Thursday, February 10, 2011

Monthly budget: How I spend (and save) my money

Personal finance can be a touchy subject. You don't just up and ask someone what they make, how much they spend, and what they're able to save. There's good reason - and manners - behind this; the downside is the lack of comparatives can make it harder to evaluate one's own situation. It can seem like we're living in a vacuum when we don't see behind the scenes: our friends may appear to always have cash on hand, when their financial reality may be quite the opposite.

In the interests of demystifying one 30-something's personal finances, here's my monthly breakdown:


$1000.00         Payment to myself – direct to savings (notice how this is first?)
$994.49           Mortgage payment
$350.85           Condo fees
$300.00           Groceries ($75.00/week)
$150.00           Property taxes
$107.00           Transit pass (discounted through work)
$100.00           Entertainment (drinks/eating out, etc.)
$75.00             Beer and wine
$65.00             Cell phone
$50.00             Toiletries
$31.55             Telephone (land line) (I'm getting rid of this)

(monthly take-home, after all deductions, including taxes & pension)

Additional income
$100.00 (from renting out my parking spot)


$3,500.00        Income
$3,223.89        Expenses
$276.11 leftover to spend (or save) as I see fit. So far, this money seems to be enough to cover unexpected expenses; repairs, gifts, etc.

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