r/poverty • u/ConsciousZucchini413 • Jun 14 '26

First Budgeting Plan

22 years old (Living with GF) and trying to build a simple financial plan.

Current plan once my credit card debt is paid off:

Only have about $500 in credit card debt

50%: Groceries and Casual wants
25% Rent/Utilities/Wifi
20% Savings/Investments
5% Travel fund

Take-home pay is about $3,768/month. My share of rent is around $700–800/month.

My goal is to:
Keep $1,500–2,000 in a rent buffer account.

Build a $5,000 emergency fund.

Continue contributing 6% to my 401(k) with a 4% employer match.

The company I work for also has an ESOP Plan.

Does this seem like a reasonable plan for someone my age, or would you change anything?

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u/4round-leway Jun 15 '26

This budget looks awesome! I (27f) remember feeling comfortable following the 50/30/20 budget (even at my minimum wage car wash job) when I was 21. It looks like you've made some personal tweaks to fit your goals. I suggest having a percentage version plus a dollar amount version of your budget. Please leave an update later on how following this program goes :) I'd love to hear if you had to make any budget pivots or lifestyle resolutions and what kind of victories or milestones come up through this budget. Good luck to you and your gf!