ANNUAL BUDGET BY MONTH

Jan 2024 - Dec 2024

Percentage of Net
INCOME Jan. Feb. Mar. Apr May June July Aug. Sept. Oct. Nov. Dec. Total for the year Income Assumptions / Notes:
Salary ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 10,000) ($ 120,000) 96.2% Salary based on an offer that I have already received
Bonuses and commissions ( -  ) ( -  ) ( 1,200) ( -  ) ( -  ) ( 1,200) ( -  ) ( -  ) ( 1,200) ( -  ) ( -  ) ( 1,200) ($ 4,800) 3.8% Bonus based on an offer that I have already received (issued quarterly)
Other income - - - - - - - - - - - - ($ -  ) 0.0% No other planned income at the moment
(I) Total Income ($ 10,000) ($ 10,000) ($ 11,200) ($ 10,000) ($ 10,000) ($ 11,200) ($ 10,000) ($ 10,000) ($ 11,200) ($ 10,000) ($ 10,000) ($ 11,200) ($ 124,800) 100.0%
EXPENSES
Fixed Expenses *Note: debt repayment expenses are excluded since I don't currently have / don't plan to have any personal debts
Taxes ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ( 2,600) ($ 31,200) 25.0% Estimated as 25% of income
Rent ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ( 1,600) ($ 19,200) 15.4% Based on average rent in Seattle neighborhoods, knowing that I would go on the cheaper side: https://www.rentcafe.com/average-rent-market-trends/us/wa/seattle/
Utilities 100 100 100 100 100 100 100 100 100 100 100 100 ($ 1,200) 1.0% Based on utilities bills I have had in the past
Wifi 60 60 60 60 60 60 60 60 60 60 60 60 ($ 720) 0.6% Based on average of $60 a month: https://www.move.org/how-much-pay-for-internet/
Savings: Emergency Fund 500 500 500 500 500 500 500 500 500 500 500 500 ($ 6,000) 4.8% By saving $6000 a year (plus a $1000 head start that would have been previously deposited), I would have $7000 in one year and in about 6.5 years I should be able to cover 6 months of expenses
Savings: Retirement 500 500 500 500 500 500 500 500 500 500 500 500 ($ 6,000) 4.8% In relation to a SMART goal of contributing about 10% a year, the average employee match of max 6% would help reach that goal
Savings: Travel Fund 250 250 250 250 250 250 250 250 250 250 250 250 ($ 3,000) 2.4% In relation to a SMART goal, savings towards annual travel plans to help connect with friends and family
Spotify ( 10) ( 10) ( 10) ( 10) ( 10) ( 10) ( 10) ( 10) ( 10) ( 10) ( 10) ( 10) ($ 120) 0.1% $10 a month for the normal premium plan
Total Fixed Expenses ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,620) ($ 5,610) ($ 5,620) ($ 67,440) 54.0%
Variable Expenses
Restaurants ( 180) ( 180) ( 180) ( 180) ( 180) ( 180) ( 180) ( 180) ( 180) ( 180) ( 180) ( 180) ($ 2,160) 1.7% Based on eating out 3 times a week, ~$15 a meal
Drinks ( 72) ( 72) ( 72) ( 72) ( 72) ( 72) ( 72) ( 72) ( 72) ( 72) ( 72) ( 72) ($ 864) 0.7% Based on buying a drink (coffee, boba) 3 times a week, ~$6 a drink
Haircut ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( 20) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ($ 20) 0.0% Based on expereince getting 1 haircut a year and usually using a coupon
Phone accessories ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( 16) ($ 16) 0.0% Once a year, I usually buy a new ~$15 phone case and $1 screen protector
