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Is what iam doing with my monthly income sound good???


4,000 Income (5,000: adjusted by tax, health care, savings plans)

Living Expenses:
-$600 food / gas
-$785 rent
-$100 Electric bills
-$100 cable/internet
-$100 cell phones
-$350 Car Payment
-$150 Car Insurance

Debt Pay-off
-$500 school / month toward Tyler Student loan (20,000 in loans)

Savings: (25%)
-$500.00 Emergency savings (up to 12,000) 2yr to create emergency fund into a yielding checking (3 months pay or 6 months of expenses)
-$500.00 house purchase savings (15,000-20,000 goal) 3yr saving plan vanguard prime account (down payment on 120,000 house)
--------------------------------------...
500 in spending money

You can get cable, Internet, AND cell phone from 1 company for $100 TOTAL. Use all but $1000 of the savings to PAY OFF the debt and then use those payments to replace your savings. The $500 in 'spending money' is NOT a valid budget item if you have debt.

Yeah, that looks really good. You should be commended for your budget.

You may find that you'll need to increase your savings rate for your home downpayment if you don't want to pay PMI on your new home, but it looks really good otherwise.

That is a great plan and budget. Good job for taking the left over and putting it into, what i call pre-plan accounts, the what if accounts. Always a good idea.

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