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Old 04-07-2013, 06:56 PM   #1
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Anyone good with budgets I need help

I need help with budgeting we are moving into our own place June 1st n need to figure out budget. We are on 1 income. Any good at making up budgets?

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Old 04-07-2013, 07:04 PM   #2
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Re: Anyone good with budgets I need help

Yes, many ladies here are great at budgets. Post your income, fixed expenses (rent, debt payments, etc) and what you think your other expenses should be. If you are just moving in to your own place you probably won't know what to expect for some utilities and such. You'll get lots of suggestions.
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Old 04-07-2013, 07:37 PM   #3
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Re: Anyone good with budgets I need help

We are family of 5 on 1 income.
My husbands work makes it hard for me to work since my youngest is 4 n he never knows what time he will be home n can leave in am between 6-730 am.

My husband gets paid every 2 wks.
But he usually gets more cause he get paid from time he leaves house which can vary till time he gets home which can vary if there is overtime. He is also on call 1 wk a month from 4pm on.
His base pay after taxes with out overtime is.
Income every 2 wks is 1550 after taxes n medical etc. he gets paid on thrusdays

Anyone able to make a word doc that I can print and put on wall.


Our bills
Rent 1450 month due on 1st
Car payment 420 due 4 th
Car insurance n renters insurance 120 month 8th
Cell phones 208 we are in contract for this due end of month
Gas for car 120 every 2 wks is what I budget since hubby has wrk truck n they gas for that.
Gym 20 hubby uses this cause he is having Lapland surgery end of month
Netflix 8.00 middle of month
Sallie Mae 55 begging of month
Other student loan 188 by the end of moth
Cable Internet n phone110 it is not cheaper to drop house phone

Electric 150 in winter 200 plus in summer have central air.
Gas 60 but not sure
Dr apptsffor all of us every month 60
Dr every 2 months 60
Prescription meds 164 monthly meds

Thanks for all help
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Old 04-07-2013, 08:27 PM   #4
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Re: Anyone good with budgets I need help

Based on simple math - you have 3100 take home (i realize you will have two months per year where you get an extra check, but let's keep things simple) and roughly 3225 outgoing.... which means as you have it written you are OVER spending by at least 125 every month.

I don't see in your budget any food money or any clothing budget.... car maitenance/repairs?

If you are looking for ways to cut back there are definite suggestions we can give.... but generally speaking a simple budget is like this:

Monthly take home:
Mortgage/Rent:
Utilities (gas, electric, water, sewage, etc):
Debt: (Car Payments, CC, Student Loans, Medical Debt, etc.)
Food:
Clothing:
Savings:


And you can add as many categories as are needed for you family/situation. Just google "basic budget sheet" to see examples....

but the #1 thing that sticks out to me about your posted expenses is that you are spending more than you earn which is unsustainable.
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Old 04-08-2013, 06:44 AM   #5
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Re: Anyone good with budgets I need help

Are you looking for suggestions at this point of where you could cut the budget? (Rent, car payment, cell phones, and cable seem high...) I know that DH works overtime, but it does seem like you are spending about as much as you earn, which doesn't even account for food, clothing, gifts, kids activities, travel...It might be useful to track over a couple of months how much you are spending for those variable expenses. I can share my budget categories if it would help - mine is fairly detailed and some of the categories wouldn't apply.

Do you all go to the doctor every month? And then some of you go to a different doctor every other month?
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Old 04-08-2013, 08:10 AM   #6
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Re: Anyone good with budgets I need help

My initial reactions are to find a smaller/cheaper place to live. You are using almost 50% of your take home for rent, not including utilities
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Old 04-08-2013, 10:21 AM   #7
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I agree with PP! That is a lot of money for housing. It's almost an entire paycheck. I would find someplace smaller ASAP!
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Old 04-08-2013, 10:55 AM   #8
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Re: Anyone good with budgets I need help

Sorry, I would also agree that you need a cheaper housing arrangement, even if he gets paid more sometimes. I would look for something at $1000 max.

The other thing that jumps out is the cell phones plus home phone/intenet/cable. Unless there is something else you haven't shared (which is fine ), you don't need 3 phones for 1 family. You need 1. And since you said it is not cheaper to drop the home phone, I would drop both cell phones and cable. You can't afford all that

Also wondering about the dr appts--but I assume there is a good reason??? Most of us go to the doc once a year at most (per person), so I am guessing there is something else going on?

Lastly, the car payment, car insurance, and gas. Not sure what your exact situation is, but at that price I am guessing it is something big or new, or both? I would look at getting a cheaper car with better fuel economy. When we were a family of five, we drove a mid size sedan that got 33 mpg and it worked great! Sure, we were snug in there (especially with 3 convertible carseats on back!), but we all fit--plus all our luggage when we travelled or all our groceries when I shopped.

Last edited by Melinda29; 04-08-2013 at 11:41 AM.
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