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Forum: Financial Planning and Budgeting

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  #1  
April 27th, 2009, 10:18 AM
*Mrs.T*'s Avatar Platinum Supermommy
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Location: Candy Land
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DH just took a pretty big pay cut.

Income
Your income: 0
Dh/SO's income: 2020
Other income:

Living expenses
~Rent/Mort pymt: 636 (318 every other week, 15 yr loan)
~Electric: $100
~Home gas: 0
~Water: 0
~Cable: $40
~Gardener: 0
~Internet: $20
~Home phone: $30
~Cell phone: $130
~Groceries: $400
~Other household items: (400 includes everything)
~Medical expenses (co-pays, prescriptions): $200
~Car gas/transportation expense: $240
~Car maintenance: $40
~Car insurance: $150
~Other insurance: 0
~Child care: 0
~Diapers: included in 400 but about 40 a month
~Other baby expense ___________: included in 400
~Preschool/schooling: 0
~Pets: 0
~Eating out: ??
~Entertainment: ??
~Spending/pocket money: ??
~Misc spending: ??
~Other RAC computer: 184
~Other: Property taxes: $478 (due yearly) its due May 1st and I have no clue how were going to pay it

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: 0
~Car payment #2: 0
~Student loan: I think about $1000 paying $50 monthly no interest
~Credit card #1:0
~Credit card #2:0
~Credit card #3:0
~Credit card #4:0
~Credit card #5:0
~Credit card #6:0
~Other debt #1 medical: $120
~Other debt #2 ____________:
~Other debt #3 ____________:

Goals: (examples: new car, baby, to be a SAHM, vacation, retirement, etc)
I want to save for:
1. Emergency fund
2. computer
3.
4.
5.

Since the pay cut, I kind of started cutting things out, like my meds, I havnt even been taking them. Gas, of course, but we have to get out at some point during the week. Ours is kind of complicated. DH makes $590 one week and $420 the next. (48hr work week then a 36hr work week) every week that he gets $420 our house payment is due which is $318 and we have to pay RAC $46 a week. so it makes things really tight. Im planning on getting rid of the home phone and cutting back on the cell phone. I guessed a little high on the medical expenses because I have to go to the dr fairly often and if I go once a month and get my RX its $180. I have to have my computer for school (doing online classes) but I can take it back at ANY time, theres no contract...its just the only way I can get a nice enough computer right now. I have to have a 3gb, plus i really need the laptop for portability with the girls. Ugh Im so ready to be out of this mess!
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Last edited by *Mrs.T*; April 27th, 2009 at 10:30 AM.
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  #2  
April 27th, 2009, 07:35 PM
Platinum Supermommy
Join Date: Oct 2006
Posts: 32,940
Income
Your income: 0
Dh/SO's income: 2020
Other income:

Living expenses
~Rent/Mort pymt: 636 (318 every other week, 15 yr loan)
~Electric: $100
~Home gas: 0
~Water: 0
~Cable: $40 -$0: Drop for now
~Gardener: 0
~Internet: $20 -$0 If losing the computer, you wo;t need this either.
~Home phone: $30
~Cell phone: $130 $0-You can't afford these right now
~Groceries: $400 $300-plan meals aound what is on sale
~Other household items: (400 includes everything)
~Medical expenses (co-pays, prescriptions): $200
~Car gas/transportation expense: $240
~Car maintenance: $40-every month????
~Car insurance: $150
~Other insurance: 0
~Child care: 0
~Diapers: included in 400 but about 40 a month
~Other baby expense ___________: included in 400
~Preschool/schooling: 0
~Pets: 0
~Eating out: ??
~Entertainment: ??
~Spending/pocket money: ??
~Misc spending: ?? $50
~Other RAC computer: 184 $0-This is really crazy-RAC places are a huge rip off! It looks like this needs to be cut out as well. You probably need to put school on hold for the moment, because you can't afford this computer.
~Other: Property taxes: $478 (due yearly) its due May 1st and I have no clue how were going to pay it This is something that should be budgeted for monthly.

