Budget Rescue: Why Am I Never Left With Any Money

In this episode, I'm featuring a Budget Rescue with Robert who asks:

"Hi Shannah, thanks for taking the time to answer my question. BTW I love the new name of the show. This is one of the only places I feel like we can listen to all different types of conversations and you always surprise me with the topics. It’s so cool. I’m writing to see if you would give me some insights into my monthly budget. Here’s my snapshot - I make around $5K per month and have a fairly stable job, at least I think so. Here’s my spending:

Rent - $1950

Car payment - $350

Student Loans - $300 once the pause stops in August

Credit cards - I owe $6300 on two cards and pay $250 on one and $275 on the other. I know I need to get rid of this debt

Groceries - approximately $100 a week/ $400 a month

Eating out - $500 (sigh, I like to eat out a lot)

Household items - $150

Dog care - approx $125 a month

Clothes shopping - $150 a month on average

Utilities - $250 a month 

Car insurance - $165 a month 

ATT cell phone - $127 a month

I know that I should have around $350 - $500 a month left over but the problem is that I don’t each month and I can’t figure out why. You’re super good at helping people with their budgets so I was wondering if you could give me some pointers and thoughts on what I might be missing or not including here. I’d like to be able to save some money for my ER fund every month and put some into a travel savings account. Thanks again for this show…it’s helped me so much."

Links Mentioned

Budget Rescue Info Form (Be featured in an upcoming episode)

4 Important Factors to Save Money on Your Car Insurance episode

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