What’s Eating Your Paycheck?

What's Eating Your Paycheck? A look at how your money is being spent each month Average Salary Monthly Pay Check Tax Deductions 2000 Tax Deduction - $501.54, claiming no exemptions (14% of income) $45,000/year PAYCHECK Social Security - $214.62 Medicare - $25.10 State - assuming 10.7%, $53.76 $3461.54 PAYCHECK Income After Taxes: $2960 Mortgage Payment / Rent 4 Student Loan Bills Car Payment Food $1000 (34% of income) $200 (7% of income) $1000 (34% of income) $500 (17% of income) 5 Skinny Double Shot Grande Cinnamon Dolce Lattes per week - $4.10 each X 22 weekdays, $90 per month versus home-brewed coffee 8 Trips to the Bar per month -2 beers at $4 each X 8 = $64/month or 2 cocktails at $8 each X 8 = $128 Amount Left: $1960 Amount Left: $1760 Amount Left: $1460 51% of this monthly income was spent on debt payments. You should spend no more than 36%. Think about refinancing your mortgage or finding a cheaper living space to rent. Dinner out at the Olive Garden $8 appetizer +$32 for 2 main dishes +$25 bottle of wine +$14 for two desserts +tax and 20% tip =$100 Car Insurance Health Insurance Lunch out at Work Every Day -$8 X 22 weekdays, $176 per month $150 $100 (5% of income) (3% of income) Olive Amount Left: $810 Gerden Amount Left: $910 This person spent 8% of their income on insurance. You should spend less than 10%. Utilities 10 Gas 11 Cell 12 $125 (4% of income) $60 Amount Left: $960 for TMobile's Unlimited Minutes and Text or for Verizon's You should spend no more than 14% of your 450 minutes and $100 unlimited text income on food and (3% of income) (2% of income) eating out. This person spent 17%. Amount Left: $710 Amount Left: $610 Amount Left: $485 Cable / Internet 13 Entertainment $90 for Verizon FIOS (3% of income) $200 (7% of income) GREEN DAY ROCKBAND 1 Big Shopping Spree -$100 3 DVDS purchases a month - $30 versus $1/day RedBox Rentals A New Videogame $70 for Green Day: Rock Band Amount Left: $135 (5% of income) Cut down on unnecessary expenses to have more to save. Amount Left: $425 You should begin by building a base of $1000 in emergency savings. After that, you should begin investing 15% of your paycheck per month. You have 5% of your paycheck left over here. Provided by: *These numbers are approximate of monthly bills. Bills will rise and fall depending on your spending habits, family size, income level and where you are living. Percentages are rounded. GoBanking Rates com