Living expenses - Am I getting this right?

[SarcasticDwarf]

I am finishing up college and finally (I really should have done this earlier) figuring out my expenses. Does the below look reasonable? Obviously certain things such as auto insurance, fuel, rent, etc will be determined by the location. Am I missing anyhthing?



Expenses

Some explanations:

*I am making the auto service costs on the high end as I drive an older vehicle that is more expensive to repair. It is a reasonable estimate. Get over it.
*Student loans are not yet consolidated so I am using the numbers for the default repayment plan (33k @ 6.8 for 10 years). It will lower to the 2xx range after consolidation.
* Ignore the numbers off to the right.

 

[vi edit]

Blocked by websense...can you host on pics.bbzzdd?

 

[Journer]

$200/mo on groceries? are you smoking crack?

 

[Syrch]

Originally posted by: vi edit
Blocked by websense...can you host on pics.bbzzdd?

this

 

[AmpedSilence]

looks about right....

 

[nervegrind3r]

u underestimate groceries
overestimated savings
ixnah the reserve fund
the internet is your entertainment so no tv (save $1200/yr)
screw renters insurance
auto service on a monthly basis? are you kidding me? fix when broken grasshopper

seriously, if that is your scenario, move back home with parents for a while.

you missed $$ allotments to actually live, go out, do things, titty bars, etc etc

 

[BornStar]

Your renters insurance looks to be about double what is normal unless you've got a ton of riders. You don't have a cell phone or cable on the list (if applicable). Other than that it seems OK to me.

 

[AccruedExpenditure]

Your missing food when you eat out...

 

[nakedfrog]

Other than having a negative balance for the year?

 

[SarcasticDwarf]

Originally posted by: BornStar
Your renters insurance looks to be about double what is normal unless you've got a ton of riders. You don't have a cell phone or cable on the list (if applicable). Other than that it seems OK to me.

I included my cell phone under Utilities: Phone as it is the only phone I have. I did not include cable (though I maybe should) because I have not even had a tv in a couple years.

The renters insurance I have gotten has always been about 80-100/year. Not many riders. That number does not really figure in the multi-line discount which is figured into the auto insurance rates.

 

[SarcasticDwarf]

Originally posted by: nervegrind3r
u underestimate groceries
overestimated savings
ixnah the reserve fund
the internet is your entertainment so no tv (save $1200/yr)
screw renters insurance
auto service on a monthly basis? are you kidding me? fix when broken grasshopper

you missed $$ allotments to actually live, go out, do things, titty bars, etc etc

I think you may be right on the groceries part. The reserve fund is more for unexpected expenses and toys. Renters insurance is a must.

The auto service is just an average. I think the number I am using is on the high side but it works out about right (my vehicle is relatively expensive to repair though I do much of the work myself).

 

[bignateyk]

Eating out and hitting the bars really adds up. Make sure you account for that. I probably spend $300 a month on eating out for lunch at work, dinner with friends, bars with friends, etc...

 

[FallenHero]

Not a good sign if you are already expecting to be in the negative. You should at least have 1k left over by the end of year. Move back home to save money man (if possible.)

 

[TwiceOver]

Auto Service $150x12? Time to get a new car eh?

 

[slsmnaz]

Originally posted by: nervegrind3r

screw renters insurance

IMO that's bad advice. It's very cheap and could really help if something happens

 

[luckysnafu]

Your student loan payments are insane! How much do you owe on them and what's the interest rate? You should consolidate to get a lower rate and a lower monthly payment.

 

[SarcasticDwarf]

Originally posted by: TwiceOver
Auto Service $150x12? Time to get a new car eh?

That only works out to $1800/year. That is certainly high but not insane. Figure that new tires alone are $6xx, oil changes, and then normal wear and tear on an older vehicle and you can easily get to that.

 

[lokiju]

Is Auto Service your car payment?

Also, why do you spend $50 per month on clothes?

$425 a month student loan payment!?!? WTF?

 

[SarcasticDwarf]

Originally posted by: luckysnafu
Your student loan payments are insane! How much do you owe on them and what's the interest rate? You should consolidate to get a lower rate and a lower monthly payment.

I am working on that now. I have about 33k across 6 or so loans. I need to consolidate them but that takes time and I need to get all of it set up. Right now I am basing that figure on the standard 10 year repayment plan.

 

[lokiju]

Originally posted by: SarcasticDwarf

Originally posted by: luckysnafu
Your student loan payments are insane! How much do you owe on them and what's the interest rate? You should consolidate to get a lower rate and a lower monthly payment.

I am working on that now. I have about 33k across 6 or so loans. I need to consolidate them but that takes time and I need to get all of it set up. Right now I am basing that figure on the standard 10 year repayment plan.

Aren't student loans usually more like 30 years?

 

[Soapy Bones]

Based on my budgeting that I have which does use some similar categories, the $200 for groceries and dining is pretty low. I spend that every month on groceries alone, and then another $200 for eating out/going out - at least.

Just think, you go to a semi reasonable place like say applebees on a date or whatever. 2 people with normal drinks and maybe desert is at least $30, maybe more. Do that twice a month and there goes 1/3rd of your food budget.

If you have absolutely no savings now, you are going to want to try to work towards saving up at least 3 months of expenses worth. This buffer is especially important because you are looking at a defecit before you even start... so if you lose your job for any reason you are going to need that reserve fund to get by. As of right now, if you weren't working you would be pretty much underwater in a month or two.

Also, I realize net income is dependent on state and local taxes, witholding status, and 401k - other pretax contributions, but it seems like that number is a bit low for a gross of 41,700. Maybe you want to adjust your witholdings to keep more of your paycheck up front and not get such a huge refund at tax time.

Other than that, I would have to say way to go for at least thinking these things out as so many people dont have a plan at all and they wonder why they are buried under credit card debt.

 

[nakedfrog]

Originally posted by: SarcasticDwarf

Originally posted by: TwiceOver
Auto Service $150x12? Time to get a new car eh?

That only works out to $1800/year. That is certainly high but not insane. Figure that new tires alone are $6xx, oil changes, and then normal wear and tear on an older vehicle and you can easily get to that.

I usually figure new tires at $400, and I only need them every 3-4 years... although if they're over 15" it goes up a bit.

 

[krunchykrome]

I think you're food expense is too low.

 

[SarcasticDwarf]

Originally posted by: nakedfrog

Originally posted by: SarcasticDwarf

Originally posted by: TwiceOver
Auto Service $150x12? Time to get a new car eh?

That only works out to $1800/year. That is certainly high but not insane. Figure that new tires alone are $6xx, oil changes, and then normal wear and tear on an older vehicle and you can easily get to that.

I usually figure new tires at $400, and I only need them every 3-4 years... although if they're over 15" it goes up a bit.

265/70/16. They run from 130-180 each. Depending on how much I am driving I will need a new set within 18 months.

 

[SarcasticDwarf]

Originally posted by: lather164
Also, I realize net income is dependent on state and local taxes, witholding status, and 401k - other pretax contributions, but it seems like that number is a bit low for a gross of 41,700. Maybe you want to adjust your witholdings to keep more of your paycheck up front and not get such a huge refund at tax time.

Other than that, I would have to say way to go for at least thinking these things out as so many people dont have a plan at all and they wonder why they are buried under credit card debt.

I am not really sure where I will be working, what state, or how much I will get paid so I am operating off of the general rule of 1/3. If I take the time to examine it more closely I am sure I can get an exact number but for now I will use that.