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Revisiting My Budget

November 15th, 2016 at 03:01 pm

I would like to have some input on our budget after considering my raise in January and our new house payment. Just want to make sure we can afford this.

Note: For the first 3 years our house payment will only be $730 and then go up to around $850. (tax exemption) But I would like to figure on the full amount.

2017 Budget

$1,940 His Wage
$740 My Wage
$320 My Wage #2

$3,000 Total Income

Bills & Utilities
$850 Mortgage/Taxes/Insurance
$50 LOC (might be gone)
$75 Internet
$50 Water
$20 Trash
$150 Electric
$50 Propane
$350 Groceries
$150 Car Fuel
$300 Tithes
$40 Date Night
$80 Lunches
$50 Phone
$75 Car Insurance
$75 Pets
$100 Spending

$2,465 Bill Total

Savings & Debt
$120 Car Savings

$415 Remaining
Retirement, Vacation, House

This is our minimum income budget. Usually I work more at job #2, or a get money from other odd jobs. This also doesn't consider Christmas bonuses, tax refunds, etc. All that extra money is used to fund retirement, or vacations.

7 Responses to “Revisiting My Budget”

  1. creditcardfree Says:

    Doctor's visits? You mentioned that in your last post, so if you have costs there. What does your "$100 Spending" tend to include?

    Are you federal and state tax exempt because of your income? Or are those wages after taxes.

  2. klarose Says:

    These are wages after taxes. Doctors visits are usually just small co-pays. But this year was a hospital stay. That would have to be paid for out of our $415 remaining a month.

    Spending usually includes, animal stuff, going out, gifts, or house stuff.

  3. PatientSaver Says:

    Here's my take. (You know I'm a tightwad probably.)

    That $415 leftover each month doesn't seem like an awful lot. I know how quickly unexpected expenses could erase that.

    So, why do you spend $75 a month just for Internet? I pay $69 a month for broadband but that includes my landline as well.

    Your electric seems high, again, just comparing to the roughly $70/mth i pay. Do you heat with electric maybe?

    Car fuel also seems high. What accounts for most of it?

    $300/mth for tithes seems overly generous, given your income. I wouldn't think you should feel any less better if you reduced tithing to $200/mth. You need to be able to live. This is your 2nd highest expense. Did someone tell you you have to contribute this much?

  4. klarose Says:

    $75 is the ONLY internet option in the area. Another one is supposed to be coming to the area "soon", but who knows when. It includes a landline (required) but we don't use it.

    Electric is a high estimate. The last several months it was around $110. I have a large house, and in the winter we do turn on oil heaters. In the summer we have a window unit air conditioner. Electric bill is pretty common for our area, I know it's cheaper than my parents and their house is half mine's size.

    Car fuel again is a rough high estimate. It's probably closer to $75-$100. But I'd rather leave wiggle room.

    $300 is 10% of our take home pay. No one is forcing me to pay that. I choose to, and will continue to choose to.

  5. rob62521 Says:

    I'm curious why lunches are separate from groceries? Otherwise, I'd say you have a great budget.

  6. debtfreeme Says:

    I save $20/ month to a personal health savings account. This allows me to see the doctor and get a prescription if needed. I put it into a separate savings account and let it grow. If I needed over the counter meds like for my cold last month I never have to worry about it.

    Do you save anything to an emergency fund?

    Do either of you wear glasses of contacts - I save monthly for both.
    Personal care? Hair cuts, make up, etc.?
    What do you do when the estimated amounts are higher than the actual bill? Do you save the difference each month (this is how I built my emergency funds years ago) or let the amount sit for additional spending?

    Where do you allocate additional income you may earn during the month?

    And love the mortgage amount! It will take me years to get that low.

  7. klarose Says:

    Lunches are my splurge item, and what I allot for getting lunch during the week while working. I am trying to cut down on this and eat healthier.

    Emergency fund is already saved for. Hair cuts are only like twice a year, and no makeup. My husband wears reading glasses, but he has eye care insurance.

    If the estimated amounts are higher then the extra money is sent to savings or debt payment.

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