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Posted: 10/11/2007 5:29:54 AM EST
After my mortgage payment, my car payment, my car insurance payment, my cell phone payment, my school loan payment, a deposit into my 401K, and a deposit into my savings account, I have $947 left in disposable income for any other expenses during the month. Food, clothes, ammo, etc.

I am trying to budget. I have never done this before. Am I freaking out for no reason? Is $947 a month very much for all other expenses? I am a single guy if that helps.
Link Posted: 10/11/2007 5:31:46 AM EST
Yea you are doing good, as long as you are saving at that is what you have left. $1K should be enough to play around with.

Just add in a little bit for ammo and you should be good.
Link Posted: 10/11/2007 5:31:47 AM EST


Get the book...
Link Posted: 10/11/2007 5:31:48 AM EST
I would have to say no. For me I probably spend $200 a week on food, so that doesn't leave much for anything else.

Bill3508
Link Posted: 10/11/2007 5:32:18 AM EST
[Last Edit: 10/11/2007 5:33:05 AM EST by david_g17]
it's more than enough for me. way more.

but, i like to save money. your savings account probably isn't earning enough interest to keep up with inflation. if you don't invest it someway, you'll actually slowly lose money.

eta: if you eat out a lot, it might not be enough. depends on your lifestyle.
Link Posted: 10/11/2007 5:32:23 AM EST
If you did not like guns, it would be plenty. But as a gun person, you should be quaking in your boots.

Before I bought my house I had about $1400 in disposable income a month. Damn guns. It was never enough.
Link Posted: 10/11/2007 5:32:32 AM EST
Single helps. Feeding a family on that would eat up a chunk of that.
Link Posted: 10/11/2007 5:33:11 AM EST
You're absolutely fine. You can even sneak in some ammo purchases. I lived off 1,000 a month for quite a while and I always had a little bit extra. Just conserve, and don't go out buying random shit you don't need.
Link Posted: 10/11/2007 5:33:23 AM EST

Originally Posted By bill3508:
I would have to say no. For me I probably spend $200 a week on food, so that doesn't leave much for anything else.

Bill3508


Feeding a horse? Or wasting your money on prepared food in restaurants?

Be an ant, not a grasshopper.
Link Posted: 10/11/2007 5:36:25 AM EST

Originally Posted By Keith_J:

Originally Posted By bill3508:
I would have to say no. For me I probably spend $200 a week on food, so that doesn't leave much for anything else.

Bill3508


Feeding a horse? Or wasting your money on prepared food in restaurants?

Be an ant, not a grasshopper.


Wife and I. We do eat out a lot. When I do cook at home its steak, shrimp, etc. Good stuff. No way that is enough. Four rounds of golf would be $200 also, so that plus food, will leave me broke.

Bill3508
Link Posted: 10/11/2007 5:36:36 AM EST

Originally Posted By david_g17:
it's more than enough for me. way more.

but, i like to save money. your savings account probably isn't earning enough interest to keep up with inflation. if you don't invest it someway, you'll actually slowly lose money.

eta: if you eat out a lot, it might not be enough. depends on your lifestyle.


For my cash savings account I use an ING Savings Account. Guaranteed interest of 5%. For right now that is fine for me. I will try to find a way to invest it later. I dont want to drop it into a Roth IRA or max out my 401K. I want access to it if need be.
Link Posted: 10/11/2007 5:37:36 AM EST
$947 is over 6300 packs of ramen, noodles of the gods.

Buy something in a Hi capacity firearm every couple months. They will only increase in value as time passes. Buy from locals mainly, via FTF sales and such. Keep it low key.
Link Posted: 10/11/2007 5:38:24 AM EST
[Last Edit: 10/11/2007 5:43:05 AM EST by Tim_the_enchanter]
For a single man? It's hard to say, depending on your lifestyle. It's a fair amount to have after your bills are paid. I spend from $200.00 to $240.00 a month on gasoline alone. That would leave me less than $700.00 which breaks down to less than $175.00 per week for all other expenses. If you eat out for every meal (alot of single guys do), you could be using that up rapidly. If you date regularly or have a steady girlfriend, you might even come up short.


edit;

What am I saying? This is arfcom. You'll be fine, just take it easy on the Girls Gone Wild videos.
Link Posted: 10/11/2007 5:39:00 AM EST
Good for you. When you become a millionaire...don't forget us.
Link Posted: 10/11/2007 5:39:54 AM EST

Originally Posted By bill3508:
I would have to say no. For me I probably spend $200 a week on food, so that doesn't leave much for anything else.

