I'm bored right now, or just avoiding doing work... you know how it is. So anyway, I was playing around on Gail Vaz-Oxlade's website and I found the following recommends for where your income should go. I figured out how much I should be spending for each of the areas, and calculated how much I really am spending. I'm not that far off at all!
Income: $1,245
Housing: 35% $435.75
Debt: 15% $186.75
Life: 25% $311.25
Transportation, 15% $186.75
Savings 10% $124.50
And here's what I'm doing:
Income: $1,245
Housing: 32% $400
Debt: 22% 270
Life: 26% $325
Transportation, 8% $100
Savings 12% $150
The only really negative thing is that I have a bit too much debt for how much I make. But I make up for it by having really low transportation costs, so I think *maybe* it's alright. Good things are I save more than 10% and I'm right on target with the housing and "life" categories!! I think it's pretty cool that I never did one of these tests before making my budget, but I'm doing it right.
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Warning: Living out the glamorous life on a grad student's budget can endanger your financial well-being.
3 comments:
I think you're doing awesome! Your numbers are almost right on the money! ;)
That's awesome!!
thanks for the encouragement guys! :)
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