Gut Check; Is this budget doable?
I was living with my parents since I graduated college and things have always been tense. My parents were super helpful when it came to letting me live at home and offered to let me stay rent free and covered some groceries here and there. I aggressively paid down loans for 15 months, but it was becoming too much of a mental and social strain to live there. The constant fighting and jockeying for personal space was too much. It all came to a head two weeks before Thanksgiving and vowed to be out by end of the month. I rushed into a lease because it seemed great and I felt I was prepared, but now am having major doubts on how I will be able to pull this off. Please feel free to pick apart my budget and help with anything I may have over looked.
Assets and Income
Current Emergency Fund: $2000
Primary Income: $2,400 net
Secondary Income: $200 - $300 net
Debts
Federal Student Loan: $23,xxx @5.45% Min:$510
Private Student Loan: $18,xxx @4% Min:$193
2011 Malibu Loan: $12,xxx @2.79%
Total: $53,XXX
Current Budget
Rent: $427.5
Electric:~$15
Gas: Variable ~$200-$300 for winter
Phone: $100 (family plan and helps pays for sisters phone)
Cable/Internet: $25
Car Payment: $315 (1 mo. ahead for cushion)
Auto Insurance: $100
Renters Insurance: $30
Gym: $40
Student Loans: Min $710
Food: $250
Savings: $200/variable
Looking to build up a 2 mo. Emergency fund and dump the rest in the private loans and avalanche down. My job is really secure and has mobility so I feel comfortable with only 2 mo. Emergency fund. I am matching 6% on 401k and considering down sizing the car, its got only 45,xxx miles on it so I was looking to have it till it dies. Let me know what you guys think!
Posted Dec 2, 2015, 10:41 PM UTC