What expenses am I not accounting for?

[brig2221]

Hello,

I recently posted a thread with my first working budget that included all of my estimated expenses, and was looking for advice on how to determine what my income would need to be to support that budget.

Thanks to the help of many of the posters in this forum, I have now figured out how to do exactly that. My first budget really only contained the major and obvious expenses that you see listed below.

I wanted to see if I could get some help from some budget wizards out there along with a few of you folks that have been around the proverbial block of life a few times and know exactly what you should be accounting for each year.

If you would, please look at all of the expenses that I have listed below and let me know which obvious and not so obvious ommissions you believe that I have.

I am really looking to get a detailed budget put together that addresses as much as I can. I am doing this because I am looking at having my wife stay at home to help raise the child, and I really want a solid budget put together so I know as specifically as I possibly can, how much I am going to need to make to meet this budget. Thanks!


Home Mortgage
Gas
Food
Electric
Cell Phones
Auto Insurance
Tollroad Tags
City Water/Trash
DirecTV
Prescription Meds
Phone/DSL
Gym Memberships
Life Insurance
Veterinary Care
Property Taxes
Homeowners Association
Homeowners Insurance
Medical Care

[momof1in150]

Home Maintenance
Entertainment
Travel
Clothing
Gifts
Car Maintenance

[brig2221]

Momof1, thank you very much for your input!

[Fern]

are you incluidng dining out in the food category?

[brig2221]

I was planning on it, but it would probably be best to separte the two, food being a need and necessity, dining out being a want.

[tinapbeana]

Monthly/yearly budget items:
Are the property taxes for the car, home, or both?
Non-precription meds (antihistamine, ibuprofen, etc) and/or vitamins: are those coming out of the food budget?
Car registration for the license plate every year


Savings type items:
Gift fund (i.e. Christmas)
Vacation fund
Retirement
Auto Fund (to replace the vehicle you currently have)

[cptacek]

Charity
Home Improvement

[zetta]

I went through my budget and listed the catagories I didn't see in yours:

Cash (an allowance for random small things like the soda machine, etc.)
His and Her "fun" money
Household (things like cleaning supplies, toilet paper, etc.)
Gardening (plants, weed killer, etc.)
Misc (books, CD's, electronic gadgets, etc.)
Baby setup (one-time purchases: crib, stroller, etc.)
Baby care (diapers, clothing, etc.)
Travel (vacation and family visits)
Gifts (Christmas and birthday)
Charity
Car insurance
Car registration
Medical, dental, and vision co-pays
professional membership dues


I think it's important to detail your savings plan in your budget as well:
Savings
IRA or ROTH contribution
Investment (non-retirement)
Car repair reserve
Home repair reserve
Medical reserve

[vsjhoc]

* Magazine/newspapers (subscriptions or bought on the stand)
* Furniture/furnishings
* Sheets/towels/candles/kitchen gadgets/other household stuff
* Vending machines
* Cigarettes/cigars
* Alchohol
* You included vet care -- so did you include pet food, litter (if it's a cat), toys, accessories
* Dry cleaning
* Hair cuts
* Manicures, etc.
* If you have a computer -- toner, paper
* Lottery tickets
* Postage

[PrincessPerky]

Man if I was looking at making a budget and saw this list I would run away screaming to go hide my head in the sand!!!!!

But...you could look at all those things and group the wants and needs in two separate columns, you might find the needs is rather simple, the wants are the aaaagh part.

I am lazy, food is food, I do know eating out takes away from eating in...so we rarely ever do it . This fund also covers house stuff...buy paper towels means we have to eat less steak..or we could use cloth and buy the steak.

I also have a misc fund for all splurges and gifts, if I buy for me, I have less to spend on someone else, but I do not have to say "only 2 cents a month for me, it will be 50 months before I can buy that candy bar, or 500 years before I get new sheets."....(but then you have to remember I don't make 100K)

Do people really separate lottery tickets in a budget? Not saying you shouldn't...whatever floats your financial boat is your thing, but doesn't that fall under the heading of misc fun money? Actually the entire previous post would fall under my misc category.....'cept pet food if I had one would go under food.

I will agree that saving should be in your budget. And a bit more specific than just an EF plus a retirement....add in an escrow for repairs (car house, improvement, whatever) and yearly bills and then I would (do) call it quits. (though if you have the car paid off, I would save up a car payment, but I would pay down a car faster than I would save up for a new one...)

[Lindahfx]

I don't see a budget item for how you heat your house? Is it oil? Electric? Or is it the gas that's listed?

[Daylily]

How much do you pay for yearly tax preparation?
I set aside $30-35 a month for this.

[Ima saver]

I would put savings first. You need an emergency fund, but you also need a retirement fund that you never, ever, touch.

[vsjhoc]

Originally Posted by PrincessPerky

Man if I was looking at making a budget and saw this list I would run away screaming to go hide my head in the sand!!!!!
...
Do people really separate lottery tickets in a budget? Not saying you shouldn't...whatever floats your financial boat is your thing, but doesn't that fall under the heading of misc fun money? Actually the entire previous post would fall under my misc category.....'cept pet food if I had one would go under food. ..

Princess - Some people like a more detailed approach than others. I find if I lump everything in "Miscellaneous", it ends up being an expensive category and I don't have a clear idea of where all the $ went.

I don't buy lottery tickets, but if someone does, it might help them see that they are spending -- excuse me, wasting -- $20/month instead of thinking it is only $2 here and there (and that they could be saving it instead).

[PrincessPerky]

I wasn't saying you shouldn't...just that I don't really get it...but if it works, I am glad it is happening....and the more I think on it, the more I know some people who prolly should.

I think if I had more I would prolly separate more, as it is I see no reason to take 45$ and separate it out into any other categories!

[vsjhoc]

Originally Posted by PrincessPerky

I think if I had more I would prolly separate more, as it is I see no reason to take 45$ and separate it out into any other categories!

Interesting, because I think the less $ I have to work with, the more categories I should have! Not because I'm spending on so many different things, but it's easier to pinpoint where the heck it's all going.

[PrincessPerky]

Good thing we don't have to do it all the same

[LuxLiving]

As your child gets older - school clothes/school supplies/babysitting. Even a SAHM deserves a night out w/o the kids in tow!

[Aleta]

Something that I do is to have a category such as Auto and then have sub-categories such as: auto gas, insurance, repair and maintenance. For each of the sub-categories, I allocate so much each month. In the maintenance category, that would include oil changes, maintenance, repairs, license plate fees. I also have a separate category for auto replacement which I fund everymonth.

I have an account called UNALLOCATED FUNDS and this is for misc. items like music I buy, magazines, books, or anything I wouldn't ordinarily fund. This helps to keep the lists down to a minimum and you can keep up with your misc expenses. As long as everything is in order such as savings, needs are being met, and wants are listed.

[mom-from-missouri]

real estate tax??
personal property tax?