Hello all.
Every 2 weeks I earn $1,400 ish dollars, so that's $2,800 a month.
I have no health insurance & am starting therapy. I live with parents too so that helps me out a TON. I am so grateful.
Here's the rundown on what I'm currently paying each month:
Car insurance: $64
Food: $280 (sometimes less, but not by much)
Phone: $35
Utilities: $300 (sometimes more in summer months but that's okay, because there's some left over from months we don't use so much energy!)
Security alarm: $20
Internet: $20
Lawn care: $30
Toiletries: $20
Doctors: $300 (I have to save because no health insurance)
Mortgage: $500 (This will go down but only by $100 since my parent's refinanced their home, so it went down from them $3000, $2500 with my help, to $2,300ish a month)
Savings: $800 (half of this is technically for any work my car needs).
Therapy: $140
I don't account for gas because it usually doesn't cost me much and my car is a gas saver so I get it irregularly.
Those expenses alone add up to $2,109 leaving me with roughly $345 each check.
I do go out frequently and events usually range between $15 -$35. This usually happens max maybe 4 times a month, but just really depends.
Or am I doing fine???
ETA: mortgage is really rent. đ they know I eventually plan to move out and we've had all the tough conversations about this. They're well aware of my plans and what they need to do once I do. I rent. Their house, their name on deed. I just call it mortgage because that's what it's going to and qualifies as my rent. I am not worried one bit about how everything will go once I do!
Need help budgeting, here are my bills. Overkill with savings? Or am I fine?
byu/Mxt1998 inpersonalfinance
Posted by Mxt1998
6 Comments
overall tho yeah, youâre fine. like genuinely. youâre living within your means, helping your parents, planning for health stuff, and still saving. thatâs kinda the goal.
Definitely not overkill. Youâre kinda right around where most people strive to be, 20%.
That’s not too bad. I wouldn’t call it a mortgage payment if you didn’t get added to the deed though and just call it rent which is also okay.
Those utilities are really high though, are you covering a majority of those on your own?
$2800/month net, so maybe $3200/month gross? Where are you putting the $400/month you save?
If this is ânot doing fineâ then I need to have a serious talk with my past self đ
Youâre paying bills, helping your family, saving, and still going out a bit â thatâs honestly a healthy balance.
The fact you even tracked all this already puts you ahead of most people.
That’s not too bad. I mean the one thing I might say that I’d be really really careful about is the housing payment with your parents. Do not get too entangled with your parents finances. If you are a renter… then your a renter. They charge you rent. You do not help them with the mortgage. You pay them rent. If there are some sort of other agreements here. It needs to be in writing with all parties signed.
The main reason for this is because at some point you will go out on your own. And the less tangled you are into your parents finances the better. Ultimately this can destroy familys & relationships. And if anything goes to the courts. Regardless of the relationship with your parents. They will treat the situation as an uncontracted partnership. And it won’t end well for all of you. It might just be your phrasing. But just keep that perspective in mind. They are your land lords. I mean if you’ve agreed to help with other costs do that too. Do what you agreed to do. Just make sure the ownership here is well understood and documented if necessary.