Thursday, September 10, 2015

$100k gross income with a realistic budget?


For my high school personal finances class, I have to create a realistic budget on a $100k gross income. The assumption is that the person lives in the suburbs of Indiana, is single, no dependents, and has no debt. Also need to know whether this is middle or upper middle class. Is this realistic enough?

401k: $10,000 (annually, pre-taxes)
After-tax income: $5416/mo
Rent/mortgage: $1500/mo
Health insurance: $150/mo
Water/Electric/Gas: $180/mo
Food: $350/mo
Cable/phone: $170/mo
Car payment: $600/mo
Car maintenance: $350/mo
Clothes/grooming: $250/mo
Vacation:$300/mo
Misc: $350/mo
Roth IRA: $416/mo
Total Savings: $800/mo
Added (1). The assumption was that the person *started off* with no debt, and then I just added in a car and house payment because idk… I should probably change that
Added (2). Can someone please review my budget and see whether it's financially responsible or not

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