I am posting my December budget. I feel like I need some guidance. I am not getting anywhere. I know that I still spend when I shouldn't. I don't go crazy, but here and there I indulge. So...here is my budget for December and my debt (not including mortgage and student loan). If I could just knock out my credit cards, I could move that payment money to my student loan. And I should say that my actual estimated take home is $2072.00 but I estimated low for some wiggle room. Other things that are important... we live in the country and work a lot, so I am not willing to give up our Dish. It is sometimes our only entertainment. Since we live in the country we do not have any other options for internet or electric providers. Ready for suggestions or enlightenment.
IN:
Husband $1456.00
Household $420.00
Payroll $1960.00
OUT:
VEH GAS -$250.00
GROCERIES -$160.00
CELL PHONE -$170.00
SPEC. INSUR -$48.00
CAR INSUR -$115.00
EATING OUT -$75.00
CASH -$20.00
MEDICAL/RX -$80.00
ELECTRIC -$285.00
DISH -$72.25
INTERNET -$61.10
HEALTH INSU -$420.00
CHRISTMAS -$80.00
CC REPAY. -$80.00
MORTGAGE -$1356.50
STUDENT LN -$65.00
CLEAN. SUPP -$10.00
PET -$10.00
HOUSE SAV -$20.00
CLOTH/OTHER -$20.00
SAVINGS -$90.00
WATER BILL -$70.00
IN: $3836.00
OUT: $3757.85
REMAINING: $78.15
This budget does not include my 2nd job. Take home on that is estimated at $70.00/wk. Half will go to SAV and half to Credit Cards. At least that is my plan.
Ready for help
November 16th, 2012 at 03:56 pm
November 16th, 2012 at 04:21 pm 1353082862
The only thing that looks a tad high is cell phones--could you find a cheaper family plan? I used to be able to have 3 phones for $85 per month, and by going to prepaid and barely ever using our phones, we're down to about $50 total for three lines.
If your sidebar is accurate, you have $4651 left of debt? And then $70 per week, plus the $100 less you underestimated on your payroll, gives you $380 per month you could put toward debt. By my calculations, you'll be out of debt in about 12 months. That's not too bad at all! I think you just need to be patient; in a year you'll have more money for savings and fun.
November 16th, 2012 at 04:41 pm 1353084074
I feel like I need to be more disciplined. My goal was to already have this CC nonsense paid off...but its all still there. But I think you are right that I need to be more patient.
November 17th, 2012 at 12:08 am 1353110892
The $75 a month for eating out also seems on the high side. Maybe you could cut back a little. Eating out is so enomrously expensive. i remember feeling so shocked when I started having to pay the bill myself after being accustomed to either a signifcant other or my father paying for meals for years!
November 17th, 2012 at 12:54 am 1353113683
November 17th, 2012 at 06:58 pm 1353178685
Otherwise your budget looks reasonable. $75/month for eating out does not seem excessive for two people- things happen, people travel, it is better to have it budgeted for and not always need it than to pretend it will never happen and scramble for the money when it does. You could probably shave off a few dollars here or there on gas, electricity, water, etc, but I think the real issues are lowering fixed monthly costs like insurance and increasing your income. I think you are really on the right track with having a second job to help with repayment. Dave Ramsay would be proud!
November 19th, 2012 at 08:01 pm 1353355277
Our eating out is about $15-20 per week. That is for me, my husband, and sometimes my step daughter. Working 3 jobs, 6 days a week, sometimes I just don't want to cook. But we are going to try to limit it. See if we can skip weeks maybe.
And our car insurance is 115.00/month for 2 cars. Both cars have full coverage insurance. So I was thinking $57.50/car per month was pretty good?
November 20th, 2012 at 12:48 am 1353372482
For full coverage on your cars, that does seem pretty good. I have a 14 yr old car with only liability insurance that I pay about $14/month for - but I think I paid around $40/mo when I had full coverage. It never hurts to check around though if you haven't in a year or more.