Theoretically, What is your opinion of my financial situation? This is including $200 of eating out but no “play” money
Depends on your income. If you have $450 left, is it saved or used as unbudgeted play money?
@JOSH We bring home $5,700/month with a $3,000 emergency fund and are adjusting to a new budget after a raise
in my opinion then this is a very low savings for this kind of income. do you have kids? making over 5k and only saving 100 a week tells me your fixed expenses are way too high
Sorry, I miscalculated. We roughly bring home 5700 a month. Here’s a break down of our bills.
Rent 1700
Car payment 305 and 420
Car insurance 230
Life insurance for my husband 115
Electric 180-200
Water 40
Union dues 340
Grocery 800 (includes diapers, household necessities)
Gas 300-320 (my husband fills up almost twice a week for work) I don’t drive much
200 eating out
Phone bill $47
Triple A 20
Spotify 16
Netflix 8
Hulu 8
WiFi 50
After all of that we have over $800 left. $100 a week to savings. $400 left for if we need play money for kids etc. we had a bigger savings but due to a few different unplanned emergency expenses we’re building back up.
@letsreason
Those car payments are killers.
Consider life insurance for yourself too. $725 in car payments—are you close to paying them off?
The $420 car is new; the $305 payment has 3 years left with $10K remaining. Plan to pay off early
Those raises will help. Just try not to inflate your lifestyle to the point you are in the same situation. It seems to be a little tight at the moment because of the cars but cars are expensive and with kids you want safe cars or I know I do so it is what it is.