Weekly budget / savings plan for rental property

"Stay Gold" graffiti in Bed-Stuy, Brooklyn

Trying to figure out a budget so that I can buy a house next June. I’m wanting to put 10% down and pay around 300,000 – since that’s about what I’ll be able to afford by June 2023. But, so that I will actually be able to afford that, I need to have a budget in place and follow it. It’s better to have a realistic budget that I stick to than an unrealistic one that I don’t follow at all. If I have something that’s workable, it will allow me to adjust my spending and stay within a range. If it’s unworkable, there will be no restriction.

Weekly budget to help save cash

I created a Google sheet that lists out my weekly expenses, and how changing these will allow me to get to my goal of saving $30,000 by June 2023.

Weekly Budget / Savings Plan for Rental Property
Hours worked per weekHourly rate
Weekly gross income1410.752755
Weekly taxes-380.902527Percentage on taxes
Weekly rent-2501000
Weekly bills-100
Weekly charity-70.53755Percent per week
Weekly spending on food-21030Spending per day
Remaining weekly income (investments)399.31
Percentage of gross that investments amounts to0.2830480241
Savings time towards rental property at this rateMonth #Current savings in investments7000
Jul 20228796.8951
Aug 202210593.792
Sep 202212390.6853
Oct 202214187.584
Nov 202215984.4755
Dec 202217781.376
Jan 202319578.2657
Feb 202321375.168
Mar 202323172.0559
Apr 202324968.9510
May 202326765.84511
Jun 202328562.7412
Jul 202330359.63513
Aug 202332156.5314
Sep 202333953.42515
Oct 202335750.3216
Nov 202337547.21517
Dec 202339344.1118

Ideas for earning more money

How can I make more money?

  • DJing at clubs/bars every week. If I can start earning $50 a weekend, that would be awesome. That would get me 50*4.5 = $225 extra each month. That would add about another 3% savings points to my investments, of my gross income. And $50 a week should be something easy to get started with. Imagine where I can go from there. I can get to $500, $1000 a week when I get better and better. It’s going to be a ton of extra money when I can do that. And I’ll be doing something I really love and am excited about.
  • Selling things on Facebook Marketplace – There’s free stuff out on the sidewalks all of the time – especially in the streets of New York. If I can sell a few things a week, I could pick up an extra $20 – $50 a week. That would be another great boost. Even if it’s just $20 a week, that would be $20*4.5 = $90 a month.
    • I get pretty excited about listing things on FB Marketplace. Just listed some chairs that I found across the street. I always wonder whether it’s okay to talk about stuff like that on my web dev blog, but it feels more fun to talk about stuff like this. It’s what I’m thinking about. Much better to have stuff like this supplementing, than for it to be just instructional stuff for web development.
  • Working more hours per week – The most obvious is to just work more, since I’m contracting and get paid by the hour. I can work more, but really only to a certain extent, because my hands start getting injured at around 30 hours a week. Maybe this can be trained up, or maybe it’s a mental blockage. But I also don’t really want to even work more than this. It feels like alot to just get the 25 hours a week and still have time to do the things I want to do.
  • Work on React projects – Getting contracts working with React would make work more exciting. This would make it easier to work more, and that means that it would be easier to make more money. To get contracts working with React, I need to learn React Native better, since that’s what the bulk of React-related contracts on Upwork are.

Living in New York

I am so happy to be in New York. Life feels like such an adventure. I am happy that I get to live my life full of traveling, and other wonderful things. It’s like everything I want comes true at some point. The time goes by fast, so you can get what you want pretty fast, just like Owen Cook said. First I was in Portland, Seattle, New Orleans, now here. It all feels like it’s going by quite fast. I guess that’s just part of life, that everything goes quickly. That’s why it feels important to use time wisely and to not waste time. Do things that you really want to do, and hang out with people and in situations that you really want to be in, otherwise it’s not worth it.

If I am diligent with my DJing, and I market and sell myself well, I can start making money from it. Tomorrow, Sunday, I will go into Bushwick, Bed-Stuy, and other places in Brooklyn and talk to the bars and clubs, and see if I can get a spot during the week to play. I might need to be able to do this during the week as well, since it may be busy tomorrow on Sunday too. I didn’t make it out of the house today until around 7.45pm. Tomorrow I need to leave the house basically right after I wake up if I want to be able to do things.

I need to adjust my budget a bit so that it’s a bit more realistic. With the kind of foods I’m wanting to eat now, I don’t think that I can get away with $25/day. $30 a day might be a good price.

I’m out in Times Square right now. Thinking about writing blogs for when I travel to different places. I feel like it would be cool to have some writing and pics of places. I’m glad that having a remote career has allowed me to travel so easily.

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