Cleaning products ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ($ 600) 0.5% Based on national average: https://budgeting.thenest.com/much-money-average-family-spend-cleaning-products-year-23539.html
Travel - Train/Bus tickets ( -  ) ( 40) ( 40) ( -  ) ( 40) ( 40) ( -  ) ( -  ) ( 40) ( 80) ( 40) ( 80) ($ 400) 0.3% Based on experience with traveling between Seattle and Portland (hometown), estimating 10 trips a year for various holidays/birthdays, $20 one way
Beauty products ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ($ 600) 0.5% Based on statistics and knowing I try to conserve money: https://www.statista.com/statistics/1292822/average-monthly-spending-on-beauty-products-online-2021/
Bus transportation ( 75) ( 75) ( 75) ( 75) ( 75) ( 75) ( 75) ( 75) ( 75) ( 75) ( 75) ( 75) ($ 900) 0.7% Based on taking an average of 1 bus ride a day in Seattle: https://www.communitytransit.org/fares/fares-and-passes
Clothes ( -  ) ( -  ) ( 50) ( -  ) ( -  ) ( 50) ( -  ) ( -  ) ( -  ) ( -  ) ( 50) ( 50) ($ 200) 0.2% I rarely buy new clothes and always prefer cheaper options so estimated to be about half the national average: https://www.fool.com/the-ascent/personal-finance/articles/the-average-american-spends-this-much-on-clothes-every-year/
Hosting events ( -  ) ( -  ) ( -  ) ( -  ) ( 200) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( 200) ( -  ) ($ 400) 0.3% Based on national averages for hosting parties of almost $200 per party: https://nypost.com/2019/11/05/this-is-how-much-americans-spend-to-host-parties/
Groceries ( 300) ( 300) ( 300) ( 300) ( 300) ( 300) ( 300) ( 300) ( 300) ( 300) ( 300) ( 300) ($ 3,600) 2.9% Based on estimates by US news: https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/how-much-should-i-spend-on-groceries
Movie tickets ( 11) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( 11) ( 11) ( -  ) ( 11) ( -  ) ( 11) ($ 55) 0.0% Based on the average price of $11 a ticket, 5 movies a year (and around the time movies typically come out)
Uber/Lyft ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ($ 720) 0.6% For when public transit is not an option, estimate of 2 rides a month, $30 a ride
Bars ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ( 60) ($ 720) 0.6% Going to bars with friends/collegues twice a month, $15 a drink, 2 drinks at a time
Shoes ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( 30) ( -  ) ($ 30) 0.0% One new pair of shoes each year, based on past experiences of buying shoes
Dance Workshops ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ( 50) ($ 600) 0.5% Estimated $25 per workshop, 2 workshops a month https://www.americandanceinstitute.com/2021-2022-dance-class-pricing/
Total Variable Expenses ($ 908) ($ 937) ($ 987) ($ 897) ($ 1,137) ($ 1,007) ($ 908) ($ 908) ($ 937) ($ 988) ($ 1,217) ($ 1,054) ($ 11,885) 9.5%
(II) Total Expenses ($ 6,528) ($ 6,557) ($ 6,607) ($ 6,517) ($ 6,757) ($ 6,627) ($ 6,528) ($ 6,528) ($ 6,557) ($ 6,608) ($ 6,827) ($ 6,674) ($ 79,325) 63.6%

