Personal Finance

How I spend my monthly income

Hello everyone!

Welcome to my new blog post. I hope you all are doing well. Last month I made a post about why I can’t move out. In that blog, I also talked a little bit about my salary.

Today I am going to show you my budget, so you can see how I spend my money while living at home.

My income

As you can see the monthly net income that I receive from my full-time job is €1.809,12. I also receive a health care allowance to help pay for my health insurance. Lastly, I also receive some dividends, which is not a lot since I just started investing this year. That’s why I just put €0,00. The dividends that I receive are being reinvested. My total income is €1.864,12.

Income
Salary€ 1.809,12
Health care allowance€ 55,00
Dividend€ 0,00
Total€ 1.864,12

My monthly bills

In the table below you can see all my monthly bills. I think everything speaks for itself.

You might wonder what I mean with “Home”. Every month I give my mom €100 just to help out with the bills, but since she started working, she actually doesn’t need it anymore. But I just give it to her anyway, so she can save some extra money. My brothers also help my mom financially by doing the groceries. 

Compared to other people in the Netherlands my health insurance is on the expensive side. So I don’t really tell people what I pay, because I don’t want their reaction. But you know what, I am very well covered. I have never been in a situation where I had a high medical bill. 

Bills
Health insurance€ 171,00
Home€ 100,00
Public transportation€ 100,00
T-Mobile€ 20,00
Gym membership€ 20,00
Spotify€ 10,00
Netflix€ 8,00
Bank€ 2,00
Total€ 431,00

My expenses

In the table below you can see my monthly expenses. I don’t have to spend this money necessarily.  I actually only use the full budget of my driving lessons money and donations. 

At the end of the month, I am always left with some money that I didn’t spend. When I still had my debt I used that money to make extra debt payments. Now I am using that money to fully fund my emergency fund.

Expenses
Driving lessons€ 120,00
Groceries€ 100,00
Shopping€ 50,00
Selfcare€ 30,00
Eating out€ 30,00
Fun€ 90,00
Unexpected costs€ 100,00
Donations€5,00
Total€525,00

Paying myself

Finally, I pay myself. Actually, that is the first thing that I do on payday. First, I put some money into my savings. Most of it goes towards my emergency fund. Then I invest some money in the stock market. And finally, I put some money in my sinking funds.

Myself
Savings€ 740,00
Investments€ 108,00
Sinking funds€ 60,12
Total€ 908,12

So this is how I spend my money. As you can see, half of my income goes to myself, which I am really happy about. The reason being that I am still living at home. To be honest I don’t know how much money I would be able to save with this income if I would live on my own. That’s why I am working on a project to create passive income.

This is all I have for today. I am happy that I could give you some more insight into my financial situation. If you like my content, make sure that you subscribe to my blog.

Thank you for your precious time and until next time!

Love,

Color and coins

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