I haven't gone into any details about my personal monthly budget lately so I figured it was about time to revisit things on the blog. Now that I'm engaged, things work a bit differently. Nate uses his cash back rewards card for all of our food and entertainment purchases (and pays it off each month) while I cover the housing related bills. We split up payments based on which accounts make sense (ex. the mortgage is in my name), but really consider the money we bring in to be "our money."
Here's how a typical month's budget breaks down:
As you can see at the top, I consider 100% of the budget to be the amount we take home after paying taxes and contributing to retirement accounts.
In the end of each average month, there's a surplus or extra of 54.3% (and 63% if we needed to really tighten up)... meaning if one of us lost a job or wanted to become a stay at home dog-mom, it would be okay. Usually that money goes into fun things like new roofs, emergency vet bills, or future savings. Although we aren't rich by any means, our cautious spending allows us to live relatively stress-free during these tough economic times.
...and here's the big
butt but: I don't know how much extra a budget should have. Obviously we're doing just fine now, but what about the future needs/ wants (*cough* house)? What kind of wiggle room do you think a budget should have?