Where is my Money Going?
While I was reading my favorite PF blogs, I came across Stacking Pennies’ “where is my money going?” post. I’d like the idea and decided to create one for better picture to see how my paycheck is being allocated every month.
As you can see, 54% of my income goes towards my debt, 4% savings, 12% retirement and only with 30% of my income I can leave without going nuts over every penny..Can you imagine once I become debt free how much more money I will have! This makes me really excited!
OH yeah, it's a great thing to put down - esp in a nice little picture :) (I've done the same)
But you're already ahead of the game - saving 16% !!!! that is awesome.
Chicky = SMART.
This is definitely a great exercise to go through!! Thanks for the idea!
Great minds think alike, I posted a similar graph this weekend! Mine doesn't show savings just yet but hopefully soon I will be able to save as much as you.
Good to see you saving towards Retirement (reduces your tax bill too). Is it possible to go to 1-car shared with your husband until you have cash to buy one? You wouldn't pay car insurance during this time.
If you change your way of doing things and think for yourself (don't succumb to peer pressure) you can be a millionaire sooner than you think.
Ny retirement saving is not going to reduce my tax bill because it is roth 401 K, I need to pay tax on.But after that earnings are tax free. I wish we could have 1-car. We work opposite directions and our schedules are different.In Orange county we really "need" 2 car.My car loan interest is 4.75%. and since I love my car and I am planning to keep it for a long time, it is ok.