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.
~Student loan: I think about $1000 paying $50 monthly no interest
~Other debt #1 medical: $120

TOTAL: 1916
LEFT OVER: 104

Drastic times call for drastic measures. If wages are cut, you need to find a way to cut your expenses or a way to bring in more income.


Goals: (examples: new car, baby, to be a SAHM, vacation, retirement, etc)
I want to save for:
1. Emergency fund
2. computer
3.
4.
5.
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  #3  
April 27th, 2009, 08:16 PM
C&K'sMama's Avatar Platinum Supermommy
Join Date: Sep 2008
Posts: 6,150
She obviously covered the budget part.

Can you use a computer at the library or a friend's house? ITA on dropping the cable, and one of your phone lines (home or cell, and if it's the home, reduce your cell plan). Look for things that you can cut. Do you need the insurance on your cell phone (most plans add it until you take it off). Groceries can be reduced by eating simpler foods for the time being, spagetti is like $5 for the whole family, Martha White makes muffin mix ($0.50 for 6 muffins) for breakfasts, Stick with pasta or rice dishes (you can add more rice/pasta to stretch your buck). Can Dh change oil? Or a friend? It moves that from $40 to $20. It looks like you don't have a car payment. $150 insurance sounds high. Can you look into cheaper car insurance, raise your deductable to $500 or $1000. 21st century for me was literally 1/2 of what Geico was charging. You can reduce your electric bill by unscrewing a light from your ceiling fan (or other multi-bulb) fixture in your rooms. Have a garage sale (we made over $400 in our last one).
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  #4  
April 28th, 2009, 06:35 AM
*Mrs.T*'s Avatar Platinum Supermommy
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Location: Candy Land
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Quote:
Originally Posted by ~Kris~ View Post
Income
Your income: 0
Dh/SO's income: 2020
Other income:

Living expenses
~Rent/Mort pymt: 636 (318 every other week, 15 yr loan)
~Electric: $100
~Home gas: 0
~Water: 0
~Cable: $40 -$0: Drop for now Was planning on this one
~Gardener: 0
~Internet: $20 -$0 If losing the computer, you wo;t need this either. Cant drop internet
~Home phone: $30 Will be dropping this
~Cell phone: $130 $0-You can't afford these right now Ive been stranded with my girls and without me and DH both having a cell theres no way I could have gotten home. This can be cut down to about $70
~Groceries: $400 $300-plan meals aound what is on sale
~Other household items: (400 includes everything)
~Medical expenses (co-pays, prescriptions): $200 will be cutting this as well until things start looking up
~Car gas/transportation expense: $240
~Car maintenance: $40-every month???? not every month but every 3 or so, i just like to keep ahead of it in case anything comes up, tires, new battery, altenator, ect.
~Car insurance: $150
~Other insurance: 0
~Child care: 0
~Diapers: included in 400 but about 40 a month
~Other baby expense ___________: included in 400
~Preschool/schooling: 0
~Pets: 0
~Eating out: ??
~Entertainment: ??
~Spending/pocket money: ??
~Misc spending: ?? $50
~Other RAC computer: 184 $0-This is really crazy-RAC places are a huge rip off! It looks like this needs to be cut out as well. You probably need to put school on hold for the moment, because you can't afford this computer. I know they are, but like I said it the only way I could get the computer I need...i cant put off school, the longer i wait, the longer it will take me to get the degree i need to start making decent money
~Other: Property taxes: $478 (due yearly) its due May 1st and I have no clue how were going to pay it This is something that should be budgeted for monthly. its been budgeted in a few times but something always comes up we can save it up pretty quickly if were careful

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.
~Student loan: I think about $1000 paying $50 monthly no interest
~Other debt #1 medical: $120 < also no interest i may drop these for a month or so and pocket the money

TOTAL: 1916
LEFT OVER: 104

Drastic times call for drastic measures. If wages are cut, you need to find a way to cut your expenses or a way to bring in more income.

Thanks for your help, I kept looking over it yesterday and finally came up with a plan of my own lol I really appreciate it!

