the cards and never charge anything to them again. If you have an extra $422/month now (not including your OT), then apply that toward the CC along with every penny of overtime.
Honestly, read Dave Ramsey's Total Money Makeover. Your budget isn't horrible by any means, but there's still some consumer debt that won't look the greatest in comparison to your income. I wouldn't buy a newer car until the debt is completely paid off and you have a 6 months e-fund in place. Then I would focus on saving up for a newer car to pay for in cash.
I will also agree with others to budget in a little fun money. Even if it's just $20/month to go out to a movie or museum.
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My mouth dropped open at your car insurance. I have a great driving record, am older than 25, and pay about that PER MONTH, where I live. I do have comprehensive (I'm assuming you don't), but the biggest problem is there is a huge number of uninsured drivers where I live which keeps our premiums on the crazy side.
Hmmm...too many uninsured motorists...raises insurance premiums...people can't pay crazy rates...more uninsured motorists...premiums raised again...and vicious circle.
It sounds like you have your expenses vs. income under pretty good control. Though getting an almost new car will take a big bite out of your dicretionary income from the payment and adding comprehensive insurance (if you don't already have it).
We got rid of our 1995 in 2010 and our 2000 in 2012. Both were starting to cost too much.