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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
Buckets
⁠
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
No results from filter
⁠

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%
No results from filter
⁠

⁠

⁠
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
No results from filter
⁠

⁠

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
No results from filter
⁠

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
No results from filter
⁠

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
Investing
⁠
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
⁠

Income
How much do you make (after taxes are taken out) every month?
Your answer (edit this):
Necessary Expenses
How much do you spend each month on Necessary expenses ?
Your answer (edit this):
How many months of Necessary expenses do you want to save in your Emergency Fund?
Your answer (edit this):
Dividing discretionary income
While you fill up your Emergency Fund, what percent (%) of your discretionary income should be spent on Optional/fun expenses ?
Your answer (edit this):
While you fill up your Emergency Fund, what percent (%) of your discretionary income should go to Long-term savings/investments ?
Your answer (edit this):
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):
Configuration
Summary of your answers
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