Hmm. In an attempt to get all of my skeletons out the closet, I figured I’ll post what I earn, and what my debts are.
It’s nothing big for me, I guess. I want to create this post so my About Me page can easily link to the money that I currently earn. As my financial position changes, I’ll update the link on my About Me page.
What Do I Gross in a Month?
Salary (gross): $7398.64
Rental Property: $1100
Total Monthly Income: $8498.64
What is Deducted From My Gross Monthly Pay?
Federal Taxes: $525.94
FICA Social Security: $235.95
FICA Medicare: $81.46
Medical Insurance: $31.72
Total Monthly Deductions: $931.25
Where Are My Monthly Obligations?
Mortgage 1: $1536.59 (My Rental Property) Balance: $176,000
Alimony: $1500 Balance: $3,000
Mortgage 2: $700 (My Current Home) Balance: $102,150
Orthodontics: $179 (20 Weeks of Treatments Remaining) Balance: $1793
Electricity: $150 (Average)
Credit Card: $150 (Average) Balance: $10,001
Car Insurance: $79.11
Sprint: $75 (Can’t wait to Switch to Boost Mobile)
School Lunches: $40
Natural Gas: $15
Web Hosting: $9.95
Total Monthly Obligations: $4599.65
What Remains for Discretionary Spending?
Monthly Income – Monthly Deductions – Monthly Obligations = $2967.74
My Monthly Budget for Household ($150) /Groceries ($517.74)/Entertainment ($300) = $967.74
Currently Monthly Savings or for Debt Payoff = $2000
What Can I Fix?
What I’m doing now is not really wrong, but contrary to “best practices”, I’ve dramatically lowered my contributions to my retirement account. I was saving about $1000 monthly, but then the divorce happened, I took on other debts, and I started changing my philosophy on retirement savings in general. I want to generate passive income now, not have $6,000,000 when I’m 60!
I’m paying $150 monthly on a credit card, and will have to start paying interest in April if I don’t hurry to pay it off. Yep, the costs of a divorce, getting back in the dating game, and buying a house adds up quickly.
I’m “losing” money on my rental. I’ve been trying to refinance for a while, but will need at least $30,000 to do so.
I’m paying $179 monthly for my Invisalign (braces) treatment. I have about $1600 remaining to pay. After I pay a total of $4500, my teeth better be super straight.
I’ve cut all of my expenses down to only what is necessary, so to speak. I’d cut the cable since I don’t watch television, but my son watches it. Take from these numbers what you want. There are a lot of things that I’m doing right, and a lot of things that I’m during wrong, per sè.
Readers: Having seen my numbers, where do you think I can change up a bit?
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DisclaimerThe opinions expressed on this blog are mine and represent my views only. I have very strong opinions, but am also an open-minded individual. If you refute my view with supported, educated and well-argued points, I could very well change my opinion.