Goals: (examples: new car, baby, to be a SAHM, vacation, retirement, etc)
I want to save for:
1. Emergency fund
2. computer
3.
4.
5.
Quote:
Originally Posted by jonnies_goodgirl View Post
She obviously covered the budget part.

Can you use a computer at the library or a friend's house? Thats just about impossible with a 2yo and a 1yo lol and I could never get on one often enough to get my participation points in. ITA on dropping the cable, and one of your phone lines (home or cell, and if it's the home, reduce your cell plan). Yes, we are going to lose the TV and the home phone, Im really not comfortable going without cells. But I can lower the cell bill a good bit Look for things that you can cut. Do you need the insurance on your cell phone (most plans add it until you take it off). This one Im going to keep...its $4 a month and my phone was over $200 lol If things get bad enough to where $4 will make a difference then Ill have it taken off. Groceries can be reduced by eating simpler foods for the time being, spagetti is like $5 for the whole family, Martha White makes muffin mix ($0.50 for 6 muffins) for breakfasts, Stick with pasta or rice dishes (you can add more rice/pasta to stretch your buck). Well the problem with that is I have to be really careful with my diet, especially since Im stopping my meds. I cant have anything with preservatives, so pretty much only fresh foods, nothing acidic, well i could go on and on but Ill just say it makes it very hard to run in and grab the normal things you would for a quick meal. Can Dh change oil? Yes, we always change our own oil, we have 2 vehicles though and as I said before we like to stay on top of that stuff...although mine is a 2002, i dont have much luck with cars lol Or a friend? It moves that from $40 to $20. It looks like you don't have a car payment. $150 insurance sounds high. Can you look into cheaper car insurance, raise your deductable to $500 or $1000. 21st century for me was literally 1/2 of what Geico was charging. I looked around a few months ago and no one even came close to touch the price we have through State Farm, Ill check around again though! You can reduce your electric bill by unscrewing a light from your ceiling fan (or other multi-bulb) fixture in your rooms. This is one we dont do too bad on, hardly any electricity is used here right now. Its been close to 90 here lately but we havnt ran the AC, instead we raise all the windows and turn on a fan. We have special bulbs in the light we do use but only have 1 in our ceiling fan, we dont use it that much anyway. Have a garage sale (we made over $400 in our last one). This is something Ive really been thinking about. We have SO many baby things to get rid of! Theres a flea market about 30 min from here that charges $10 for a table for one day, so Ive been thinking about doing that (we live way out so not many people come on our road or near it.)
Thanks for all of your help, Ill get it figured out. I usually keep a pretty good budget but it's like all of this has been so messed up by him losing that money.
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  #5  
April 28th, 2009, 08:47 AM
:::Dan!elle:::'s Avatar Proud to be a CPST!
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Location: Wyoming
Posts: 10,368
I just wanted to suggest trying Progressive for car insurance. We pay about 1/3 of what everywhere else quoted us.
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  #6  
April 28th, 2009, 09:33 AM
*Mrs.T*'s Avatar Platinum Supermommy
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Ive been calling around this morning...so far every where Ive called is at least $100 MORE a month than State Farm....except Geico. They would actually be $40 more the first month then a few $ less for 4 months and after that, $20 less a month. We may switch to them but Im still not finished calling around.
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  #7  
April 28th, 2009, 10:45 AM
C&K'sMama's Avatar Platinum Supermommy
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Posts: 6,150
The online quotes are actually the way I found the cheapest insurance, they have some that people don't usually think of.

Esurance
Progressive
allstate
geico
21st century
nationwide
Liberty Mutual

There are a few more out there with lesser names. My friend tried an insurance broker and paid $95/mo

As for the cells we did the same thing you're doing, lost the home phone and minimized the cells. I don't love the idea of being stranded either, but I still maintain the insuance thing. most companies offer an "upgrade" every year or two anyways. Most companies have compatible pay as you go phones. When mine broke I bought a cheappay as you go phone and used it until our upgrade was available. I know the $5 isn't much, but it all helps.
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  #8  
April 28th, 2009, 02:42 PM
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Be very careful wit hcar insurance. You have to compare each and every line item. Sure, one company may offer a lower rate, but it may be for lesser coverage.

