The Budget Breakdown aims to broaden the conversation on money and offer insights into various approaches to spending, saving, and investing.

✨ Want to share your monthly budget breakdown with us? Please fill out this form here and we will get back to you (can be posted anonymously like this one 😉).

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💰 Income

Monthly Gross Income: $11,266.67

Monthly Net Income: $7,683.61

Other Income Sources: $3,420.84 / $2,373.33 (Monthly Gross/Net Income; part-time researcher at university)

🏡 Monthly Fixed Expenses

Rent: $1,273.34 (live with 2 roommates in a 3-bedroom house)

Utilities (Electricity, Water, Gas, Internet): $98.16

Transportation: $219.38 (Fuel + Parking)

Car Insurance: $186.18

Subscriptions: $38.98 (streaming services, run club membership, Medium subscription)

Cell phone: $15

🛒 Monthly Variable Expenses

Groceries: $249.12

Eating Out (Restaurants, Bars): $247.14

Entertainment (Movies, Events, Hobbies): $131.37

Clothing: $160.50

Personal Care: $118.13

Travel: $128.36 (Vacations, Weekend Trips)

💸 Monthly Savings and Investments

Emergency Fund Contributions: $300

Retirement Savings (401(k)/Pension, IRA/Roth IRA): $1,500

Investments (Stocks, Bonds, Mutual Funds, Real Estate): $300

🎁 Monthly miscellaneous

Health and Wellness: $197.50 (Gym + Yoga membership)

⚖️ Final balance

Total income: $10,056.94

Total expenses: $5,163.16

Final balance: $4,893.78

💭 Money Reflections

1. Does tracking your personal finances influence your spending, saving, and investing habits?

It does. I try to stick with the 50/30/20 budgeting rule and keep track of my monthly income and expenses in a spreadsheet. If there is a month that I’m going over my set budget, for example, if I have an irregular large expense such as an overseas trip, a new car or computer, I try to spend less the month after. If there is a month where I’m under my budget, I try to dedicate the extra money I saved to my savings or investing accounts.

2. Is there anything you wish you would spend less money on?

I would like to spend less on clothing, both from a financial and sustainability perspective. I work out a lot and go through workout clothes and running shoes pretty quickly, but looking at how much I have spent on clothing over the past six months, I want to be more cognizant of whether I really need something, and/or if I can find cheaper alternatives.

3. What do you consider important to spend money on?

I find it important to spend money on high-quality groceries and fitness, which I consider an investment in myself and my health.

4. Do you have any short-term or long-term financial goals?

Long-term, I would like to save for retirement and for a downpayment for my own place someday.

5. Are there any specific saving or investment strategies you follow?

A basic goal is to max out my Roth IRA. I have my emergency fund in a HYSA, and to take advantage of the current interest rates, I have a portion of my savings put in a CD. I try to set aside 20% of my income for savings and investment accounts. I recently started a new job and am earning more which leaves me with more money than in the past, as the final balance above shows - so my next strategy is to adjust how much to set aside each month!

6. How was your relationship with money growing up? Did you talk about it with your parents or caregivers?

Money was not really talked about at home. I was taught at a young age to save and avoid debt, but didn’t really learn anything about investing until my late 20s/early 30s.

7. Did you receive any formal or informal financial education growing up? If yes, where did you learn to manage your personal finances?

Not at all when growing up, except to save and not spend money I did not have.

8. Do you feel well-versed in personal finance? What resources have you used to educate yourself?

Not that much, but I have learned more since moving from Europe to the US five years ago—I feel like it is talked about more openly here. To educate myself, I read books and financial newspapers, talk to friends, and attend webinars.

💡 Ask the community

I feel like I’m fairly good at budgeting and saving for myself, but as a single woman who is not in a partnership, I sometimes worry whether I will be able to invest enough for long-term goals such as a house or early retirement. Do others feel this way?