Bill3508




Stop eating out, you're blowing thousands of dollars a year on unhealthy shit man.
Link Posted: 10/11/2007 5:39:57 AM EST

Originally Posted By Dace:

Originally Posted By david_g17:
it's more than enough for me. way more.

but, i like to save money. your savings account probably isn't earning enough interest to keep up with inflation. if you don't invest it someway, you'll actually slowly lose money.

eta: if you eat out a lot, it might not be enough. depends on your lifestyle.


For my cash savings account I use an ING Savings Account. Guaranteed interest of 5%. For right now that is fine for me. I will try to find a way to invest it later. I dont want to drop it into a Roth IRA or max out my 401K. I want access to it if need be.


you're ahead of most people. There are some circumstances where you can pull funds out of a Roth early (like buying a first house, iirc), but you're right, they are few and far between.
Link Posted: 10/11/2007 5:40:21 AM EST

Originally Posted By bill3508:
I would have to say no. For me I probably spend $200 a week on food, so that doesn't leave much for anything else.

Bill3508


Holy cow, my wife and I spend $200 a month. What are you eating lobster and steak each night?
Link Posted: 10/11/2007 5:42:18 AM EST

Originally Posted By Dace:
After my mortgage payment, my car payment, my car insurance payment, my cell phone payment, my school loan payment, a deposit into my 401K, and a deposit into my savings account, I have $947 left in disposable income for any other expenses during the month. Food, clothes, ammo, etc.

I am trying to budget. I have never done this before. Am I freaking out for no reason? Is $947 a month very much for all other expenses? I am a single guy if that helps.


Max it out... you'll thank yourself later.

Also some items you way not have considered...

- Gas, can add up to several hundred dollars a month
- Utilities
- Cable/ internet

I use Quicken. It is a GREAT budgeting tool.

- AG
Link Posted: 10/11/2007 5:42:55 AM EST
You're doing really well man. Just don't allow yourself to blow all that extra dough every month. I recommend saving a quarter or more of that every month. It's vitally important to have large amounts of savings. I've seen lots of people ruined because they don't save anything.
Link Posted: 10/11/2007 5:46:33 AM EST
[Last Edit: 10/11/2007 5:49:05 AM EST by Procyon]
That sounds reasonable. It's good that you have included 401(k) contributions, savings deposits and school loan payment into your budget.

If I were you, I'd keep receipts for a month on whatever extra you buy with your disposable income. Tally it up at the end of the month and buffer in an extra 10% in case you decide to go crazy a little one month. Let's say your end figure is $500, take that $447 left over and open an RothIRA to give you an additional retirement plan.

ETA: just read your followup on having access to the money if you need it. Build up a healthy savings that equals 3-9 months of living expenses. So if your monthly living expenses are $3000, keep $9,000-$27,000 in the savings account. THEN invest in the RothIRA.
Link Posted: 10/11/2007 5:57:44 AM EST

Originally Posted By Aggie_Gunner:

Originally Posted By Dace:
After my mortgage payment, my car payment, my car insurance payment, my cell phone payment, my school loan payment, a deposit into my 401K, and a deposit into my savings account, I have $947 left in disposable income for any other expenses during the month. Food, clothes, ammo, etc.

I am trying to budget. I have never done this before. Am I freaking out for no reason? Is $947 a month very much for all other expenses? I am a single guy if that helps.


Max it out... you'll thank yourself later.

Also some items you way not have considered...

- Gas, can add up to several hundred dollars a month
- Utilities
- Cable/ internet

I use Quicken. It is a GREAT budgeting tool.

- AG


Right now I can't afford to max it out. That would be nearly $1,000 a month which is triple what I put into it righ tnow. Currently I put away 6%, my company matches 3%. I have been debating bumping it to 10%, but people keep telling me it would be throwing my money away because I cant touch it for 38 years (based on my age and retirement of 65) and the max my company matches is the 3%. I put about the same amount into my savings account.

Utilities and cable/internet are already factored into my mortgage. I consider them costs of me living in my residence. Gas is something I do need to factor in. It runs me about $30 a week.
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