January 2013 Financial Synopsis

25 01 2013

January is winding down and so here is my monthly financial roundup.  I am currently on track to meet my budget for this month, with roughly 125$ to live off of until the end of the month.

spendingjanMy current budget is pretty high at 2000$/month, and obviously looking at it that’s mostly going into Food, Entertainment, and Shopping (953$).  Loosely, my goal is to decrease that 300$ to 500$ per month, but I can meet my financial goals without doing that.

I really have no idea how people are alive, have kids, etc!  I make good money, 70k/year, and I’m not exactly rolling in dough.  After taxes, 500$/month into a Roth IRA, 6% of my paycheck towards my 401k, and my budget, I only have 935$ left over!  That means I have to work 2 months to live 1 month off my savings, or that it would take a year to afford a new economy far.

Loan Outlook

I currently have 27,793.06$ in loan debt.  I set a goal in Mint to pay that off by the end of this year, which will require me to pay 2600$/month for the rest of the year (not January).  That’s 1665$ more per month than I have, which will have to be made up by earning extra money by travelling for work.  This amounts to basically 10 days of travel for work per month, definitely within reach.  Extra travel will help pay off loans faster minimizing interest or going into my emergency fund or into my car fund.

 

 


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