Budget Planner

My monthly net income after taxes is $640, which comes from my primary job and additional sources of income totaling $128. I would like to allocate this income across my main financial priorities effectively. For my fixed monthly expenses, I spend about $320 on rent, utilities, insurance, and other regular bills. These are essential, non-negotiable costs. I also have variable expenses that fluctuate each month. These include groceries, transportation, dining out, and entertainment, which together total $192. Please help me find ways to optimize my spending in these areas without drastically changing my lifestyle. I currently have $1,280 in debts and I’m looking for an effective debt repayment strategy that doesn’t sacrifice my ability to save and invest. I’d like to pay off these debts while still contributing to my financial goals. For savings, I want to prioritize building an emergency fund of at least $960, saving for future plans like a vacation, and preparing for larger financial milestones like buying a home. Please recommend how much of my monthly income should go toward savings to meet these goals within a reasonable timeframe. In terms of investments, I’m either new to investing or I have a preference for a balanced investment strategy. Please suggest a simple investment strategy that aligns with my risk tolerance and long-term goals. I’m particularly interested in growing my wealth over time, so I’d like recommendations on where and how I can invest, whether through stocks, bonds, real estate, or other opportunities. Additionally, I’d like guidance on tracking and adjusting my budget over time. Recommend any apps or tools I can use to monitor my progress, ensure I’m staying within my spending limits, and adjust my goals as my financial situation changes. It would also be helpful to know how often I should review my budget to stay on track. My key financial goals include becoming debt-free and saving for retirement, such as funding a major purchase. I’d like a detailed breakdown of how to allocate my income to achieve these goals, along with tips for cutting unnecessary expenses or boosting savings where possible. I also face specific financial challenges, such as managing high-interest debt. I’d appreciate any strategies to overcome these challenges while still working toward my overall financial health. In the end, I’d like a clear and sustainable plan that helps me manage my current financial responsibilities, save for the future, and invest wisely. Please suggest a breakdown of my income, such as what percentage should go toward fixed expenses, variable expenses, savings, debt repayment, and investments.