Help with creating a budget
My GF and I are considering buying a house and need help putting together a budget.
We both live with our parents so don't have any numbers to go on aside from a few guestimates.
Combined we make roughly 155K/year
Lets say we have $9000 after tax income per month
Here are some line items in our budget
Savings: $650
Mortgage: $2500 (550K @ 2.6% for 25 years)
Property Tax: $500 - guess
Utilities(Gas/Electric/Water/Internet/insurance): $500 - guess
Car Payments: $300 (we have 2 cars, one is paid in full)
Car Insurance: $450 (she's a terrible driver)
Fuel: $650 (I drive far for work)
Groceries: $400 - guess
Cell Phones: $70
Parental Support: $800 (we're Asian and expected to give money to our parents)
Loan Payments: $1000
Fun Money: $700
So after all those, we'll have about $480 at the end of the listed expenses.
Is there anything in that I'm missing in my budget?
Are we stretching ourselves?
Is there anything I'm under estimating?
We both live with our parents so don't have any numbers to go on aside from a few guestimates.
Combined we make roughly 155K/year
Lets say we have $9000 after tax income per month
Here are some line items in our budget
Savings: $650
Mortgage: $2500 (550K @ 2.6% for 25 years)
Property Tax: $500 - guess
Utilities(Gas/Electric/Water/Internet/insurance): $500 - guess
Car Payments: $300 (we have 2 cars, one is paid in full)
Car Insurance: $450 (she's a terrible driver)
Fuel: $650 (I drive far for work)
Groceries: $400 - guess
Cell Phones: $70
Parental Support: $800 (we're Asian and expected to give money to our parents)
Loan Payments: $1000
Fun Money: $700
So after all those, we'll have about $480 at the end of the listed expenses.
Is there anything in that I'm missing in my budget?
Are we stretching ourselves?
Is there anything I'm under estimating?