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what is a good amount to have left over each month after bills etc?
Posted on 5/27/18 at 2:16 pm
Posted on 5/27/18 at 2:16 pm
I'm trying to figure out how to tinker with my budget and what I can and can't afford.
I'm not used to having money so I don't know what is a good number to be looking at.
I have 5-8 months expenses in savings and half that in a checking account where the bills draw from and I get direct deposit.
essentially, I'm trying to determine how much to throw extra on my mortgage principal and still afford a boat safely, after bills, food, gas, etc etc.
any rules of thumb here?
I'm not used to having money so I don't know what is a good number to be looking at.
I have 5-8 months expenses in savings and half that in a checking account where the bills draw from and I get direct deposit.
essentially, I'm trying to determine how much to throw extra on my mortgage principal and still afford a boat safely, after bills, food, gas, etc etc.
any rules of thumb here?
7
Posted on 5/27/18 at 2:30 pm to Tiguar
Some rough numbers would help here. You're asking a question and giving zero information.
Posted on 5/27/18 at 2:35 pm to VABuckeye
well the question hinges on should it be a % or a raw number? I don't think you need a whole lot of information to give that info. I was hesitant to give numbers because some people get pissy
anyway, I'm budgeting for like 1300 left over monthly. This is with doubling my mortgage payment, 4% into 403b, bills, food budget, transportation including insurance and gas, and assuming 600/m for a boat (payment + gas + maint).
is 1300 good? too much? too little?
anyway, I'm budgeting for like 1300 left over monthly. This is with doubling my mortgage payment, 4% into 403b, bills, food budget, transportation including insurance and gas, and assuming 600/m for a boat (payment + gas + maint).
is 1300 good? too much? too little?
Posted on 5/27/18 at 2:39 pm to Tiguar
quote:
well the question hinges on should it be a % or a raw number?
Depends. If you make 50k and save 50% that's pretty damn good. If you make 100 mil and save 50%, well that's different.
quote:
is 1300 good? too much? too little?
Again, there's no way to really know without any info.
Posted on 5/27/18 at 2:40 pm to Mingo Was His NameO
I gross 100-125k range in the south east. No wife, no kids
Posted on 5/27/18 at 2:52 pm to Tiguar
quote:
essentially, I'm trying to determine how much to throw extra on my mortgage principal and still afford a boat safely, after bills, food, gas, etc etc.
When do you want to have the mortgage paid off? That will tell you how much extra you’ll have to apply to the principal. How much will the boat payments be and what are the ongoing expenses of owning a boat? That will give you another set of numbers that you’ll have to budget.
I’d suggest using zero based budgeting and simply back your way into this.
Posted on 5/27/18 at 2:56 pm to Jag_Warrior
I understand all of that- that's not really the crux of my question. I also stated my predicted cost of boat ownership already - about 600/m.
I am asking if 1300 left over for someone who grosses 100-125k and is single is good or bad after making other semi-responsible financial moves.
I can add to mortgage payment if 1300 is too much, or I can not buy the boat if only having 1300 left over makes people uncomfortable.
I am asking if 1300 left over for someone who grosses 100-125k and is single is good or bad after making other semi-responsible financial moves.
I can add to mortgage payment if 1300 is too much, or I can not buy the boat if only having 1300 left over makes people uncomfortable.
This post was edited on 5/27/18 at 2:57 pm
Posted on 5/27/18 at 2:59 pm to Tiguar
quote:
I am asking if 1300 left over for someone who grosses 100-125k and is single is good
Not really, but if you are comfortable with it it's not bad. Life isn't all about saving as much as you can. If you save enough for retirement and have enough cash to feel comfortable then it's fine. If you'll use the boat and that's how you want to spend your money then that's fine.
Honestly you are asking for help and then being aggressive and a dick when people are trying to help you.
Posted on 5/27/18 at 3:16 pm to Mingo Was His NameO
Not really meaning to be aggressive, although not getting much help until now you telling me you'd be uncomfortable with that amount left over. So I'll punt on the boat
This post was edited on 5/27/18 at 3:16 pm
Posted on 5/27/18 at 3:19 pm to Tiguar
quote:
although not getting much help
Because you're giving about 5% of the info needed.
Posted on 5/27/18 at 3:24 pm to Tiguar
quote:
anyway, I'm budgeting for like 1300 left over monthly. This is with doubling my mortgage payment, 4% into 403b, bills, food budget, transportation including insurance and gas, and assuming 600/m for a boat (payment + gas + maint).
