Kevin Van Lenten's Reduce Spending Plan
3. Your New Monthly Budget
Based on your income and current savings, we calculated a revised budget to help your meet your goals.
Monthly Budget Details
Good news: This user already has enough saved for their fund to cover the number of months selected.
| Current Spending % | FiLife Budget % | |
|---|---|---|
Home |
39% | 39% |
|
locked Mortgage
|
39.18% | 33.24% |
Utilities |
5% | 4% |
|
Electricity
|
2.30% | 1.37% |
|
Water
|
0.58% | 0.34% |
|
Cable or satellite TV
|
1.14% | 0.68% |
|
Cell phone
|
1.44% | 0.86% |
Health |
6% | 4% |
|
Life insurance
|
6.34% | 3.76% |
Food |
7% | 5% |
|
Groceries
|
4.61% | 2.74% |
|
Restaurant: Dinner
|
2.88% | 1.71% |
Debts & Obligations |
5% | 5% |
|
locked Student loans
|
4.61% | 3.91% |
|
Credit cards
|
0.35% | 0.21% |
Transportation |
12% | 11% |
|
locked Car payment (loan or lease)
|
7.78% | 6.60% |
|
Car insurance
|
1.73% | 1.03% |
|
Gas costs
|
1.15% | 0.68% |
|
Tolls and parking
|
1.38% | 0.82% |
Pets |
4% | 3% |
|
Pet food and supplies
|
0.46% | 0.27% |
|
Pet insurance
|
0.23% | 0.14% |
|
Other costs
|
3.69% | 2.19% |
Personal |
2% | 2% |
|
Clothes and accessories
|
2.30% | 1.37% |
| Total Spending: | 100% | 91% |
| Savings: | 9% | 9%* |
Spending Distribution
Current monthly spending
Recommendations
Follow these steps to change your spending in order to better achieve your goals.
1. Lower your mortgage
Discuss ways to lower payments in our home forum.
Is it time to refinance? Do the math.
Find out if a private mortgage insurer can help lower your payment.
2. Pay off your debt with savings now and work to put money back into your savings
Should I use savings to pay off my debt?
3. Get a better deal on your student loans
Renegotiate your student loans.
Know what to ask lenders and your school about your loans.
4. Get a better deal on your insurance
Are you getting more coverage than you need?
Shop around for a better deal.
5. Lower your property taxes
Reassess your home and find out if you're overpaying taxes.
6. Close the gap on your credit debt
Figure out how long it will take to pay off your cards.
Decide if it's time to dip into savings.
Avoid the pitfalls of a balance transfer.
7. Home improvements can save you money
Learn how going green can save you more in the long run.
Understand your maintenance needs and avoid getting fleeced.
8. Save on remodeling costs
When you "put money into your home," make sure it's worth it.
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