3. Financial Details (Expenses, income, etc)

It’s a rainy Monday and since I can’t be out on the bike, I figure this is as good a day as any to make my first post that details my entire financial situation.  Below, you’ll find my list of expenses and income with amounts and other relevant details.


  •  Health Insurance – $102 monthly
  • Student Loan – $128 monthly
  • Rent – $300 monthly
  • Motorcycle Loan – $88 monthly
  • Cell Phone – $48 monthly
  • Food – $40 weekly
  • Netflix – $10 monthly
  • Gas – $50 weekly
  • Car Insurance – $473 semi-annually
  • Car and Motorcycle Taxes – $375 annually
  • Car and Motorcycle Upkeep – $500 annually
  • Motorcycle Insurance – $562 annually


Note:  To get the above totals, I add up the total cost of each expense for the year and then divide by 12 months (weekly expenses are multiplied times 52 weeks), always rounding up to the next dollar, then totaling the whole thing.


  • 8am-1pm Paycheck – $330 weekly
  • Minimum Lessons – $120 weekly
  • Maximum Lessons – $260 weekly



Note – Minimums are based on multiple lesson cancellations.  To calculate these, I just take the weekly totals for each (min/max) and multiply times four weeks.  I figure this way, on the months where I have five weeks of pay, that’s just extra income I can put towards things paying off loans, etc.

So what does all of this mean?

A quick overview of this info shows you that even with just my weekly paycheck from my 8am-1pm job, I can cover all of my expenses.  But if I were to move out into my own place right now where my rent and other expenses would clearly go up big time (just rent alone would probably double, nevermind utilities), I wouldn’t be able to cover this with just my 8-1 paycheck and on bad lesson months, might not even be able to cover it with my lesson income, either.

For my current situation, though, this is promising because it’s what allows me to have my other income be changing depending on lesson cancellations, student changes and other variables.  And since even my minimum lesson income is completely on top of my expenses, which are fully covered by my 8-1 income, I always have extra money for spending and to now put towards paying off my debt (student loan and motorcycle payment), which is the first big step towards putting myself in a financial spot to be able to move into my own place.  The bottom line is that if I decrease extra expenses (ie debt) then that increases the amount I can put towards rent and new expenses at my own place.

Next time, I’ll discuss my plans for how I want to distribute my money over expenses, spending, and paying off debt.

-Jeffrey D-


About JeffreyDMoney

On a quest for "financial security", whatever that means...
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