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 too 😉).

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💰 Income

Monthly Gross Income: $5,769

Monthly Net Income: $4,344

Dependents: 1 partner, 1 toddler, 2 cats

🏡 Monthly Fixed Expenses

Utilities (Water, Gas): $130 - $220 (higher budget for gas in the winter)

Car Payment + Gas: $425

Health, Vision, Dental, Life, Accidental, Car Insurance: $443

Debt: $431 (credit card payments)

Subscriptions: $186 (Spotify, Youtube TV, Netflix, coffee subscription, Dashpass, Google 1 storage, iCloud storage) + $139 2x a year (Disney+, Amazon Prime - yearly)

Cell phone: $109

🛒 Monthly Variable Expenses

Food (Groceries and eating out): $800 - $1,000

Entertainment (Movies, Events, Hobbies): $580

Personal Care: $75 - $200

💸 Monthly Savings and Investments

Emergency Fund Contributions: $85.18

Retirement Savings (401k): $231

🎁 Monthly Miscellaneous

Childcare/Education: $360

Pet Care: $20

Health and Wellness: $60

⚖️ Final Balance

Total income: $4,344

Total expenses: $4,029.18

Final balance: $314.82

💭 Money Reflections

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

I wish I didn’t spend as much money on food. A lot of this is unfortunately due to doordashing as there are many times when me and my partner’s schedule just don’t align. I often go over my budget when it comes to food.

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

Anything that involves my daughter. She doesn’t even have a budget because well….seasons and developmental stages. Some months she may just need basic diapers and wipes, other months she may need a new wardrobe because the temperature has changed/will be changing dramatically. Last month I dropped $150 on potty training stuff. Every month is truly different and I haven’t yet figured out how to budget for this. I tend to make sure her needs are met even if it means forgoing other things I or my partner may need.

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

Short-term: I would love to make more money. Hopefully the job market turns around soon. I’d also like to get a loan to consolidate my credit card and car payment debt.

Long-term: I want to have a full investment portfolio. I currently invest in the stock market and crypto and own a vending machine business with my partner. I would love to invest in real estate as well. I’m hoping eventually this is a plan we can retire on.

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

I specifically sought out a credit card that would give me the most bang for my buck and ended up with one that has a ton of benefits. I now use that card for everyday purchases instead of my debit card and have racked up so. many. reward miles. It is going to pay for all of the travel for our trips for the next year (3) and offered some other great benefits for travel that I wouldn’t have had unless I spent a lot of money.

5. What was your relationship with money like growing up? Did you talk about it with your parents/caregivers?

I had a great relationship with money growing up despite my mom always having different financial struggles happening. She took a few financial courses, some of which I was lucky enough to sit in and learn a few things. She would also read books like Rich Dad, Poor Dad and tell me little tidbits that she thought would help me. I think these tidbits along with seeing how not to manage money really shaped my relationship with money today.

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

I had some formal financial education training as mentioned before. Those courses would be put on by personal finance advisors but I could definitely use a refresher!

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

No, I don’t feel super well-versed in personal finance. I’m sure there is a lot I could learn. I just kind of do what works for me. I also don’t have a go-to resource for financial tips but I’ve learned so much through Tiktok and Instagram. Of course, do your own research but social media is a great starting point.

8. What advice about money would you give to your younger self?

I earned a lot of money when a startup I was a part of was bought by a larger company and I unfortunately didn’t really do anything with the money besides buy a house. I would tell my younger self to buy the house and then invest every last penny because the market was going to do a crazy bounce back after covid!

I was also a part of a layoff last year and recently took a job where I took a 43% pay cut. I would also tell myself to budget at all stages in life, even when you’re super comfortable and it feels like the money can’t end. Although my lifestyle changed, I’m surviving on this lower salary and makes me think, what the heck was I spending all my money on before?!?

💡 Ask the community

Where is the best place to start learning about investing? Also, how do I know if I have a good budget? For example, should I be spending more somewhere and less somewhere else?