Here's a detailed look at the budget I've finalized for 2008:
| Sub-Category | 2007 actual | 2008 budget | difference |
| Div Income | $ 197 | $ - | $ (197) |
| Div Income NT | $ 15,411 | $ - | $ (15,411) |
| Int Income | $ 291 | $ - | $ (291) |
| Int Income NT | $ 0 | $ - | $ (0) |
| Long CapGnDst | $ 1,258 | $ - | $ (1,258) |
| Long CapGnDst NT | $ 1,722 | $ - | $ (1,722) |
| Bonus | $ 10,500 | $ 7,000 | $ (3,500) |
| Div Income | $ - | $ - | $ - |
| Gift Received | $ 1,645 | $ 500 | $ (1,145) |
| Interest Inc | $ 1,163 | $ 1,200 | $ 37 |
| Investment Inc | $ 10 | $ - | $ (10) |
| Other Inc (410k match) | $ 5,481 | $ 5,500 | $ 19 |
| Salary | $ 91,029 | $ 95,000 | $ 3,971 |
| Tax Refund | $ 2,844 | $ - | $ (2,844) |
| Inflows - Other | $ 3 | $ - | $ (3) |
| Total Inflows | $ 131,555 | $ 109,200 | $ (22,355) |
| Condo insurance | $ 320 | $ 348 | $ 28 |
| Condo: Mortgage and common charges | $ 20,219 | $ 20,100 | $ (119) |
| Property taxes | $ 2,312 | $ 600 | $ (1,712) |
| Utilities: Gas & Electric | $ 1,102 | $ 1,200 | $ 98 |
| Utilities: Telephone | $ 1,342 | $ 900 | $ (442) |
| Bank Charge | $ 78 | $ - | $ (78) |
| Charity | $ 343 | $ 500 | $ 157 |
| Clothing | $ 2,940 | $ 2,000 | $ (940) |
| Dining: Breakfast | $ 701 | $ 720 | $ 19 |
| Dining: Dinner | $ 2,616 | $ 2,200 | $ (416) |
| Dining: Groceries | $ 2,406 | $ 2,400 | $ (6) |
| Dining: Liquor | $ 965 | $ 900 | $ (65) |
| Dining: Lunch | $ 1,295 | $ 1,200 | $ (95) |
| Education | $ 421 | $ 480 | $ 59 |
| Entertainment - Other | $ 95 | $ 200 | $ 106 |
| Entertainment - Books | $ 69 | $ 75 | $ 6 |
| Entertainment - CDs | $ 53 | $ 60 | $ 7 |
| Entertainment - Movies | $ 75 | $ 80 | $ 5 |
| Gifts Given | $ 2,300 | $ 1,000 | $ (1,300) |
| Gym & Fitness | $ 1,199 | $ 1,308 | $ 109 |
| Home Repair | $ 290 | $ 200 | $ (90) |
| Household - Other | $ 1,510 | $ 600 | $ (910) |
| Household - Laundry | $ 340 | $ 360 | $ 20 |
| Household - New Home Decor | $ 6,130 | $ 800 | $ (5,330) |
| Investment Exp | $ (111) | $ - | $ 111 |
| IRA Contrib: 401k | $ 15,500 | $ 15,500 | $ - |
| IRA Contrib: Roth IRA | $ 4,000 | $ 5,000 | $ 1,000 |
| Medical:Dental | $ (297) | $ 67 | $ 364 |
| Medical:Doctor | $ 45 | $ - | $ (45) |
| Medical:Flex spend | $ 333 | $ 500 | $ 167 |
| Medical:Health Insurance | $ 718 | $ 792 | $ 74 |
| Medical:Hospital | $ 100 | $ - | $ (100) |
| Medical:Medicine | $ 130 | $ - | $ (130) |
| Misc:Other | $ 1,564 | $ 1,000 | $ (564) |
| Misc:Personal care | $ 914 | $ 1,080 | $ 166 |
| Payroll Taxes, Self:Federal | $ 13,965 | $ 14,000 | $ 35 |
| Payroll Taxes, Self:Medicare | $ 1,445 | $ 1,500 | $ 55 |
| Payroll Taxes, Self:NYC tax | $ 2,787 | $ 2,800 | $ 13 |
| Payroll Taxes, Self:SDI | $ 31 | $ 36 | $ 5 |
| Payroll Taxes, Self:Soc Sec | $ 6,045 | $ 6,300 | $ 255 |
| Payroll Taxes, Self:State | $ 4,797 | $ 5,000 | $ 203 |
| Subscriptions:Internet Access | $ 265 | $ 240 | $ (25) |
| Subscriptions:Magazines | $ 184 | $ 120 | $ (64) |
| Subscriptions:Newspapers | $ 520 | $ 500 | $ (20) |
| Travel:Commute | $ 914 | $ 914 | $ - |
| Travel:Non-Vacation Travel | $ 1,376 | $ 1,000 | $ (376) |
| Travel:Vacation Travel | $ 1,064 | $ 9,000 | $ 7,936 |
| Total Expenses | $ 105,411 | $ 103,580 | $(1,830) |
| Net | $ 26,144 | $ 5,620 | $ (20,524) |
For income, I have budgeted for the bonus and a small raise. I also included the 401k matching contributions. Otherwise, I'm not counting on any investment income, so hopefully there is a bit of upside there. But I want to be conservative in this area.
