Personal Budgeting
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Questions for you

This is where you configure how much you want to divvy up your money.
Note: Refer to for reminders of what each budget item is.

Income

How much do you make (after taxes are taken out) every month?


Examples:
wages
business income
bonuses/tips

Your answer (edit this):

Every Month
1
$5,400
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Fun Fact: This is
89% of the $72,702
median take-home pay in Seattle as of January 2021.

Necessary Expenses

How much do you spend each month on
@Necessary expenses
?


Examples of
@Necessary expenses
:
rent & utilities
basic groceries
cell phone
needed clothing
needed medical expenses
taxes

Note: If you spend $600/year on something, add $50 per month to the total for it.

Your answer (edit this):

Every Month
% of Income
1
$1,200
22.22222222222222%
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How many months of
@Necessary expenses
do you want to save in your Emergency Fund?


Your emergency fund is there to cover unexpected
@Necessary expenses
like an unexpected medical bill, flat tire, etc. It’s also there to help you get if you were to suddenly lose your income (which is more likely to happen at the same time as a big unexpected bill!) As a result, it is generally a good idea to have at least 6-12 months in an Emergency Fund before you relax your spending.

Your answer (edit this):

Num Months
Total Amount
1
6
$7,200
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Dividing discretionary income

Since you’re making
$5,400
per month and spending
$1,200
on
@Necessary expenses
, you have
$4,200
per month in “discretionary income,” which is the amount you get to choose how you spend or save every month. How do you want to split this up?

While you fill up your Emergency Fund, what percent (%) of your discretionary income should be spent on
@Optional/fun expenses
?

Your answer (edit this):

Percent (%)
Per Month
1
20%
$840.00
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Examples of
@Optional/fun expenses
:
expensive groceries
eating out
desired clothing
activities
elective medical expenses

The lower this number is, the faster you’ll build an emergency fund and savings.

While you fill up your Emergency Fund, what percent (%) of your discretionary income should go to
@Long-term savings/investments
?

Your answer (edit this):

Percent (%)
Per Month
1
30%
$1,260.00
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The remainder of your discretionary income goes to build your Emergency Fund.

Once you’ve got enough in your Emergency Fund, what percent (%) of your discretionary income should be spent on
@Optional/fun expenses
?

Your answer (edit this):

Percent (%)
Per Month
1
50%
$2,100.00
No results from filter

After you fill your Emergency Fund, the remainder goes to
@Long-term savings/investments
.
See for what to do with this money.

Configuration

Summary of your answers

Question you answered
Every Month
Num Months
Percent (%)
Per Month
1
How much do you make (after taxes are taken out) every month?
$5,400
$5,400.00
2
How much do you spend each month on
@Necessary expenses
?
$1,200
$1,200.00
3
How many months of
@Necessary expenses
do you want to save in your Emergency Fund?
6
4
While you fill up your Emergency Fund, what percent (%) of your discretionary income should be spent on
@Optional/fun expenses
?
20%
$840.00
5
While you fill up your Emergency Fund, what percent (%) of your discretionary income should go to
@Long-term savings/investments
?
30%
$1,260.00
6
Once you’ve got enough in your Emergency Fund, what percent (%) of your discretionary income should be spent on
@Optional/fun expenses
?
50%
$2,100.00
7
How much should go to your emergency fund each month?
$2,100.00
There are no rows in this table

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