I’ll hand you over to my beautiful chart:
Just to let you know what’s in all the categories:
- Income Tax and NI – funnily enough, this is income tax and national insurance, I want to pay these to avoid jail time
- Mortgage – this is just the mortgage repayment, I’m on a 2 year fixed rate deal that ends in June 2009, so this won’t change
- Fun Money – this includes clothes, groceries, holidays, gifts, travel, pocket money, eating out and drinking; essentially all my discretionary expenditure
- Bills – gas, electricity, mobile phone, landline, internet, council tax, disability insurance; basically all the bills that are paid monthly
- Investments – pension and ISA contributions
- Irregular Expenses – house maintenance, tv licence, house insurance; bills paid less frequently that monthly
- Student Loan – my non-mortgage debt deducted via tax withholding, and with an interest rate tied to inflation, this is being paid off as slowly as possible
- Savings – there’s no particular purpose to this money, it’s as much as I can be certain of being able to squeeze out of my pay easily
- Charity – an inadequate sum to be sure, this is the money that is budgeted and paid by direct debt to my chosen charities, I’ll almost certainly donate to charities from my fun money if it seems appropriate
More canny people may have realised that my target is to invest 16% of my income in 2008, not 13%. To do this I need to grow my income, which I’ll do via blogging, payrises, maybe selling some excess vacation days and anything else that comes up.
What do you think?
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