Money Matters

Help with our budget

Hi MM. I'm a nestie regular but I created an AE because I have a lot of IRL friends on TN and I don't want them all in my financial business. Anywho, I recently got married and MH and I are trying to work out our monthly budget. We both have 401Ks through our jobs. I currently contribute 10% and H contributes 6%. We are also in the process of snowballing our credit card debt. It will be paid off in 12 months.We currently have $2600 in savings. As for student loans... Between the two of us, we have about $200K in SLs. So, without further ado...

Monthly Income $5,422.00


Savings $500
Rent $1,377
Student Loans (H) $1,000
Student Loans (Me) $1,000
Credit Cards $500
Cable/Internet $70
Cell Phone $166
Electric $100
Water/Trash/Sewage $28
Groceries $200
Car/Renters Insurance $180

So, any critiques are welcomed and appreciated.

TIA

**If you're wondering, DH is 28 and I'm 26.

Re: Help with our budget

  • There is a TON of stuff missing.  What about...

    Life insurance

    Car maintenance

    Car gas

    Medical expenses (prescriptions / copays)

    Gifts

    Haircuts / Cosmetics

    Vacations

     Your cell phone bill is very high.  Also, why such high student loans?  Your income is low for such huge student loans.

    Photobucket Lilypie Second Birthday tickers
  • Do you have $2,600 in savings or $500? Make it clear dumb ass
  • Groceries seem a bit low to me. Does that include cleanings supplies and toiletries? What about clothing?
  • image ParasiteEve:
    Do you have $2,600 in savings or $500? Make it clear dumb ass

    We have 2600 in savings now. We are putting $500 away every month.

  • image AsOctoberFalls:

    There is a TON of stuff missing.  What about...

    Life insurance--We have insurance through work

    Car maintenance--Didn't factor that in.

    Car gas--We fill up maybe once every 3 weeks to a month. We both live within 10 miles of work and carpool.

    Medical expenses (prescriptions / copays)- neither of us have any prescriptions or regular doctor visits besides the $30 copay for an annual visit.

    Gifts--for who?

    Haircuts / Cosmetics--He's bald and shaves his own head. I cut my own hair.

    Vacations--not really in the position to be taking vacays, so we aren't saving for them.

     Your cell phone bill is very high.  Also, why such high student loans?  Your income is low for such huge student loans.

  • image bparkhur:
    Groceries seem a bit low to me. Does that include cleanings supplies and toiletries? What about clothing?

    I'm a couponer, so groceries stay pretty low. We didn't factor in clothes...

  • Its pretty obvious that she saves $500 a month and she has $2600 in savings thus far.
    image

    PitaPata Dog tickers
  • cell phones crazy high - get basic talk only plan

    Even if you fill up the gas tank once a month - it needs to be in the budget

    Gifts - birthdays, Christmas, weddings, etc.

    Entertainment - do you ever eat out, go to a movie, sport event, etc>

    Clothing

    Personal Care - haircuts etc?

    500 to CC - is that minimums or extra on the balances?

    Car insurance/licence tabs

    Track your spending - EVERY DOLLAR for the next 2 months.  You wiil accurately see where your money is going and then can make better decisions on your budget.

    Why do you have such high SL for your income (or such low income for your high SL amount?) What can you do to increase your income?

     

     

  • I'm betting that this isn't your actual budget. Your groceries and cell phone are almost the same.  Cut some of the cell.  I'd also double check you are getting the best deals on auto insurance.  Even with couponing you can't feed 2 people 3 meals a day for $180 a month.  Let alone account for cleaning supplies and personal items (razors aren't cheap).

    If this is an actual budget you have $300 unaccounted for.

     

  • I found a website that you can download a free excel template from that helps with budgeting-- Very helpful to give an overall picture!!  Also, your budget will change so much from whatever you plan it out to be.  Try to be modest in spending at first and then see which areas need adjustment.

     http://www.vertex42.com/ExcelTemplates/personal-budget-spreadsheet.html

  • I just got off work so let me answer a few questions:

    Income-I only accounted for the guaranteed income we bring in. I'm a nurse and can bring in up to $1500 a month extra in over time. I am current averaging about $650 extra each pay check. But I don't always work OT and its not always guaranteed. H is a producer at one of our local television channels. He gets a salary from that. But he also does a lot of freelance production and editing work with local bands and musicians and a few other TV channels. On a good month, he brings in an extra $3000; on a slow one, maybe an extra $500. Any suggestions on how to incorporate this extra income into our monthly budget?

    Missing Items--there are quite a few things I didn't account for. I need to start tacking spending pretty closely. I was looking at Mint.com. Is that a good site? 

  • image hubbahubbabangbang:

    I just got off work so let me answer a few questions:

    Income-I only accounted for the guaranteed income we bring in. I'm a nurse and can bring in up to $1500 a month extra in over time. I am current averaging about $650 extra each pay check. But I don't always work OT and its not always guaranteed. H is a producer at one of our local television channels. He gets a salary from that. But he also does a lot of freelance production and editing work with local bands and musicians and a few other TV channels. On a good month, he brings in an extra $3000; on a slow one, maybe an extra $500. Any suggestions on how to incorporate this extra income into our monthly budget?

    Missing Items--there are quite a few things I didn't account for. I need to start tacking spending pretty closely. I was looking at Mint.com. Is that a good site? 

    Mint is great. I prefer just tracking in an excel file though. I input the spending daily. You will be shocked at how much money you are wasting here and there. Coffee, quick dinners out, nail polish, crap like that adds up. Tracking your spending , then setting a realistic budget will help. As far as gifts you said for who, it seems every month we spend at least $100 on gifts, weddings, birthdays, baby showers. Not that you should buy tons of gifts when in debt, but I bet these things come up for y'all too. 

    image Baby Birthday Ticker Ticker
  • It doesn't look like you're homeless or going hungry. What are your goals that you are looking to accomplish from a review of your budget? If you are living paycheck to paycheck, you are obviously spending more than you are recording. If you will have credit card debt paid in 12 months, that's great! What will you do with that amount after the CC's are paid? Once you know what you are trying to accomplish with your budget, you'll be on your way to achieving the goals. Based on what you're sharing, I'm unclear how to help but seems like you're doing okay.
  • we're living paycheck to paycheck. We want to put more away in savings so we can go on nice vacations or start a family. But right now our main goal is to just get organized and see where we can cut back and where we can save.
  • Organization:  Track all income and spending to the dollar. You will be surprised whta you see.

    Extra income:  Establish an emergency fund of a minimum of one month's expenses.  When debt is paid off, make that a minimum of 6 month's expenses.

    Debt: Pay extra on all debt and STOP using credit cards until they are paid off.  When debt is paid off - then pay off any credti card use monthly.  Better yet, save for larger purchases and then buy.

    Want a vacation - save for it first - then go.

     

  • image ParasiteEve:
    Do you have $2,600 in savings or $500? Make it clear dumb ass

     

    lol, you're an idiot.

  • I just want to say that this seemed pretty clear to me.

    Christine Mo
  • image JillianCarr27:

    image ParasiteEve:
    Do you have $2,600 in savings or $500? Make it clear dumb ass

     

    lol, you're an idiot.

    haha wow reading fail, maybe you need to read more clearly. 

    BabyFruit Ticker
  • Does your rent include gas? If so your lucky. Gas bills can be very expensive. Also for your cells. Sprint and probably all other major companies have family plans. The first person pays normal rates And then all others pay like twenty a month. This. An save you a ton. Also can you get your loans combined. Direct loans.com consolidated my husbands loans and my loans together. 
Sign In or Register to comment.
Choose Another Board
Search Boards