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How much do you spend a month?
How much do you spend a month on food and other misc. expenses like haircuts, clothes, Target crap (I heart that store way too much) pets, vacations, etc.?
I've been having to do some serious budgeting because I was laid off and now I am probably going to be accepting this new job at a 25% pay cut. Before I was estimating $425/mo. on food and $300/mo. for miscellaneous expenses ($725/mo. total on shopping for food and crap wow!). Now I have to cut it back to $425/mo. for everything. (This doesn't include regular fixed bills like home, car, health stuff, electricity, cable, gas etc.)
I think that is going to be tough so I wanted to get an idea of what other 20 somethings spend. Am I too high? too low?
I've been having to do some serious budgeting because I was laid off and now I am probably going to be accepting this new job at a 25% pay cut. Before I was estimating $425/mo. on food and $300/mo. for miscellaneous expenses ($725/mo. total on shopping for food and crap wow!). Now I have to cut it back to $425/mo. for everything. (This doesn't include regular fixed bills like home, car, health stuff, electricity, cable, gas etc.)
I think that is going to be tough so I wanted to get an idea of what other 20 somethings spend. Am I too high? too low?
Replies to This Discussion
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Permalink Reply by Amanda on -
I live in Los Angeles so my cost of living is much higher than most. And up until the last month I was charging all my food expenses on credit cards, because I didn't have money after rent, car payment, utilities, etc. etc. Since getting back into the working world (albeit bartending) I've been able to spend a little bit more. I'm on a strict budget, so I spend roughly $200 a month on food/misc. expenses- but mostly it's just food.
Good luck with your budgeting. Mint.com is a great resource, as well.
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Permalink Reply by Charlee on -
Ugh I have no idea - something tells me I don't want to know. :-/
I think it seems like the second estimate is going to be tough but if you're aware of it and strict about not spending money then it should work out ok! :)
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Permalink Reply by Erin on -
Budgets are very personal. What I spend in a month on things will be totally different than what you spend just because our expenses are different. I would recommend using a program like Quicken to track your expenses. It really helps to keep track or your money, to see where it's going, and to see where you need to cut back.
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Permalink Reply by Sebastian on -
I live at home so my expenses tend to be very low. I do pay some rent to my parents, to cover food and the like, but no where near how much I would pay if I rented/bought my own place.
Thing is, I'm a freelance photographer/writer/website designer with no intention of getting a 9-5 job -- I travel, so a 'proper' job seems rather counter-intuitive.
Most of my expenses are on things like web hosting -- I tend to live very frugally so that I can spend more money when I travel, and so I have enough money to buy plane tickets ASAP :)
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Permalink Reply by Minsmyname on -
Try using mint.com, my friend swears by this program because she'll start getting alerts on her Iphone when she's spending too much. I live in Orange County, CA and work and play in LA so my expenses tend to be above your average 20-something year old. I'm also officially a home-owner so there goes the majority of my paycheck!
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Permalink Reply by curiousillusion on -
I second the mint.com rec... it's what I use to see where I've blown my budget. Tragically I still can't seem to stick to a budget, but I'm getting ready to move so money has been kinda out of whack anyways.
I also agree with what someone said above... a budget is pretty personal and you can't really compare it to anyone. You just have to figure out what you can afford, I guess, and then do your best to stick with it.
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Permalink Reply by Erini CS on -
I just started using mint.com ... So far it's been nice, but I'm really waiting to see how things change in a few months.
I moved in April, so I'm no longer sharing rent and utilities (though my new place comes with all utilities, wireless, cable, and laundry included) and I've also had to get more furniture and other things for the apartment too. So basically even though I moved a few months ago, I'm still waiting for things to settle down.
I think determining a budget takes some time, and really there are always ways to cut back on things. I've been going to a student salon (and gotten the best haircuts of my life!), I check craigslist before I go to IKEA, and I look for sales at the grocery store. On the flip-side of that, I've bought a good number of clothing, video games, spent a decent amount on gourmet cupcakes for my birthday, and paid for tuition for a summer writing course through Stanford and a writing conference through Northwestern University...
Overall, when I shop or spend money, I want to make sure that I'm okay with the debit I may be accruing and that I'm being smart (and confident) about my purchases. Seeing my shopping trends on mint.com will be helpful as it'll remind me where my financial priorities are (I'm attempting to start donating to charities and organizations again).
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Permalink Reply by Mindy on -
I wish I kept track of food and all that so I could help you.
What I do know about the way I budget is that the moment I'm paid, I pay all of my major bills - rent, utilities, credit cards, cable, etc. - and whatever I have left over, I slowly use for food, gas, my dog and anything miscellaneous. Obviously all of those other bills take precedence, so for me, it's about spreading the extra money as far as possible.
If I have to eat Ramen for a full week so I can buy my dog a bag of food, then so be it. She comes before I do, as far as I'm concerned.
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Permalink Reply by Cee on -
Lately I haven't been spending as much as I used to on random crap (I got laid off in April) and I found that I could pretty much live on about $600 a month which doesn't include rent, but includes my cable/internet/electricity, food & gas. I stopped going to Target unless I NEEDED to - and when I do go, instead of buying the $6 Dove bodywash, I buy the Suave for $1.77 for example.
Haircuts have been cut back. I used to go religiously every 6 wks. Now I'm growing my hair out and will go every 8 wks (bang trims are complimentary in between cuts)
I do give myself at least a couple of nights out (because if I didn't, I would go eff'ing crazy). I just don't run up $50+ dollar tabs anymore like I used to. My friends & I Have found some good happy hours so that keeps us all sane.
I did find that I used to spend a LOT of money eating out. And now that I eat in most all the time, it saves a lot of money. Good luck!
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Permalink Reply by Nikki_Fudgestick on -
I know our budgets will be much different, but just for the sake of comparison: not including rent or electricity or anything like that, between my husband and I we spend roughly 160 - 200 on food. We probably spend 120 on stuff that we don't actually need.
Our overall budget for the month comes to something like $1500 a month, I'd say, including rent and so on. Give or take depending on if we actually pay our student loans and credit cards. lol
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Permalink Reply by Zandria on -
I don't even want to know how much money I've spent at Target in these past few weeks...their summer dresses are the effin' cutest! I'm doing the roommate thing, so my rent covers utilities and cable/wireless 'net at only $500/month, and you would think that since I work a full time job and a part time job I'd not be broke the week before payday, but my money goes through my hands like water. I eat out practically everyday, and quitting smoking has definitely helped as far as not having to spend $7/pack of cigs, but still...jeezz....let's see...I am working on paying off some debt which totals to about $350/month, and gas is definitely a money thief right now. SMH.
As far as your situation, the second estimate will be tough since you are used to having a little more to play with, but you seem to have the right idea. Best thing: stay out of Target. Don't even go in there to buy toilet paper. That's how they get you.
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