November 2009 Budget Breakdown
Finally got around to updating my monthly budget to include the recent promotion.
Income:
- Salary (after tax) – 3,400
- Rental Income (no tax since negative cashflow) – 700
Total Income: 4,100
Expenses:
- Rental Costs (HOA of 276, mortgage loan of 870, property tax of 150, internet of 50) – 1,350
- Student Loans – 190
- Prepayment of Rental – 500
- Savings – 1,460
- Discretionary Expenses – 600
Total Expenses: 4,100
Basically the only difference in the budget is the promotion will increase monthly income by 600 after tax. This excess will continue to be funneled into savings (bumping it up to 1,460 from the prior 860 in the August 2009 Budget Breakdown) while keeping the other expenses the same. And yes, it has to be said… Fight lifestyle inflation!
Following the above monthly budget will result in:
- Savings of 1,460
- Prepayment of Rental of 500
- Pay off Mortgage Loan (excluding interest) about 475
- Pay off Student Loan (excluding interest) about 145
- Contribution to 401k (both mine and company’s) of 1,250
Total monthly increase of income/decrease of debt: 3,830
This results in increase of income/decrease of debt by 45,960 per year, which is 7,390 greater than the August 2009 Budget Breakdown number of 38,570. This reconciles to an average increase of about 600/month, which is precisely the promotion amount.
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