As for expenses, you'll notice that I'm trying to cut back a little on clothing and dining-- I bought some new clothes in 2007 and hopefully won't need as many this year. Unless I get fat, that is, which is another reason why I also cut back on dining. I'm also reducing gifts given, since I won't be giving my nephew another $1,000 savings bond. (Hopefully my sister won't have any more children this year!) The home decor line is also cut way back, as I don't need any major furniture. Misc Other is lower than last year because I don't expect to need a new Treo, which I bought last year. And I've decided to postpone getting a new computer. I also cut back my property taxes quite a bit from what I paid last year-- this is pure guesswork, but hopefully the real amount once the abatement kicks in will be even lower.
Also note that I am showing my 401k and Roth IRA contributions as an expense here-- paying myself first!
And then the one item that has been massively increased is TRAVEL! $9,000! Yowza! I may not need all of this, but it's looking very likely that I will do a very expensive, very exciting trip this summer. The cost is killing me, but I also know that it is something I want to do sooner or later, and I'm thinking maybe sooner is better. And the budget seems to be allowing me to do it and still save a little cash. Maybe not quite as much as I'd like, but I'm just going to go for it and hope for the best. Stay tuned to see how it all works out!
12 comments:
You did a great job laying it out, but two things:
1. Decore - Still a new place $800 could get eaten quick!
2. Good for you budgeting less than your last bonus. Alot of folks over count and hurt themselves. I am especially nervous for next years!
I just wanted to comment that I had been reading your blog every day. But, looking at your charitable contributions for 2007 just turned me off. You contributed less than 0.5% of your total income to charity. I gave more away in the last three weeks than you did in all of last year, and our incomes are similar. Your multiple posts about charity are now coming off as somewhat insincere.
Just wanted you to know that for people with 6-figure incomes, your giving is far below average.
Just want to say I totally disagree with Anonymous above about your charitable giving. Charity begins at home and you gave gifts of $2300, which sounds very generous to me on top of your charitable donations, especially a $1000 savings bond. My husband and I were in a position to donate to charity this year - for the first time ever - and we decided to give $1000 to help family rather than to an anonymous charity that we didn't know would use the funds responsibly. After family, we took our extra funds (about $500) and donated to the shelter where we adopted our dog and bought some groceries for a local food bank. I don't think your giving is below average at all.
Thanks for posting as this is quite valuable to me. Plus I never thought of breaking out my food budget to include individual meals and liquor...think I might start doing that.
On property taxes, what do you mean by the abatement kicking in? Is this a homestead exemption or something else?
I really like that . Its really good to see the perfect posts like this . This is rally an awesome post ....
keep updating me with your newer posts to me .
Here's an idea (I'm an insurance agent so it's habit)... Quote your insurance around to see if you can save some money. Feel free to visit my car insurance website at http://www.carinsurancequotes-california.com/get-quotes.php to do a quick auto quote. (You don't have to be from California, just enter your zip code for other states). You might be able to know a few hundred off your car insurance and add that to your bottom line!
Wow, you keep VERY detailed records. Curious, how much time do you spend tracking expenses every week?
@ anon 2:13 - I don't mean to speak for Madame X but she donates ALL of her blog proceeds to charity, therefore does not track it with her "personal" finances. With a blog of this size and popularity, I'm sure it adds up to be hundreds EVERY month.
I am very excited about your big trip this summer! I think traveling is an incredibly meaningful life experience that is worth every penny.
Excellent budget. I do this myself but on a much smaller scale. I also use programs like Quicken to keep me on track.
TheWalrus
www.thewalrus.biz
Would this article affect how you approach retirement savings this year?
http://features.us.reuters.com/personalfinance/news/N23633825.html
Are you losing money in your tax-deferred 401(k) and IRA accounts?
Here's a thought that may add to your pain: If you held those same investments outside of a retirement fund, you could be using them now to cut your taxes. Instead, you'll wait years, rebuild your balances, and pay full income taxes on every penny that you use -- possibly at higher tax rates than you're looking at now.
That's one of many reasons some financial experts are now warning savers not to overdo their retirement account contributions. It's counter to what they've been saying for years, but the disadvantages of having all of your money socked away in tax-deferred vehicles can come back and bite you.
It was great seeing how your break down your dining habits (along with everything else).
great break down listing..i wish i could do that xD
Post a Comment