u/Main-Usual6758

Hey everyone, soon I’ll be moving into my own house and have created a budget for myself. For context, I’ve lived with my parents my whole life (24 y/o), so I’m trying to create a realistic budget for a single person. I will have no other debt but the mortgage. I will have a $60k left in savings after closing so if there are any emergencies I will pull it out of that.
Please advise if there are any areas you feel are too high or too low. Thank you!

Spending
Housing — $2,915.00
Mortgage(PITI): $2,565.00
Water: $80.00
Electricity: $160.00
Trash: $40.00
WiFi: $70.00
Transportation — $600.00
Maintenance: $150.00
Gas: $450.00
Food — $700.00
Groceries: $700.00
Personal — $130.00
Clothing: $30.00
Subscriptions: $100.00
Lifestyle — $210.00
Car parts: $150.00
Online snacks: $60.00
Health — $50.00
Medicine/Vitamins: $50.00
Insurance — $250.00
Auto Insurance: $250.00

Total planned spending: $4,855.00
Remaining: $1,645.00
monthly take-home income: $6,500.00 (based off a 4 pay period month) (I get paid weekly).

Hello everyone, I’m going over what my monthly expenses would be while paying a mortgage. I’m running through this to see what I’ll actually be left with once all expenses are paid. This will be my first time ever going into debt so I really don’t I know if the final number I calculated could be feasible long term.

(Based off a $310k home with 23% down and very conservative property tax and insurance numbers)

Here’s the breakdown:
$6350 net take home (monthly)
~$3000 for housing expenses (principal, interest, insurance, utilities, and property taxes, and a $200/month maintenance fund)
-$700 for other monthly expenses (car insurance/gas)
-$1200 for groceries/hobbies

This leaves me with $1450 going into savings per month.

Also, I would be leaving myself with around $70k in savings after closing costs. The monthly take home number is also with me contributing 12% to my 401k which is also in the low $70k range as of today.

Please let me know if the potential housing costs are too high in your opinion. Thank you!

(Please ignore the grammar typo in the title, not sure how to change it now)

Hello everyone, I’m going over what my monthly expenses would be while paying a mortgage. I’m running through this to see what I’ll actually be left with once all expenses are paid. This will be my first time ever going into debt so I really don’t I know if the final number I calculated could be feasible long term.

Here’s the breakdown:
$6350 net take home (monthly)
-$2700 for housing expenses (principal, interest, insurance, utilities, and property taxes)
-$700 for other monthly expenses (car insurance/gas)
-$1200 for groceries/hobbies

This leaves me with $1750 going into savings per month.

Also, I would be leaving myself with around $70k in savings after the home purchase. The monthly take home number is also with me contributing 12% to my 401k which is also in the low $70k range as of today.

Please let me know if the potential housing costs are too high in your opinion. Thank you!

Hello all, I apologize in advance if questions like this get asked too frequently in this sub but I’m trying to make it as personalized as I can for my situation. A little about my situation: I’m 23 and currently living with my parents who are awesome enough to allow me to save aggressively (which I have been since I was 14). I gross $107k per year, have $150k in savings, $73k in retirement. Only recurring monthly expense is my car insurance which is $250.
I’ve been eyeing homes in the $250-300k price range (single family townhomes in FL). I’d like to put at least 20% down to avoid PMI.
I don’t really know of any good financial advisors in my life and have been doing some research online so I figured I’d put the feelers out to other likeminded individuals. A few questions:

•Given my situational information above, is it necessary to put down more than 20%?

•For other first time home buyers, what is your monthly mortgage payment compared to your monthly household income and do things feel tight with said numbers? Is there anything you’d wish you had done differently during the buying process?

I thank you all in advance!