Single Guy Budget Review
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Anonymous
I went through a serious breakup and needed to refocus on my business. The rough patch was mostly emotional but it allowed me to pay off debt and reinvest in my company. |
Anonymous
And $ for vacation? |
Anonymous
That's very nice of you. |
Anonymous
| I agree that you're getting too much crap for the food/clothing allocations. I also think if you're not interested in owning now try and get your rent down to 2-2.5k so that if you change your mind, you'll have more savings to draw from in terms of a down payment. |
Anonymous
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OP, I think you are doing well. I get spending a lot of money on food that is good for you. But, your clothing budget does seem high. I assume, based on what you've said, you are buying a few expensive items each month (new pair of jeans and 2-3 shirts or a new suit) and not a ton of cheap items. If so, I think that is smart. I do think you could probably decrease your housing budget a few hundred dollars and still have a nice place. Keep the insurance for your cousin, that is very good of you.
Are you just looking for validation that your budget is fine or do you want to know what to cut? You could definitely make cuts and save a couple thousand more. |
Anonymous
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14:48 here. I think it's worth pointing out that the OP is exactly the demographic that all these new condos going up in Mid City are targeting. Sure, he doesn't HAVE to spend $3,500/mo on an apartment, utilities and amenities, but he's a young, single professional. There is a building that I pass often on my commute down 14th Street that has a rooftop pool and a great view. If I was the OP, I would totally want a rooftop pool and a great view. He can afford those things, and if he wants to spend gobs of money on a personal trainer and a really fancy apartment that's walking distance from everything, or if he wants to have a spacious and separate-from-bedroom-or-living-room home office (which I would, if I ran a business from home), there are certainly buildings in DC that will accommodate that.
It sounds to me like the OP is saving plenty of money. Could he save more? Sure. But the chastisement for spending money on good quality clothing or expensive housing or organic food or a personal trainer is pretty hollow, given the SES of many people who post on this board. It does not automatically make you a better person to cut cable and shop at TJ Maxx. |
Anonymous
| OP, I would try to make some disciplined cuts and save some more. As an entrepreneur, you know how quickly things can change with your business, so it's best to sock away for that rainy day. |
Anonymous
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Good for you for being so successful at such a young age!!! What is the breakdown in your savings between retirement and just cash/emergency fund? For your income level, you can definitely be saving a lot more. You can allocate just a small amount from each category and bump up your savings easily.
Buying a house may not appeal to you now, but trust me, it will in a few years. It sounds like you are very focused on your social life right now, which is totally normal, but that could quickly change in the next few years. A lot can change between your late 20s and early 30s! I made pretty good money in my 20s and had few expenses. I always saved a decent amount in retirement, but I do regret not making more of an effort to save more when I had a lot of disposable income and few responsibilities. |
Anonymous
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OP here -
Thanks for the many responses. I wanted to post the budget to see if my ratios were out of the acceptable ranges. I feel like I'm saving an adequate amount of money but those of you suggesting I could save more are correct. I posted earlier that I currently have $215k saved so far. $50k I consider emergency funds. I will increase this amount substantially as I make more money because I won't forever move up in living costs. I'm guilty of liking nice clothes (a few good things per month), great quality meat and produce, and my personal training sessions. I tried for a long time to lose weight and get in shape without it but I failed over and over again. I hit my targets with the help of PT and don't want to let it go considering that its a small investment in my physical and mental health. I will more than likely look to bring my projected housing expense down to $2k-$2.5k per month so I can put away more money. As it stands now, and I know it sounds a bit sad to some, but I don't have any plans to buy a home or have children so I don't always relate to the extreme savers who are projecting the expense of those things. Perhaps one day when I'm a bit more settled into my life I'll decide having a permanent home is important to me or that children are necessary. I've been working for myself since 19 with no signs of slowing down. Saving/investing $4000 out of $10,000 seems like what many posters are suggesting I do, correct? |
Anonymous
| Is this a joke? Because I can't see a normal 29 yo single guy who nets 10k a month posting in here... |
Anonymous
I figured this is as good a place as any to ask financially responsible people about a budget. Where should I be posting? And no...I wouldn't call myself "normal" either. |
Anonymous
Not giving the OP crap. He asked, I gave an opinion based on limited information. |
Anonymous
saving too much. need more for transportation. spending way too much on clothes. wtf? nothing for escorts or hookers? |
Anonymous
It's not that unreasonable really. I was netting that at 23. Just depends what you do. |
Anonymous
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At your age, you should be paying alot less for life insurance, fyi.
I think your savings are fine. Why Gtown vs somewhere else? |