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: $14,700
Monthly Net Income: ~$11k
Other Income Sources: $1,700 (Fractional People Ops Consultant for my old company)
Dependants: Partner and two dogs
🏡 Monthly Fixed Expenses
Rent: $3,500 (split 50/50 with my partner. My portion is $1750 for a 2500 sq ft house, with a yard and pool, in downtown Durham)
Utilities (Electricity, Water, Gas): $220
Internet: $0 (partner pays for it)
Car payment: $380
Car fuel: $100 (I work from home, so I don’t drive much)
Car and Renter’s Insurance: $115
Subscriptions: $126 (Streaming services, apps like Spotify, Netflix, and Rocket Money)
Cell phone: $95 (Verizon unlimited plan)
🛒 Monthly Variable Expenses
Groceries: $1,000 (I pay for groceries, my partner pays for meals out, which is why that part of my budget is so low)
Eating Out (Restaurants, Bars): $200 (includes coffee budget)
Entertainment (Movies, Events, Hobbies): $100
Clothing: $250
Personal Care: $250 (varies based on “hot girl hamster wheel” appointments e.g. nails, hair, facials, skincare)
💸 Monthly Savings and Investments
Emergency Fund Contributions: $1,500 (comes directly out of paycheck and goes into savings)
Retirement Savings: $600 Roth (my company has a strong match as well)
Other: Anything extra goes into a HYSA for vacations, large purchases, or events (like my wedding)
🎁 Monthly Miscellaneous
Gifts and Donations: $50-100
Pet Care: $140
Health and Wellness: $712 for personal trainer (two 60 min sessions per week) + peloton tread/app
⚖️ Final Balance
Total income: $12,300
Total expenses: $6,981
Final balance: $5,319
💭 Money Reflections
1. How much does tracking your personal finances influence your spending, saving, and investing habits?
Not that much. I have minimal debt and responsibility, so I don’t feel much financial pressure at the moment. I try to “pay myself first” aka save before I pay any bills or make any purchases.
2. Is there anything you wish you would spend less money on?
My trainer! Maybe personal care like facials etc… that would be the first to go if I need to scale back.
3. What do you consider important to spend money on?
Quality food and my health. Great place to live since I wfh.
4. Do you have any short-term or long-term financial goals?
Short-term, I’m trying to save for my wedding next year and a few epic trips.
5. Are there any specific saving or investment strategies you follow?
HYSA accounts are so important. I recommend SoFi.
6. What was your relationship with money like growing up? Did you talk about it with your parents/caregivers?
My parents are terrible with money and have filed for bankruptcy more than once. They talked about it but mainly in a negative way. It’s been my mission to not be in debt… and break the cycle of poverty in my family.
7. Did you receive any formal or informal financial education growing up? If yes, where did you learn to manage your personal finances?
Not growing up, but I went to business school, so that helps. Her First 100k has been a game-changer for me as well!
8. Do you feel well-versed in personal finance? What resources have you used to educate yourself?
Not at all. But I try to learn something new every year to evolve my strategy.
