My budget

[KiwiJo09]

Keep in mind I'm currently living with my dad and going to school. And I share finances with my hubby. Also, any amount not used rolls to the next month, which is why certain things are so low. I've also made this work for months now. I just wanted some opinions since we'll be moving out on our own soon.

Groceries: $80
Rent: $100
Cellphone: $130
Doctor: $19.41
Prescriptions: $10
Gifts: $30
Hair cuts: $10
Clothes: $10
Hulu: $7.99
His: $30
Hers: $30
Date night: $160
Car payment: $310.95
Gas: $420
Car insurance: $100.54
Repairs & Maintenance: $40
SunPass (tolls): $10
Savings: $601.11

Our combined income fluctuates month-to-month but never drops below $2,100. Let me know what you think.

[disneysteve]

You are currently saving over 28% of income which is great. I guess the question is how will your expenses change when you get your own place. Obviously, rent will no longer be $100. That will likely be the most significant change.

[KiwiJo09]

Right now, I live 40 miles from work and I would be moving to the same city making it probably less than a 5 mile drive, so gas will significantly drop. We're sticking with Hulu until we get truly settled, so that's staying $7.99 a month. Our mortgage will probably be closer to $600 or $700 a month. And we won't be doing date night except maybe once a month (dependent on how things work out after the first month). And date night will probably be $30 or $40. His and hers funds will dissipate until further notice. Groceries will go up about $100. Our phone bill just dropped about $20. Add in electricity of $100 and water & garbage at $10 or so. Everything else will come from what is usually alotted to savings.


Rent: +600
Gas: -200
Date night: -130
His & Hers: -60
Groceries: +100
Cellphones: -20
Electricity: +100
Water & garbage: +10
Savings: -400

[Eleanor]

Looks pretty good so far! Also, you are a grocery shopping maven. Even after the $100 expected increase that is quite impressive, compared to me anyway. On a side note, I would recommend sticking with Hulu and never getting cable. Cable just does not seem worth the ridiculous fees for it these days and you can get the basic channels over the air anyway.

[disneysteve]

You said both "mortgage" and "rent". Which is it? If you are buying, there are other costs to plan for - maintenance, repairs, taxes, etc. If you are renting, that isn't an issue.

[KiwiJo09]

Do you think I'm being too optimistic with the grocery budget? We're only two people and I was planning on doing the couponing, following coupon websites, and shopping at Wal-Mart for groceries (which sucks but is considerably cheaper). As far as cable goes, we don't have any plans to activate a cable plan. It's too expensive and quite frankly, we don't need it. We're hardly ever home. Oh, and I didn't include internet. How much does that go for?

[KiwiJo09]

We are going to be buying. The $700 "mortgage" includes the insurance and other expenses. Only about $300 of the mortgage goes towards the mortgage. The place we're going to buy is going to be $80,000 or under.

[disneysteve]

Do you think I'm being too optimistic with the grocery budget? We're only two people and I was planning on doing the couponing, following coupon websites, and shopping at Wal-Mart for groceries (which sucks but is considerably cheaper). As far as cable goes, we don't have any plans to activate a cable plan. It's too expensive and quite frankly, we don't need it. We're hardly ever home. Oh, and I didn't include internet. How much does that go for?

You can certainly feed 2 for $200/month if you work at it. And what's wrong with shopping at Wal-Mart? They do have some good prices. Just don't assume that they always have the best price. Start a price book where you track prices at local stores. And check the weekly sale ads and go where the bargains are.

No need for cable. I'd be perfectly happy not to have it myself but I don't think my family would agree. I hardly ever watch TV and the few shows I do watch regularly I watch online because I'm never home when they are broadcast. There is very little that you can't watch that way.

As for internet, I think we pay about $40/month but I'm not positive.

[KiwiJo09]

Thanks. We have some flexibility with the car payment as well. It is $310.95 because we're paying extra to it every month. So we could revert to paying the minimum which is $266.95.

[disneysteve]

As long as your expense estimates are on target, I think you guys are in good shape. You'll still be saving 20% of income (though that is 20% of net, not gross). Is there also any retirement savings at work or is the $400 everything?

[KiwiJo09]

Hubby has a 401k that he's maxing out. And I have the option of a 401k, I just didn't set it up.

[disneysteve]

Hubby has a 401k that he's maxing out. And I have the option of a 401k, I just didn't set it up.

That's great if he's able to max the 401k and you guys can save 20% of the take-home.

Why aren't you funding your 401k? Is there a company match? Do you or he have Roth accounts?

[KiwiJo09]

My company doesn't match anything. I was nervous about making our take home pay lower. I have the paperwork, I just haven't filled it out (even though I know I should).

[disneysteve]

My company doesn't match anything. I was nervous about making our take home pay lower. I have the paperwork, I just haven't filled it out (even though I know I should).

If there is no match, a Roth is probably a better option as long as you qualify. Plus, that would give you more flexibility regarding when and how much you contribute. But you should be doing something to save for retirement.