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Blog 25: Budgeting for Dummies!

Photo by Steve Johnson on Unsplash

I think you know where I’m going with this one when I say budgeting hurts to do sometimes, but it’s something we have to consider.

In this blog I’m gonna show you how you can do this yourself and in the easiest way possible. but before that, let me introduce myself.

Welcome to the Finance Spot. Before we dive in, allow me to introduce myself, the blog, and my podcast!

Before we dive in allow me to introduce myself, My name is Akshith Konda. I’m a 21-year-old College Student and the CEO, writer, author, and editor of The Finance Spot.

It’s just something I do for fun, I’m also the CEO, Main Host, and Business Director of the On Your Own Two Feet Podcast.

About the Blog

So the Finance Spot Blog is designed to be as easy to understand for any age group it also goes over topics like Real Estate, Crypto, Negotiations, Buying a car, Investing, and more.

I also as part of the Finance Spot post a Weekly Watchlist and Blogs and Quote of the Day or QOD’s are on daily.

OYOTF Podcast!

If you wanna know more about the Podcast here’s a summary.

On Your Own Two Feet is a motivational/sociocultural podcast in which we dive into the big topics of human, cultural, and philosophical lifestyles, making it engaging, entertaining, and easy to understand for today’s youth and Tik Tok Generation, as well as explaining and creating thought-provoking and insanely thoughtful content all the while, so in short we discuss things in the ranges of the Future to Mental Heath and more.

OYOTF seeks to inspire a new generation of Entrepreneurs and Visionaries to tackle the issues of modern society. Join us as we talk with new Entrepreneurs and discuss their paths and the difficulties they faced.

Episode 3 is available on all platforms.

We can’t wait to show you what’s next for OYOTF!All feedback is welcome as we also have a Discord for our Podcast as well.


Photo by Carlos Muza on Unsplash

In order to budget properly for any range of salary, we need to see the outlooks of the following things, the money you are making, the tax rate your income falls under, Vital Essentials, Investments, Passions, Rent/Mortgage, Loans, and Transportation. (All Prices are in USD)

So I’ll create an annual budget plan for someone making 100k, who is single, living in a apartment where the rent is 500 USD, has a car which has a loan and is almost paid off, has several investments in his 401K as well as stock in the Stock Market, loves doing sporty things, has a love for entertainment, has a loan of about 35k with 90% paid off and has refinanced to lower his number of payments, and has insurance on his car, himself, and has an active life insurance policy.

1.Tax Rate: ~$19.6%(~13.74K, though this can change based on assets held and tax loopholes), Employers usually withhold some and some of their employees taxes other taxes must be paid by the head of the household or the person the salary is paid to.

2.Vital Essentials:~$4k(Everyone’s is different if your on the low end and are not vegan and eat not organic you may see something around 3200, higher end you might see something like 4,500 or 5k).

3. Rent: ~$8k per year( some Landlords include Utilities and renewal fees in their Rent and some don't but if he or she doesn’t it would be ~6k)

4. Investments: $13–$20k per year, some would say a 401k is not worth it but I agree and disagree, get a trust, buy a few acres of land or some real estate and put it in the trust, that way you have some appreciating assets, check out my Blog about never actually needing the Bank, some would also suggest that you keep about 13–20% of your post tax annual income in a savings, trust or brokerage account.

5.Fitness: anywhere from $200–$1.1k annually. Some apartment complexes come with one so for this example let’s just say he’s a high performing athlete type person.

6. Entertainment Services: For this let’s assume he has Youtube TV, Netflix and Disney+ and has the full package on both, that’s about $60+$219+$80 respectively so annually he pays $359 so lets say $370 after all taxes and everything.

7. Loans: so he’s refinanced this loan of $35k from an interest rate of 2.1% to a refinanced rate of 0.4% so he’s paid 90% of it off so he’s made about $31.5k in payments already he has 4 more payments of 800 to make, now his car a 2018 BMW M2, a $50k vehicle he put $49.5K down and is paying the rest at 1.08% now that's better than average(1.78%), so he’ll pay it off in 6 months. His average car payments are anywhere from $20–$50 per month.

8. Insurance: this can get tricky, now he has a life insurance policy he’d be paying let’s say about $21 per month based on provider, health records and policy range. Health Insurance is also a good thing to have and it can go from $10 bucks a month to $50 bucks a month, this is usually based on health issues and how many times you’ve maxed out your deductible. Health insurance allows you to prepare for an emergency.Some hospitals can charge up to $10 million for procedures. Car insurance is about $30–$90 a month based on accident records, driving record, how you drive and other factors.

Expense total: This is a Post Tax Break Down of all expenses.

Low End:$38,291

High End:$59,882

Obviously this is a large variable as most people’s salaries change but My point with this exercise is to show you that its not always gonna be easy to maintain your bank account. So be careful where your putting your money and how much you spend.


Before we go, I need to say thank you to all my followers on Medium. Please Like, Share and Follow.

If you liked my content, Check out my blog and other content with all the links are below. Check out my other content, like my Instagram and YouTube, and my other social media.

The link is below. As are all of my social media and so is the pod!

Find me on Instagram and Twitter and do DM me questions to talk about and write about in my blogs and videos.

Listen as well to the On Your Own Two Feet Podcast. EP2 will be on other platforms, we’ve got a great interview coming your way, but for now, we’ll see you next time.

The On Your Own Two Feet Podcast is Available where ever you listen to podcasts Episode 3 is now available and available on all platforms.

Please check out my links to get access to all my social media including the podcast and please check the pod out as well as it takes longer than the blogs to make and edit it as well as more man-hours than this blog to do as well.


Thank You and see you next week.




Hi!! My name is Akshith. My primary goal with this blog is to create a centralized community of investors around not only the US Stock Exchange but also around concepts like Venture Capital and Real Estate Investing.

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Akshith Konda

Akshith Konda

This is gonna be fun!!

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