January Budget---Again...

Assuming I will make 2,000 a month, after Taxes, this is my Tentative Monthly Budget, starting in January, 07.

One day i want to live by the 60-40 solution... this is my way of trying to get there.

$1,000 Auto Loan
Hopefully, this means that my loan will be done when i graduate! Now December '07. If i can dent the 12,000 mark (which should happen with December's payment) than I think I will have covered the extra interest as well.

$100 Car Insurance
I'm going to plan for this this time, and put $100 aside every month, that way when the end of the year comes along, I won't have to put out $500 a month to pay for it... since this is what i'm doing now. Car Insurance always goes down every year, so $1200.00 is a good start figure since my bill this year was $1213. Eventually i'll get my own plan and take myself off my mothers... which will mean it will cost more... so that is why i'm not lowering it any further. I'd rather have more, than not enough, plus if i get in the habit of saving more than i need, it will help later when i don't have student discounts and the like to lower the costs.

$200 Gas
Personally, I love the break I'm getting in my gas right now! I love paying 2.29 a gallon, not 3.30... But i don't think that those prices will last very long. So i'm keeping gas expenditures to 50 a week. That way, when i spend 32, 18 bucks a week (or 72 a month) can go towards the Stickers on my vehicle. I have no idea how much those will cost in all honestly. So when that unexpected bill comes in March... at least i'll have a little extra to help fend that off.

$50 Cell
Since my cell is my only reliable number, I'm okay with this bill. It's really $46 something a month and i get roll over, text messaging and phone insurance (my city job gets me a nice discount with Cingular... 10-15% off... can't remember the exact figure tho...)

$20 Internet
Technically, they haven't sent me a bill yet and this worries me. I know they have my CC info, and i'm pretty sure i have automatic billing, but either way, they haven't sent me a bill yet... I really should call AOL... but every time i do its the weekend... crud, i'll call them today.

$200 Retirement Savings Account (10%)
I want and should open a roth IRA... but until i do, i'm putting money into and ING Direct Savings account. Right now, i'm feeding 10% of my income, and when December rolls around and my current CD is up, i'm going to take the original CD amount, plus anything in the account and create a new CD. Then, I'll take 10% of my paycheck (200 bucks) and put it into the old savings account until i get enough to Fund an IRA... I think i need 4,000 to do that, but i'm planing on looking into that in January.

$150 Groceries/Necessities
I read somewhere on MSN money that you shouldn't spend more than 150 on Eating out, Groceries, etc for one person... So, I'm going to try this but also add in Necessities like Shampoo and toothpaste, etc into this category.

$70 Everyone needs a bit of Fun
This will be for movies, clothes, etc. No budget works without a bit of fun.

$80 Short Term Savings
This is money set aside for gifts, Christmas, vacations, unexpected expenditures and the like... I'm suppose to spend all of this by the end of the year.

$100 Emergency Fund Builder
I should have 3-6 months of my "salary" saved somewhere in case i can't work. My job does have disability/injury pay. But to be on the safe side, i should start putting this aside. If i need more money for short term money, than i'll pull it from this since my work does have a system set up for injury, but not for being fired, obviously... i won't move out till i have at least 3 months of my income, or $6,000 here alone. I don't want to get into the position where i have a place, loose my job and can't afford to keep it.

$30 Long Term Savings (A.K.A Moving OUT)
So, in an attempt to move toward the 60-40 solution and my ultimate goal, I have this category set up... it's supposed to be more... but meh, there isn't anything left. I'll also be putting all my overtime in here as well. hopefully i'll get a little bit together while i'm paying off my car. It will be nice to turn over at least 1,000 a month here in '08 after the car is paid off.


0 Rent (yeah for mom's house for now)
0 Medical Insurance (paid by work)
0 Dental Insurance (paid by work)