Hey everyone, just wanted to see what everyone is usually left with for the week after bills. I’m paid weekly so I have a bill every week.
Take home: $4300
Savings: $1072
Rent: $1000
Car + insurance: $615
Phone: $50
Gym: $28
Student loan: $135
Left over: ~ $1400. Weekly it’s looking like: $375, $560, $165, $300 a week after bills/savings.
(The last two weeks I split my check up ($500) for rent) (my savings are automated so I play with what I get after)
I’ll say it feels like such little having in my account. I use this money for groceries, gas, and personal use / eating out. Mentally it’s hard as I’m usually sitting at about $400-600 max a week.
I think I’m doing fine saving but sometimes it feels as if I’m not saving enough? This isn’t really a budget ask just what you guys are left with and if I’m doing okay?
Thanks!
Edit: $4300 is post insurance & 401k ($36 insurance a week & $45 401k match).
What are your goals for the $1072/mo you’re saving? How old are you? You might benefit from putting more into retirement and less into savings, depending on what your goals are.
I’m 23, currently saving for a 6-month emergency fund. About a month away from hitting that goal. The plan was to redirect $600 of the $1k towards my car loan & then keep $400 for travel or something that comes up. Redirecting it to 401k wouldn’t be too bad either, I suppose. I guess I’m just a little more worried about other things.
Good idea with the emergency fund. You’re very young, so the more money you put into retirement now, the more it will grow by the time you’re close to retirement age. If it were me, I’d get the six-month emergency fund, then pay off the car, then bulk up my retirement contributions.
You want some clarity of purpose with your saving and spending. You should build up a month’s worth of expenses (including gas/groceries) so you’re a month ahead on bills, then pay down any loans that are north of 5% interest, then build a six-month emergency fund. While that’s happening, your discretionary spending should be a minimal part of your budget. It doesn’t have to be zero, maybe 5%. After that’s done, you should be investing at least 15% of your net income to retirement.
It looks like you’re doing great with saving, especially with the automation set up. If you’re feeling a little tight on some weeks, it might help to monitor your spending for things like shopping, groceries, and eating out. Do you use a budgeting app to track everything?