There are so many sources of inspiration on the internet to help meet your financial goals. One blog in particular caught my attention recently. Johnny and Joanna at Our Freaking Budget post their budget with their exact numbers each month. (Very brave folks, if you ask me) However, seeing real numbers is so helpful and eye opening. Johnny and Joanna live in NYC, one of the most expensive cities in the world. Yet, despite this, they manage to save almost 50% of their income with some side gigs. They also tithe 10% of their income. With two small children, it’s hard to believe their variable expenses are so low. They don’t share their rent figure, but honestly it’s the variable expenses that can wipe out a budget anyway.
Here is their May budget:
May 2015 Budget
Cell Phones: $90
Eating Out: $175
Life Insurance: $66
Health Insurance Premium: $0
Child Care: $295
Personal & Clothing: $120 (rolls over monthly)
Johnny: $60 (currently at $300)
Joanna: $60 (currently at $216)
Everything Else: $305
Gifts: $145 (rolls over monthly… currently at $585)
Vacations: $200 (rolls over monthly… currently at $600)
Total Expenses (minus rent): $2,206
I’ve been studying their budget intently to see if I could possibly lower our expenses to *almost* match theirs. It would be the *perfect* number to meet my goals. However, several things pop out at me. First, they don’t have large transportation costs. (No cars = no gas, insurance or maintenance – big savings there). I have a car loan, insurance, maintenance and gas bills that total almost $1,000 alone. Their utility bills, which include cell phone and internet, are also pretty low. Mine are not.
Still…..we will soon be empty nesters (at least for 10 months out of the year), so we should be able to come close to some of their categories. (i.e. groceries, eating out, personal care, etc.) Their budget has inspired me to try.