Are you maximizing your RothIRA? That’s another $450 month.
This post was edited on 5/27/18 at 3:25 pm
Posted on 5/27/18 at 4:02 pm to Tiguar
ftr I just googled the question in the OP and got something about the 50/20/30 rule which essentially recommends 20% into savings (which I presume to be my "how much is left over").
I'm not sure if putting money into retirement counts as that but I'll presume it doesn't. 1300 is a little over 20% a month for me net but less than 20% gross- but that's with making double mortgage payments.
I guess I'm in the ballpark of it doesn't really matter; I could buy the boat or I could pay even more on the mortgage and have it gone a few years earlier. 1300 isnt great but doable. All of my entertainment budget would go into the boat, basically. I'd have to determine if I'm okay with that or not.
I'm not sure if putting money into retirement counts as that but I'll presume it doesn't. 1300 is a little over 20% a month for me net but less than 20% gross- but that's with making double mortgage payments.
I guess I'm in the ballpark of it doesn't really matter; I could buy the boat or I could pay even more on the mortgage and have it gone a few years earlier. 1300 isnt great but doable. All of my entertainment budget would go into the boat, basically. I'd have to determine if I'm okay with that or not.
This post was edited on 5/27/18 at 4:05 pm
Posted on 5/27/18 at 4:13 pm to TigerintheNO
I am not. putting 4% into my 403b gives me more money than I'll know what to do with when I'm 65 assuming I live 20 more years after and that's assuming social security doesn't exist then (I'm guessing it wont)
I grew up poor so I don't really live very expensively. Having no debt and like 90k/year at 65 for doing nothing is more than enough for me
I grew up poor so I don't really live very expensively. Having no debt and like 90k/year at 65 for doing nothing is more than enough for me
Posted on 5/27/18 at 4:22 pm to Tiguar
I just looked up roth IRA - it makes zero sense for me to take money and have it sitting in a savings account when I can take it out of a roth at any time (less the appreciation).
So if I am going to that that 1300 and stick it in savings, I may as well take 450 of it and put it in a roth, I guess. All the same, right? Is my understanding correct?
So if I am going to that that 1300 and stick it in savings, I may as well take 450 of it and put it in a roth, I guess. All the same, right? Is my understanding correct?
Posted on 5/27/18 at 6:19 pm to Tiguar
quote:
putting 4% into my 403b gives me more money than I'll know what to do with when I'm 65
Why not set a more aggressive retirement age like 60? or 58?
Reality: quality of life due to denigrating health diminishes very rapidly after age 75 if you're lucky enough to live that long. Do you want 10 years of enjoyable retirement or more than that?
Posted on 5/27/18 at 9:01 pm to Tiguar
There isn’t a right answer to this question. You can save as much as you want but I’d recommend enjoying your disposable income right now. Find balance in life and don’t worry about it.
Posted on 5/27/18 at 9:24 pm to Powerman
I plan on being dead way before it honestly, I just dont want to actually survive and be like "well shite"
also life at 30-40 is way better than life at 55-65, I want my money then when I can go out and bang chicks n shyt dawg
also life at 30-40 is way better than life at 55-65, I want my money then when I can go out and bang chicks n shyt dawg
This post was edited on 5/27/18 at 9:25 pm
Posted on 5/28/18 at 7:16 am to Tiguar
quote:4% of your income is only $4-5k a year. You’re obviously young but I’d still look at a second retirement account. You’re single now so it’s hard to see past that, but you’ll probably have kids at some point, and those cost more than you can imagine. Add in tremendous uncertainty with health care costs as you get older and the like, and I’m not sure you’re saving “more money than you’ll know what to do with.” I’d max out a Roth as well - I think you’re really underestimating what you’ll need to have.
putting 4% into my 403b gives me more money than I'll know what to do with when I'm 65
Posted on 5/28/18 at 9:13 am to Tiguar
quote:
just looked up roth IRA - it makes zero sense for me to take money and have it sitting in a savings account when I can take it out of a roth at any time (less the appreciation). So if I am going to that that 1300 and stick it in savings, I may as well take 450 of it and put it in a roth, I guess. All the same, right? Is my understanding correct?
Yes that’s why I suggested it
Posted on 5/28/18 at 9:57 am to NaturalBeam
He is close to Roth IRA phase out. Likely can’t get the full $5500.
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