I'm 46, recently divorced, 50% of one 5yo kid, Western Europe; trying to figure out my finances.
Below is my budget. Any advice what I can improve?
I earn about EUR 6000 per month, after taxes. I spend it as follows:
- Mortgage: 1800
- Daycare: 650
- Buying stocks of the company I work for at 15% discount: 1000 (can be immediately sold for an easy win unless it drops within a day by 15%)
- Pension: 400 (would be maxed out at 800)
- Insurances (health, disability, liability, car): 300
- Internet, phone, streaming services: 100
- Utilities (gas, electricity, internet, phone): 350
- Property-related taxes and payments: 300
- Car maintenance: 100
It leaves me with about EUR 900-1000 to buy groceries and clothes every month for myself and my son, which is not a lot, it's a high cost of living location.
Any recommendations what would you change in that?
Any advice about budgeting?
byu/StandardButPoor500 inpersonalfinance
Posted by StandardButPoor500
2 Comments
Budgeting: https://www.reddit.com/r/personalfinance/wiki/budgeting
/r/eupersonalfinance
None of your listed expenses appear to be discretionary and able to meaningfully changed
I don’t really understand the stock situation. If you are buying the stock and then immediately selling it for a 15% gain, don’t you have an extra EUR 1150 a month to spend on other things?
You listed income of 6000 and expenses (including retirement contributions) of 4000. You have 2000 left for groceries and clothes.
If you want to invest some of that 2000, that is great. But keeping all of it in your company’s stock is stupid for a number of reasons. So what you should be doing is selling it as soon as you can and investing it elsewhere.