Hey guys, I've been on a bit of a thread posting spree here lately, my apologies, but I do have some burning questions. I need to learn how to budget, this sounds horrible but I have never really had to, and both of my parents have really never lived on a strict budget that I have seen. Come January, I'm a December graduate, I will be completely independent from my family, they will obviously help if needed, but for all intents and purposes, I will be completely on my own. I would like them to be able to finally use their finances on themselves as their sole focus.
I recently got my first job offer and it will pay ~65-70K +15% bonus potential based on deal/business origination. I haven't accepted it, but there is a high likelihood I will. I will be in Houston.
With the above salary, lets go 67k, which is $5600 a month before taxes, what percentages should be placed where?
- Savings, how much or percentage?
- What is a reasonable car payment to aim for? (Already make my payment, might as well pay for what I like)
- How much should be spent on rent? Nice places are anywhere from $1200-$1500 in Houston.
- Student Loan payments? How to work your payments?
- Leisure, percentage?
- Insurance: health and car $540ish? I may be way off base here with insurance costs but I am just speculating.
I know there are other expenses to be accounted for but I would really like to just get a feel for what you guys are thinking. This may seem ridiculous, and is a bit embarrassing but through all the calc/econ and other quantitative courses I took in college, I was never taught personal finance.
Thanks for all the help.