SURPLUS (OR DEFICIT) [(I)-(II)] ($ 3,472) ($ 3,443) ($ 4,593) ($ 3,483) ($ 3,243) ($ 4,573) ($ 3,472) ($ 3,472) ($ 4,643) ($ 3,392) ($ 3,173) ($ 4,526) ($ 45,475) 36.4%
Net worth snapshot
Jan 1, 2024
Value Assumptions
Liquid assets
Checking Account $40,000) 4 months salary based on an offer that I have already received
Investment Accounts $500) 4 months of buying $500 of stocks a month, assuming an average of no change
Cash $100) Based on experience having at last $100 worth of cash on hand at all times

Total liquid assets $40,600)

Nonliquid assets
Furniture/appliances $3,000) Based on the average cost to furnish an apartment, low side since I'm a cautious spender: https://www.common.com/blog/2021/03/how-much-does-it-cost-to-furnish-an-apartment/
Laptop $127) Based on sellbroke website for the type of laptop: https://sellbroke.com/sell/laptop/apple/macbook-pro-13-2015-a1502-mf840ll-a-2-7-ghz-core-i5-128gb/

Total nonliquid assets $3,127)

Total assets $43,727)

Current liabilities
Rent $12,800) Based on a 1 year contract starting in september and average rent in Seattle neighborhoods, knowing that I would go on the cheaper side: https://www.rentcafe.com/average-rent-market-trends/us/wa/seattle/
Credit card statement $600) Based on experiences with a credit card statement of around ~600 a month
Utilities $100) Based on utilities bills I have had in the past

Total current liabilities $13,500)

Long-term liabilities
Mortgage $0) Might not buy property by this date, but will likely do so in the next couple of years
Personal loan $0) Might not need a loan by this date, but could in the future once I need to make larger purchases

Total long-term liabilities $0)

Total liabilities $13,500)

Net worth $30,227)

Annual retirement budget
Estimated average year in retirement in today's dollars
Expected Assumptions
Fixed expenses
Housing $17,472) Estimation from https://www.visionretirement.com/articles/largestexpensesretirees
Transportation $7,492) Estimation from https://www.visionretirement.com/articles/largestexpensesretirees
Healthcare $6,833) Estimation from https://www.visionretirement.com/articles/largestexpensesretirees
Utilities $3,810) Estimation from https://www.visionretirement.com/articles/largestexpensesretirees
Wifi $720 Based on average of $60 a month: https://www.move.org/how-much-pay-for-internet/
Netflix $186) Based on pricing on website https://help.netflix.com/en/node/24926
Total fixed expenses $36,513)

Variable expenses
Food $6,599) Estimation from https://www.visionretirement.com/articles/largestexpensesretirees
Entertainment $2,527) Estimation from https://www.sofi.com/learn/content/typical-retirement-expenses/
Gifts to grandchildren $400) $100 per grandchildren per year (assuming 4 grandchildren)
Gifts to children $100) $50 per child per year (assuming 2 children)
Restaurants $3,120) Based on eating out 4 times a week, ~$15 a meal
Groceries $3,600) Based on estimates by US news: https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/how-much-should-i-spend-on-groceries
Hosting Events $400) Based on national averages for hosting parties of almost $200 per party: https://nypost.com/2019/11/05/this-is-how-much-americans-spend-to-host-parties/
Beauty products $600) Based on data by statista: https://www.statista.com/statistics/717757/average-monthly-spend-on-beauty-products-us-by-age-group/
Clothes $100) Half of pre-retirement estimate since new clothes aren't needed as often, pre-retirement estimate based on personal experience and average from https://www.fool.com/the-ascent/personal-finance/articles/the-average-american-spends-this-much-on-clothes-every-year/
Donations $1,000) Based on statistics from https://www.definefinancial.com/blog/charitable-giving-statistics/
Haircut $20) Based on expereince getting 1 haircut a year and usually using a coupon
Movie tickets $132) Based on the average price of $11 a ticket, about 1 movie each month
Travel $11,077) Based on average from https://www.fool.com/retirement/2018/02/02/almost-half-of-retirees-spend-more-than-expected-o.aspx
Cleaning products $600) Based on national average: https://budgeting.thenest.com/much-money-average-family-spend-cleaning-products-year-23539.html
Shoes $50) Having supportive shoes is much more important at an older age, price based on https://seniorcarecorner.com/best-shoes-for-swollen-feet
Total variable expenses $30,325)

Total expenses $66,838)

Expected Social Security $27,792) Used a calculator and estimated retiring at 60 with a salary of 120000, https://www.ssa.gov/OACT/quickcalc/

Deficit ($39,046)