question for the finance gurus in the bunch

is there someone here who could privately help me plan for a large ticket expense and how to best position myself for it.

i have a few basic questions, but i know that the answer(s) would depend on me giving my personal numbers... income, debt, fico score.

if someone is willing to let me pick their brain, i would greatly appreciate it.

thanks.

Re: question for the finance gurus in the bunch

When I want something big, I save for it as a budget item. So start with your income. Remove automatic deductions for health insurance, taxes, and 401k/IRA and other retirement contributions.

Now what is your mortgage/rent, deduct that. Include property taxes and insurance.

Car payment, gas, car insurance.

Now deduct gas, electric, water, trash, sewer, tv, Internet, phones, cell phones.

Okay those are your basic to live fees. Now you need to eat, so look at past bills to figure out your average monthly food costs.

Note you have spent zero on anything else, no clothing, or replacing any other item. Do you have existing debt? You need to deduct that too.

Okay what is the number left? From this number you have short term savings, some fun, and what ever this item you want is.

Re: question for the finance gurus in the bunch

Not a guru but have had a budget since I was 19 years old. While it has changed in all these years, it pretty much is the same. After your fixed expenses then you can figure out how much you have left for the week.
Add in 5th weeks and income tax money and that will give you extra money too towards whatever you are looking to get

question for the finance gurus in the bunch

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