Since this blog is all about managing your money, I like to share our monthly budget and update it regularly. Ever since learning how to make a budget I've been more excited to tell people how I do it.
Here is how our budget looks right now:
- Home Mortgage (we're overpaying $260 a month) – $1250
- Home Insurance/Property Taxes/HOA – $850
- Renter Insurance / Property Taxes (no mortgage) – $450
- Income Taxes – $500
- Food (Groceries and Splurging Out) – $450
- Liberty Healthshare – $300
- Toyota Prius Car Payment (at 0%) – $390
- Honda Fit Car Payment (at 0.9%) – $275
- Electricity – $100
- Gasoline – $125
- Car Insurance – $180
- Cell Phones with Ting – $75
- Internet (DSL) – $120
- Cable with DVR – $20
- Lawn Care (average over the year) – $50
- Water – $60
- Natural Gas – $40
- Life Insurance – $30
- Netflix – $10
- Miscellaneous and Cash – $225
Total Expenses = $5500
Those expenses are taken out of the $5800-$9,000 a month we make through Crystal-For-Hire ($1000-$3000), rental income ($1800), pet sitting income ($3000-$5000), and sports officiating income ($0-$2000). Taxes eat a chunk even as we are still trying to decide where to file taxes, our two homes eat a chunk, and we splurge a chunk.
This does not include the $11,000 a year we put into our Roth IRA's or the $5000-$10,000 we put towards other long term investments like the SEP IRA or stocks using the best stock investment apps. We cover more about how to buy stocks for beginners in another article. That's where the extra goes so that we are saving at least 25% a year for our future.
Unplanned expenses that pop up on the budget are taken from the appropriate target accounts that we fund with the extra money when we have it. The extra is split up between the following accounts based on how our targets are looking:
- Emergency Fund if it isn't topped off
- Roth IRA’s if not fully funded
- SEP IRA or Stocks
- Rental Property Maintenance Fund if not topped off
- Car Fund if not topped off though we're shopping for tires for sale online now.
- Vacation Account
- Fun Money Accounts
Other than that we're still trying to decide on a money market vs savings account for additional funds. I am hoping to show how a normal couple, even with unstable, fluctuating self-employment income, can budget their money to pay for our needs, our future, and the fun stuff along the way.