I'm trying to plan a budget and finances for after college. Can anyone point out errors?

Biweekly does not mean you are getting paid $3000 a month,

You want to be a computer science major and can't do basic math...

Add'l info:

I can read you question. You think you earn $4722 per month, which is incorrect.

If you get paid biweekly, how many paychecks do you get a year? (the answer is not 24).

to find your monthly salary you:

- take the annual amount of paychecks you get

- multiply that amount you earn each paycheck

- divide that by 12 months

I'm also not sure why you are belly-aching at earning $56,000 (your calc, not mine) immediately out of school. How much do you think a recent college grad should earn??

Hey Jason - do not come on here and insult us !

biweekly means TWENTY SIX paychecks a year. = 2038 per payday; and you will take home closer to $3,500 PER MONTH. - - $500 more than you calculated.

>> your phone bill is too high.

$53,000 is A VERY GOOD starting salary. Some people with 20 years on the job don't make that much.

P S spend zero on yourself; instead bank the money. You will get ahead faster.

The student loans were your decision, so do not complain about those.

This site has an excellent budget worksheet: http://www.nfcc.org/

You left a lot of stuff out of that budget. Insurance, car registration and maintenance, savings, retirement plan, clothing, entertainment, etc.

You also have some pretty high estimates -- $300 for electric bill year round? or is that seasonal due to heat or AC. $300 for groceries/toiletries for one person is about twice what it should be. $90 for phone???

The foundation of any budget is good bookkeeping, Jason. You need to track your income and your expenses. Set up a budgeting worksheet on Excel, or get Quicken. Quicken will be easier to work with, but it will cost about $60. I listed the categories to start below. Add or delete categories as needed. Each column in Excel should be one month. Each row should be 1 expense category. Make sure to reconcile your checkbook each month. Failing to reconcile your checkbook is like having a condom, but not using it.

Enter income items with a "+" and expenses with a "-". The bottom entry called Surplus/Shortage (Spendable income) should be the sum of all the income and all the expenses. If the bottom entry is a "-", then you need to reduce your expense somewhere

There are two types of expenses: Fixed expenses and variable expenses. Expenses such as , mortgage, and car payments are fixed expenses. You can't reduce them without refinancing your house or moving to an apartment with lower rent. Other expenses are variable. You have some control over those. Examples are how often you eat out, whether you go to expenses or inexpensive restaurants, whether you have cable TV, and if so whether you have an expensive or inexpensive package. More examples: Do you plan to get a cell phone? If so, will it be one with texting and internet (expensive), or simply one which allows you to make and receive calls without texting and internet. You control variable expenses. These are the ones which you can reduce.

There are some items which are a bit harder to budget. For example, you pay for homeowner's or renter's insurance once a year. Take the bill divide it by 12, and add it to your expenses monthly as an accrued item. Some expenses are unpredictable. For example, you know that your car will eventually need an expensive repair, but you don't know when it will happen. Go through your check register for the last 24 months. Add up all the unexpected items and divide by 24. Then enter that amount on your budget each month.

I suggest you get a book called Bookkeeping for Dummies by Lita Epstein. Please don't be offended by the name. For Dummies is a publishing company. They contract with top authors who are both experts in their field and have the ability to put concepts in simple English.

INCOME:

Wages and Bonuses

Interest Income

Investment Income

Miscellaneous Income

Income Subtotal

INCOME TAXES WITHHELD:

Federal Income Tax

State and Local Income Tax

Social Security/Medicare Tax

Income Taxes Subtotal

Spendable Income

EXPENSES:

HOME:

Mortgage or Rent

Homeowners/Renters Insurance (actual amount paid)

Property Taxes (actual amount paid)

Home Repairs/Maintenance/HOA Dues

Home Improvements

UTILITIES:

Electricity

Water and Sewer

Natural Gas or Oil

Telephone (Land Line, Cell)

FOOD:

Groceries

Eating Out, Lunches, Snacks

FAMILY OBLIGATIONS:

Child Support/Alimony

Day Care, Babysitting

HEALTH AND MEDICAL:

Insurance (medical,dental,vision)

Out-of-Pocket Medical Expenses

Fitness (Yoga,Massage,Gym)

TRANSPORTATION:

Car Payments

Gasoline/Oil

Auto Repairs/Maintenance/Fees

Auto Insurance

Other (tolls, bus, subway, taxi)

DEBT PAYMENTS:

Credit Cards

Student Loans

Other Loans

ENTERTAINMENT/RECREATION:

Cable TV/Videos/Movies

Computer Expense

Hobbies

Subscriptions and Dues

Vacations

PETS:

Food

Grooming, Boarding, Vet

CLOTHING:

INVESTMENTS AND SAVINGS:

401(K)or IRA

Stocks/Bonds/Mutual Funds

College Fund

Savings

Emergency Fund

MISCELLANEOUS:

Toiletries, Household Products

Gifts/Donations

Grooming (Hair, Make-up, Other)

Miscellaneous Expense

Total Investments and Expenses

Surplus/Shortage (Spendable income

hmmm you know you almost likely will always earn more than that especially over time with raises and promotions I see a lot of engineers where I work they almost always make more than that