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My monthly budget over the next 7 months

May 22nd, 2009 at 06:51 pm

I am working on a budget to use for the rest of 2009, now that I am working, and can predict my future paychecks. I am trying to include as many of my 2009 savings goals as I can. I am worried I made the budget too tight. I am not including any income my husband makes because he needs the money for his own expenses.

(My CA & GA incomes are rental incomes I net after monthly associated fees are paid. )

2009 Year Budget Allotment
starting June 1
7 months left in the calendar year

*CA Income: $1250 /month
Save 100% for future CA renovation
$1250 x 7 = $8750.00

*GA Income:$1050/month
100% for GA Mortgage Payment

*Work Income:$1300/month = Bills

Monthly Bills = $605 House Bills +$360 Savings +$335 Spending

$65 Brinks Home Alarm Security
$170 medical Insurance
$100 electric
$40 water
$120 Car(s)& Umbrella insurance
$110 cable/phone/internet
$300 Emergency Fund
$60 vacation/wedding travel
$335 spending

Emergency Savings /Goal $4,000
Start with $1900.00
$300 month EF
$300 x 7=2100.00 + $1900 start =$4,000

Wedding-Vacation-Travel/Goal= $420
$15 Week/$60 Month x 7=$420

Spending
$335.00 spending/4= $83 a week to spend

Home Improvement Savings
(commission checks only)
$300-600 monthly Commission
$2100.00-$4200.00 a year

(Fun Mortgage Fact: Paying $1050.00 every month (extra $108)
Total interest paid over the life of the loan (no pre-payment): $126,850.90
Total interest paid over the life of the loan (with pre-payment): $88,420.74
Saving:
Total interest saved: $38,430.17
30 yr loan will become a 22 yr loan)

So is this a do-able budget or am I setting myself up for failure?

1 Responses to “My monthly budget over the next 7 months”

  1. whitestripe Says:

    well, the only thing most people seem to fail on is personal spending, if they have an emergency fund set up for other things such as car repairs etc. the question is, $335 a month for spending... is that enough for you? do you see yourself feeling deprived from that amount?

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