A Look at 2 Months Income Budget Breakdown

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What percent of your budget is allocated towards housing expenses (rent or mortgage, electricity, gas, water), transportation (car payment, bus pass, insurance, maintenance, and gas), food (groceries, restaurants), and the rest (debt, savings)?

I use a free, simple iPhone mobile app called EveryDollar to manage my monthly budget. I do not like using Mint or any app that needs to connect to my actual financial accounts. I feel like mobile apps are intrusive enough. Every Dollar allows me to either input exact numbers or in my case, input rough estimates. Just simple round numbers.

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Percentages are averages to my May and June income. The amounts are after taxes and after 401K/Roth contributions. Any additional savings are going towards multiple savings accounts for different funds.

  • Housing expenses (rent or mortgage, cable/internet, electricity, gas, water, mobile plan) – 35%
  • Transportation expenses (car, garage, bus pass, insurance, maintenance, and gas) – 12%
  • Food expenses (groceries, restaurants) – 5%
  • And the rest mostly goes towards debt, additional savings, or purchasing side hustle inventory

My entertainment expenses have been nearly zero. Any recent social events I have attended have really only been work functions, which are either funded by the company I work for or charged to the company.

I also took a break from playing in a tennis league during the weekends for the past several months.

*Money Moron alert*

The problem I noticed is rather than using the extra income left over to pay off my student loan debt, I am using the extra income to buy side hustle inventory. I cannot pass up a good deal that I can make at least a 30% profit margin. Unfortunately, I do not have enough money in my side hustle fund/savings account, so I am basically buying more inventory than I am selling. I need to fix that.

How are your expenses broken down?

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