This is my first real job and I want to ask a few questions to make sure I’m doing okay and set myself up for success. Thank you for the help and if you need more details I will provide! I get paid $2,267 twice a month (after taxes), totaling $4,534 a month. Here are my expenses: light bill $50, WiFi $70, car insurance $100, rent $1,610, student loan $576 (interest rate 3%), and a personal loan from family for $3,100 (0% interest). How much should be my grocery budget? How much should be my fun money? How much should I be saving after every month?
Rent is a little high for your income, but your other necessary bills are low enough to make that work. Budget $350 for groceries for now. You can bump that up later when you’re on firmer financial ground. I’d also suggest $250 in fun money per month temporarily until you get your financial base settled. With those, you should have about $2,105 extra each month, maybe less if student loan payments have started.
When you get paid, pay yourself first. Treat it as a bill. So, say you make about $4,400 a month. Have $200 go to a savings account each payday. That’s $400 saved each month, so you’ll have $4,000 to budget with.
For groceries, aim for $250-$300, and fun money should be about $200-$300 depending on your needs. Also, try to save at least 20% of your income, around $900-$1,000 a month. I’d recommend using Fina Money to track your spending and savings; it makes organizing everything easy. Adjust if needed for loans or unexpected costs. Just keep it simple: cover essentials, save, and track everything.