Tuesday, July 19, 2005

Net Worth & FY06 Budget

Net Worth as of 7/18/2005



FY06 Budget (Goal)



A couple of notes:

The Rent is adjusted down from my actual monthly rent of $1100. I got a 1-time $1200 off for early renewal which I am taking spread out over 8 months. After 8 months my rent goes back up to $1100 but I will cross that bridge when I come to it.

Both my Phone & Insurance budget goals are lower than what I am paying right now but I am planning to go deal shopping soon so I think those numbers are reasonable targets.

The Clothes & Shopping category includes all kinds of shopping - shoes, handbags, furniture and home improvement stuff as well as clothes.

My biggest adjustment would be Food as I cut my usual expense by a lot in setting the target but by eating in and brownbagging lunch most days I think I can come in on target.

Cash left over = $42,960 - $42,620 = $340.

4 Comments:

At 7/20/2005 6:54 AM, Blogger Madame X said...

Excellent goals, good luck! You have a lot of savings, over $100k! Are you maximizing what it could be earning? And have you thought about buying a home with it so you could be building up equity?

 
At 7/20/2005 11:11 AM, Blogger mmb said...

My savings is earning, I believe, between .1 and .5% in interest. Okay, actually half of that is in a CD earning 3.25% APY. The rest really is earning .1-.5% but I am planning to buy a house or a condo this year so I am keeping it liquid.

 
At 7/20/2005 12:10 PM, Blogger Monty Loree said...

Here's my humble question MMB...
Why are you renting when you've got that much cash reserve set up to purchase a house. ?

It looks like you're a strong saver. As you know you're only help out the bank and your landlord's balance sheets by renting.

I see in your comment that you are planning to purchase a home. I hope it works out for you.

Financial Maturity Blog

 
At 7/20/2005 12:33 PM, Blogger mmb said...

Monty, that's a good question. I know renting is like pouring money down the drain because I have nothing to show for it in the end but I just like the freedom. Buying a house means if I have to move there's all the hassle of selling etc. Also, I am really clueless when it comes to real estate. I have no idea what to look for and I don't want to get gypped since it'd be such a big amount. I am working up the courage though ...

 

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