A year ago I switched my cell phone to emergency use only (and haven't had a single emergency) and haven't missed using it at all.
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  #9  
April 28th, 2009, 02:43 PM
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Be very careful wit hcar insurance. You have to compare each and every line item. Sure, one company may offer a lower rate, but it may be for lesser coverage.

A year ago I switched my cell phone to emergency use only (and haven't had a single emergency) and haven't missed using it at all.
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  #10  
April 28th, 2009, 03:39 PM
*Mrs.T*'s Avatar Platinum Supermommy
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Yea I found that out on the first call lol I acutally found it about $40 less a month through Progressive, I guess we will be switching to them. I called to have the home phone cut off and they offered me both services for $14 each so its just over $28 now...basically paying $10 for home phone service. Im thinking about having one of the cells cut off (only one is under a contract) but Im not sure if DH will go for that or not. I cancelled the Direct TV today as well...thats $30 less a month so far with all the changes Ill be making this week it will save about $130 a month. Hopefully I can find some other way to cut back as well...it would be great if DH and I had vehicles that got more than 15 MPG lol
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  #11  
April 28th, 2009, 06:47 PM
C&K'sMama's Avatar Platinum Supermommy
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lol DH's truck is the same. That's great that you guys are able to cut back so much!
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  #12  
April 29th, 2009, 02:40 PM
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Just wanted to add you could get a pay as you go cell phone for emergency cases if you cut one off.
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  #13  
April 29th, 2009, 03:24 PM
KrazE's Avatar ShutTheFrontDoor
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I'm not going to add numbers to the list, or offer up monetary suggestions, but this is what I do in my situation (which I will explain)

I am a single mom of 4, ages range from 10 to 14 (15 in just over a month), I work full-time (but reduced hours cause of the economy, so I might reach 35 hours a week if I am lucky). Being that I am in Ontario, I do get the child tax benefit each month, and also because I am a single mom, I do not pay federal taxes which helps immensely.

Now, I also am SUPPOSED to get child support, but I only get bits and pieces of it here & there - I do not plan for it, nor can I use it in my monthly budget for the simple fact that it doesn't always show up.

So.. I use Excel, I factored in (as closely as possible) the percentages for taxes from my pay along with everything else.
Each month is listed in a tab (I plan months in advance) and I place the pay dates along with the equations on each line, then below that I also place those same dates and the bills that need to be paid, what I can pay to each item each week to ensure that the money is there for the things that need to be paid.
It means that in some cases, things like hydro, gas (heat & hot water), phone etc may get more than one smaller payment during the month rather than one lump sum at a time.

Everything is auto calculated, and if there is a need for something in an emergency, I can go back into that month's spreadsheet, adjust accordingly and go from there.

I cannot even fathom trying to manage without my detailed budget, I would certainly become lost and drown in bills.
So my suggestion to people trying to budget as much as possible and keep on top of things without drowning is to get down & dirty with the details, plan how you are going to pay for things beforehand rather than 'in the moment', it lets you see what you are doing when, and can help to reduce some of the stress that goes along with trying to ensure your family will be ok.
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  #14  
April 29th, 2009, 04:37 PM
C&K'sMama's Avatar Platinum Supermommy
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That's a great idea. We don't usually struggle, but we have so many one time payments that it makes it hard to figure out what we can expect to use to pay down our debt. Would you be up for posting an example (doesn't have to be real numbers, I'm not trying to get too personal) but something to go off of?
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  #15  
April 29th, 2009, 04:50 PM
KrazE's Avatar ShutTheFrontDoor
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Posts: 2,546
The issue of course would be that my workbook is very detailed, meaning I sat & figured out percentages so all I have to do is enter in my hours for the week and the workbook does the rest.
Unfortunately I am also very new here, which means I can't upload anything, add links in posts or even view new posts for today from the menu (???) as I am very restricted.

It would depend on where you live, what your taxes are, what is coming off your pay etc etc, but yes, eventually I can provide an example to get anyone started that needs it.
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