This past week I've been thinking that I've become too much like my blog, all about saying goodbye to debt. Here is my ideal budget for the coming September when we only have student loans and the mortgage:
Percentage of Income:
Tithe 10%
Retirement 15%
Debt/Retirement 25%
House 28% (Mortgage & Utilities)
Needs 15% (Food, Car, Insurance)
Wants 7%
Looking at the House/Needs, this is where we are approximately already. The rest of the categories have been all about debt (and will be for a few more months), but I want to be able to enjoy a bit of life. I know 7% doesn't seem like enjoying life much, but at $5K/month income, that will be around $400/month. We're planning on $100/month for each of us and then $200/month for projects around the house (eg: fireplace, removing trees, basement windows & door, driveway repair, fence repair, flooring repair).
To reach our retirement goal of 42 (14 years from now), we'll need to increase our income by $5K/yr. That will give us enough in retirement to live comfortably for us, even adjusting for inflation.
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