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Budget Questions

Gunslinger08

Gunslinger08

Lifer
I'm working on buying my first home, and I want to see how my prospective budget compares to everyone else. I have a few questions:

1. What percentage of your net monthly income goes to your mortgage/PMI/property taxes?
2. How much do you spend monthly on utilities? How big is your home? What are your energy use habits?
3. How much do you spend monthly on groceries? What are your eating habits?
4. What percentage of your net monthly income goes to savings/investments?
5. Would you consider your budget to be comfortable or too tight?
6. Can you see anything I'm missing in my budget? Mortgage, utilities, groceries, home owners dues, savings, gas, car insurance, car property taxes, television/internet, student loans, cell phone bill, entertainment.

Thanks for your help.
 
1.) 25% to mortgage/property tax/homeowner's insurance (PMI is the debil, don't buy a house when you have to get it)
2.) ~350 for water, waste, electric, satellite, phone, and gas. ~2500sq/ft. Lights on only when in use, barely use the A/C, quick showers (minimal energy usage).
3.) ~$300 on groceries and maybe ~$100 more for eating out
4.) 10% to investments
5.) Very comfortable
6.) Looks all inclusive.

Edit: I'm married, but the wife hasn't moved into the house yet so our incomes aren't consolidated at this point.
 
1. 60%
2. $60-80 elec, $35-40 water, $150 homeowners association - 1300 sqft - tv, computer, nothing else fancy
3. can't answer this one, i'd guesstimate $150-200, i dont eat anything fancy and i pretty much stick to routine meals
4. 10% maybe.
5. too tight
6. seems like you got it covered.
 
I'm married and bought my house in 2004. It's 1450 square feet, but split into 2 parts with 1100 as the main house. The other 350 is an apartment with a refridgerator and a gas range.

1. It was 25% when I first bought...now it's closer to 15% so I'm refinancing to bump it back up and pay my house off 17 years sooner. (getting rid of my ARM in the process)
2. My utilities are about $200 for energy(gas/electric), $30 for water (includes sewer), and $65 for technology (basic cable/internet/voip)...but this can fluctuate up to $350
3. Hard to say...it depends on if I'm saving money and go into a PB&J phase...you can eat many sandwiches for just a few bucks. I usually budget $200 a month, but may spend $300 when getting TP, trash bags, new broom, etc...
4. Right now, I'm only putting in $50 a month becuase that's what my employer matches. I do have an employer-paid pension with work though that's 10% of my income. I'm waiting to pay off my short-term debt a
5. My budget is comfortable, but it's on the verge of being too tight. Money is fun to spend and inflation is going to change that this year. If you buy a house, buy it this month or next and lock in the rates before things get out of control. If you live in a bad market (*california for example), you might be better off letting the market ease up and dealing with a higher interest rate in the chance that the house prices will drop.


6. Can you see anything I'm missing in my budget? Mortgage, utilities, groceries, home owners dues, savings, gas, car insurance, car property taxes, television/internet, student loans, cell phone bill, entertainment.

-Just remember half of those are optional. You don't have to pay for cable (antenna) and internet can be had at work and in coffee shops. Skimp on the luxuries for the first 6 months until you get a picture of what you're dealing with. In the winter, my thermostat is set to 63 degrees and in the summer it's set to 78 degrees. My bills are a third of one of my neighbor's and her house is smaller than mine.

Houses need maintenance and sometimes need immediate attention after you move in. Be prepared to get your hands dirty or PAY someone else to. In the long run, it really pays to learn to be a fix-it man. Not only will you save money, but you won't have to wait for someone else to show up. Plus, when something is done, you'll know it was done right.


 
Don't forget that you will be needing to purchase things for maintenance - hoses, sprinklers, fertilizer, mower, tools, etc.
 
buying a home is overrated. it's too expensive. if i could go back in time, i would still have stayed in an apartment. if you don't have at least 20% down to buy a home, then you're probably not ready yet.
 
1. ~35% for mortgage, property tax, and homeowner's insurance. I don't have PMI
2. My utilities are highly variable depending on the season (gas heat, range and water heater). However, I would estimate I normally pay ~200$ for gas and electric on a 1700 sq ft house. I try to consere energy where ever possible, I keep the thermostat at the recommended setting (or better) when I'm home and I have it programmed to conserve more power when I'm gone
3. I probably spend about $250/month on groceries.
4. I save about 15% between my 401K and high interest savings account
5. Comfortable
6. Looks pretty good, but like Spidey said, you need to remember that home ownership comes with some baggage like lawn care and maintenance that you need to set some aside for.
 
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