What is a good amount to have left over…?
by techdude on Thursday, September 9th, 2010 | 7 Comments
after the house payment, insurance, taxes, credit cards, phone/net/cable, student loans, gasoline, cell phones, for food, electric, gas?
What would be a reasonable amount to have two people live off of for a month? My fiance and I are looking into buying a house and are not sure what number we should be comfortable with.
I’m asking this in the wedding section because most of you are in the same boat or have been there already. Thank you!!
It’s going to vary by location…remember participants this forum are from all over the world.
You’re leaving out a very important payment….yourselves!
First, invest a portion of your pay into retirement. Use your employer’s 401k plan, etc. Aim for 10% of your pay. If they don’t have one, be disciplined and set money aside specifically for an IRA. You should actually aim for 15% in the long run….this would allow you to retire as millionaires.
Next, start a savings account. Put a given amount per paycheck into that savings account. You can pay for yearly vacations with this.
Now, set aside for you mortgage, bills, etc.
Now, how much do you have left over?
It depends on your life style. No one can answer that but you.
After paying everything, I think it’s good to have at least $250, if not more a week that’s not designated for anything. That includes gas for your car, food and any other necessities.
That way, you can save anywhere between $100-$200 in a bank account. Then you’ll have money left over for eating out, clothes (you need to look presentable for work), or getting your hair done (men and women-again, looking presentable for work). Plus, you’ll be able to take the kids to the zoo or the park or whatever.
I say you should have about $1,000 or more each month that’s not alloted for anything. That way, if any emergency comes up; you’ll be prepared. If you want to take the kids to the water park, you’ll be able to do so.
$1,000 a month=$500 per person=$125 from each person’s paycheck, each week that’s not alloted for ANY type of expenses. That’s $125 of disposable income. That’s also $250 a week, per couple.
But, this varies. It depends on your income. A $1,000 for one couple might be half of their monthly income.
Some times it’s not a matter of “what is a good number”, as much as “Will there be any at all?” If you’ve got all the bills paid, and still have some left over, allow me to congradulate you. You’re farther ahead than alot of people. You can take what is left and put it in savings.
Your house payment, insurance, taxes should be about 1/3 of your monthly income (usually gross income, but you should lean more on the net income).
what city?
there are numerous loan calculators – try those. for the next few months – track your expenses and go from there. put what’s important…..