Tentative Budget

Based on a calculation from paycheckcity.com, my net pay will be approximately $2,950 a month for the first two months until I am eligible to participate in my company's 401k plan, at which my net pay will decrease to approximately $2,550 per month assuming I contribute 13% of my salary to the plan as I intend - which would mean a contribution of just over $500 per month to the 401k.

I've created a tentative budget assuming $2,550 in income. The first two months I will use the same budget, hoping to save most of that $400 extra each month, but realizing my costs might exceed the budget a bit as I will still have some initial purchases that go along with a new job.

Rent                   $775 - inclusive of garbage/water/electricity/gas/parking
Cable/Internet    $80  
Parking              $75  ** see below
Grocery             $120
Entertainment     $200
Gas/Auto           $80 
Household         $60
Other                $50
TOTAL         $1470

*I live a couple miles from my office, but because of harsh winters and many late nights walking/biking is not a good option. I hate to leave my parking garage and drive further downtown to another parking garage and pay $75 a month, but I may have to - I am looking at the bus as an option as well, a monthly pass is a bit under $50.

SAVINGS BUDGET
IRA                $400
401k       - aiming for 13% contribution after 2 month probationary period
General          $100
Emergency     $125
House            $130
Car                $145
Early Retire    $100

Savings goal - $1000 a month + 401k
Spending  -     $1470
Total              $2470

As you can see, the total of $2470 does not equal the net pay of $2550 - the additional money is what I'll consider flex spending/saving, and allow me to make some adjustments as the first couple of months pass.

I plan to deposit the total amount of spending money into a separate checking account at the beginning of the month  - which will have a few hundred bucks to start with, whatever is left of the money I set aside to get me from graduation to the start of my job (quickly dwindling - good thing work is just two weeks away). At the end of the month, if I have not spent all of the money I plan to throw half the remainder into savings, and leave the other half for buffer spending and to allow for a small cushion to build up for unexpted expenses, gifts, splurges, etc.

October will be the first true test of the budget, though I dont start working until the second week of the month, so I'll be monitoring everything closely for awhile.