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budget help please!


Forum: Financial Planning and Budgeting

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  #1  
April 12th, 2009, 07:34 PM
:::Dan!elle:::'s Avatar Proud to be a CPST!
Join Date: May 2006
Location: Wyoming
Posts: 10,368
This is for my SIL. Any help would be greatly appreciated!

Income
Your income: $400 a week
Dh/SO's income:
Other income:

Living expenses
~Rent/Mort pymt: $500, my MIL pays half the rent for them sometimes
~Electric: $125
~Home gas: $150
~Water:
~Cable: $89
~Gardener:
~Internet:
~Home phone:
~Cell phone: $130
~Groceries: whatever we have leftover
~Other household items:
~Medical expenses (co-pays, prescriptions):
~Car gas/transportation expense: $45
~Car maintenance:
~Car insurance: $0, MIL pays this
~Other insurance:
~Child care:
~Diapers: $40
~Other baby expense ___________:
~Preschool/schooling:
~Pets: $15
~Eating out: $45
~Entertainment:$10
~Spending/pocket money: $100
~Misc spending:
~Other ____________:
~Other ____________:

Debts-Please list minimum payment, amt you usually pay, balance, interest rate. If you are past due or have special financing (0% interest), please indicate that as well.
~Car payment #1: $303, $7000 left, they tried to get a loan to refinance (it's in my MIL's name, they took over the payments), and got denied.
~Car payment #2:
~Student loan:
~Credit card #1: $170, dental credit plan 0% for the first 2 years.
~Credit card #2:
~Credit card #3:
~Credit card #4:
~Credit card #5:
~Credit card #6:
~Other debt #1 ____________:
~Other debt #2 ____________:
~Other debt #3 ____________:

Goals: (examples: new car, baby, to be a SAHM, vacation, retirement, etc)
I want to save for:
1. More money
2.
3.

Last edited by :::Dan!elle:::; April 12th, 2009 at 07:37 PM.
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  #2  
April 14th, 2009, 06:10 PM
~Samantha~'s Avatar Mega Super Mommy
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Location: Missouri
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how many people in the family? does her spouse not work or is she single? and first off $100 pocket money and eating out has to go if she cant even do rent on her own
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  #3  
April 14th, 2009, 07:19 PM
:::Dan!elle:::'s Avatar Proud to be a CPST!
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Location: Wyoming
Posts: 10,368
Quote:
Originally Posted by ~Samantha~ View Post
how many people in the family? does her spouse not work or is she single? and first off $100 pocket money and eating out has to go if she cant even do rent on her own
her fiance works, she stays at home with their son. So there are 2 adults and a 1 year old.
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  #4  
April 15th, 2009, 07:25 PM
lizard's Avatar Platinum Supermommy
Join Date: Nov 2005
Posts: 5,479
Income
Your income: $400 a week
Dh/SO's income:
Other income:
TOTAL INCOME: $1600/month

Living expenses
~Rent/Mort pymt: $500, my MIL pays half the rent for them sometimes $500
~Electric: $125 $125
~Home gas: $150 $150
~Water:
~Cable: $89 $0- you really don't have room for this in your budget, especially if you have someone else paying necessary bills for you
~Gardener:
~Internet:
~Home phone:
~Cell phone: $130 cell phones are a luxury, not a necessity....cancel the cell(s) and get a home phone with no frills $30
~Groceries: whatever we have leftover $250 we usually figure $100/person/month, but since your child is little, you can probably get by with less, take out in cash so you can't overspend
~Other household items:
~Medical expenses (co-pays, prescriptions):
~Car gas/transportation expense: $45 $45
~Car maintenance:
~Car insurance: $0, MIL pays this
~Other insurance:
~Child care:
~Diapers: $40 $40
~Other baby expense ___________:
~Preschool/schooling:
~Pets: $15 $15
~Eating out: $45 $0- you really don't have room for this if you can't afford to pay your bills
~Entertainment:$10 $0- see below
~Spending/pocket money: $100 $20- $10/each for spending/entertainment
~Misc spending:
~Other ____________:
~Other ____________:
TOTAL: $1175
LEFTOVER FOR DEBTS: $425


Debts-Please list minimum payment, amt you usually pay, balance, interest rate. If you are past due or have special financing (0% interest), please indicate that as well.
~Car payment #1: $303, $7000 left, they tried to get a loan to refinance (it's in my MIL's name, they took over the payments), and got denied. $303
~Car payment #2:
~Student loan:
~Credit card #1: $170, dental credit plan 0% for the first 2 years.
~Credit card #2:
~Credit card #3:
~Credit card #4:
~Credit card #5:
~Credit card #6:
~Other debt #1 ____________:
~Other debt #2 ____________:
~Other debt #3 ____________:

Goals: (examples: new car, baby, to be a SAHM, vacation, retirement, etc)
I want to save for:
1. More money
2.
3.
REMAINING FOR BILL PAY OFF AND PAYMENTS ON THE DENTAL BILL: $122
If you really want to have more money, you need to evaluate what is important to you. You have many luxuries in your budget that could definitely be cut out, but it is all about priorities. Sure, you can have your cable now, but do you always want to be dependent on your MIL to pay bills for you? Do you want to live pay check to pay check, or do you want to have some savings?
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  #5  
April 15th, 2009, 07:36 PM
:::Dan!elle:::'s Avatar Proud to be a CPST!
Join Date: May 2006
Location: Wyoming
Posts: 10,368
thank you! I'm going to forward this to her, hopefully hearing it from someone else will finally help!
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  #6  
April 17th, 2009, 08:55 PM
~Samantha~'s Avatar Mega Super Mommy
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I hope it helps, what does she think she will do when MIL cant pay anymore or something happens?? Def needs to get rid of the frills.
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  #7  
April 20th, 2009, 08:04 AM
:::Dan!elle:::'s Avatar Proud to be a CPST!
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Location: Wyoming
Posts: 10,368
Quote:
Originally Posted by ~Samantha~ View Post
I hope it helps, what does she think she will do when MIL cant pay anymore or something happens?? Def needs to get rid of the frills.
My thoughts exactly.
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  #8  
April 20th, 2009, 01:55 PM
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Join Date: Mar 2005
Posts: 8,671
the other thing I see is that she should not be spending 40 bucks a month on diapers. check out the frugal board, they can help with that
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