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.
Revisiting My Budget
November 15th, 2016 at 03:01 pm
November 15th, 2016 at 04:51 pm 1479228677
Are you federal and state tax exempt because of your income? Or are those wages after taxes.
November 15th, 2016 at 06:17 pm 1479233867
Spending usually includes, animal stuff, going out, gifts, or house stuff.
November 15th, 2016 at 07:51 pm 1479239467
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?
November 15th, 2016 at 09:01 pm 1479243688
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.
November 15th, 2016 at 09:42 pm 1479246121
November 16th, 2016 at 02:41 am 1479264117
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.
November 16th, 2016 at 05:49 pm 1479318556
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.