By: Revanche

Dual Household, Single Income

April 21, 2010

New job, new salary, new savings goals

Ever since landing the job I’ve been on fire to write up a new budget and set my savings goals for the year.  With a new set of demands on my income, I had no idea how much I’d be able to save but I’m bound and determined to work it out.

Let’s look at my major obligations

In a nutshell, the graph shows these items:
$2700/mo – allocated for all household expenses (my parents + mine) [SPEND]
$668.75/mo ($2675 total) – Debt to self to be repaid by July [SAVE]
$200/mo ($2000 total) – total amount needed to pay next 6-month auto policy and the monthly savings amount to pay annual insurances. This estimate might be a little on the high side but I need to replenish my insurance fund. [SAVE to SPEND]
$150/mo ($600 total) – travel fund minimum by July [SAVE to SPEND]
Those monthly totals are more than my salary alone can provide, so it’s good to know how much more I need to earn through freelancing.  It’s stressful seeing a shortfall, but better to know than not!  To be honest, none of that’s actual debt either, what I’m really planning are my short-term savings goals above.

[This budget was developed before Sunday and Monday‘s situations, so of course it’ll have to change to accommodate the new developments. But I worked hard on it, so this series is going up anyway!]
Debt Ninja hosted this week’s Carnival of Personal Finance and included my post on Ninjatown. Very apropos, I thought.

2 Responses to “Dual Household, Single Income”

  1. Jimmy says:

    I love how honest you are with yourself, maybe I should do the same. I, too am in my late 20’s and have parents that are financially out of commission and 2 siblings that aren’t doing much. It’s stressful to say the least, but never the end of the world.

  2. I’m glad you have a ‘pay yourself back’ fund!

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