- $434 = Federal and State taxes saved per pay period **at first I thought my net pay should be higher, but then I remembered that Social Security and Medicare taxes are not affected by deductions in taxable income
- $4783 = taxes saved for 2009 if I max out 401K (~$434 per pay period x 11 pay periods)
- $1,000 = make-up tax payment that I will NOT have to pay come April 2010
- $1,700 = what I have left to spend per month
- $1,200 = absolute fixed costs (rent, insurance, student loan)
- $500 = what I have to spend on everything else (food, gas, car repairs, misc., etc.)
- $0 = anticipated leftover at the end of the month
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{ 4 comments… read them below or add one }
oh wow… I guess you are really working towards a future goal but I could not live on $500 for the month after all my fixed costs are factored in. Or maybe I could but it would be a very big commitment on my part. Something to think about.
Sounds great! Once I’m settled in a house and have started my PhD programs, I may come to you for a bit of advice/coaching. Sometimes, I think I’m destined to be living a “bohemian” (that is my nice way of saying broke at the moment) life.
Fabulous! I think $500 per month is plenty for a single girl’s food, gas, car repairs, misc., etc.) . Especially if this is the number AFTER her aggressive savings to retirement accounts and fixed expenses. GREAT job!
Fixed costs:
– $1175 (shared expense – rent, Internet/Cable/Phone, groceries – metropass, student loan minimum payment)
Savings:
- $$ left at the end of the month (I maxed out my goals for the year, so now I’m focusing on my loan)
Student Loan:
- $600 (additional payment)
Entertainment/Shopping/Gifts:
- 275
If I have something come up, I’ll pay a little less on the loan (this month was only $450 to give me extra for my brother’s wedding gift and wedding shower gift).