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Can someone review our budget, and tell me if our plan sounds good? (long, sorry)


Forum: Financial Planning and Budgeting

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  #1  
December 15th, 2011, 08:00 AM
2Corinthians10:4's Avatar Platinum Supermommy
Join Date: Oct 2006
Posts: 12,959
Hi everyone! Me and Dh have been on our debt free journey since January of 2011-we did soo good at the beginning of the year and paid off 2 loans and 4 credit cards for a total of 3091.00 but somewhere around May of last year we fell off the wagon. We traded in my car that had only about 6k left on it for a bigger SUV (that I did kind of need for my daycare) and now owe about 20k instead.



So I have reworked our budget and I was wondering if someone can look over it and see if there is anything we can change? We are following a modified Dave Ramsey program (by modified I mean that we have our emergency fund a little higher because we like the extra cushion and we are not closing our cc accounts until we are done being debt free because we want to build a house when Dh gets out of the Army and want a good credit score).


This budget is only for February and January because I am closing the FCC daycare at the end of February since we are pcs'ing at the end of March. So the only income I will get in March will be my FCC reimbursement which is about 600.00, in April we are also getting Dh's 6000 sign on bonus.


Income:
Dh-1859.00
Me-1272.00


Total: 3131.00


Bills:
ATT: 155.00
Verizon: 115.00 (January only, we switched to a family plan with ATT so this will be my last bill from them).
USAA Car Insurance: 90.00
Netflix: 7.99
Internet: 49.95 (I know it's high but unfortunately we can't change it, this is contracted out by our base housing)
Dd Gymnastics: 72.00
Groceries: 400.00 (This includes all groceries for my family as well as formula/food for the two babies in my FCC as well as all household items)
Gas: 200.00 (This is so high because we have my SUV and his bike, I fill mine up twice a month and he fills his bike up weekly)
Dh Blow: 100.00
My Blow: 100.00
Dh Cigarettes: 105.00 (I know this is A LOT, he is trying to quit)
Mutual Fund: 100.00


Sinking Funds:
Car Maintenance: 20.00
Haircuts: 10.00
Clothing: 30.00
Dd Activities: 20.00
Date night: 20.00
Gifts Given: 20.00


Debts: Min Paymnet: Total Due:
Paypal CC 65.00 1,598.56
Walmart CC 55.00 1,268.90
AMEX CC 89.00 3,586.12
Toyota (Car) 386.97 20,915.21
SL A 0 4,500
SL B 0 1,157
SL C 0 1,000


Total Debt: 34,025.79


I also will need to pay 900.00 to my school next semester since I cancelled any further SL's.


So I show that in January I will have a 920.09 snowball and in February I will have a 1035.09 snowball.


We currently have 937.00 in our emergency fund but we want to get it up to 1500.00 just because we feel more comfortable with the extra cushion.


January:
  • 414.00 goes into savings to make it total 1500.00
  • The remaining 506.00 will go towards my school.
February:


  • Pay 394 toward my school (that will close out that for the semester) and pay the remaining 641 toward the Wal-Mart card.


In March I will only have 300-400 to put toward the snowball since my income will go down but all of that will go towards the Wal-Mart card as well (only about 200 should remain).


In April I will rework our budget based on whatever his take home will be then, and when we get his bonus it will all go towards debt.


What do you think? What am I missing?
Thanks for any help ladies!


Thanks ladies!
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  #2  
December 18th, 2011, 07:39 PM
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Is the walmart the one with the highest interest rate? That should be your first pay off.
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  #3  
December 21st, 2011, 07:08 AM
2Corinthians10:4's Avatar Platinum Supermommy
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Posts: 12,959
Wal-Mart would be my first payoff but my school isn't a debt persae, it is my tuition for this semester so if I do not pay it by a certain date I will get kicked out of my classes. That is why it is at the top of the list.
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  #4  
December 21st, 2011, 07:29 AM
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My (potentially brutal) honest thoughts:

~$400/month of fun $ (his/her blow money, cigarettes, gymnastics and other activities) for your income level seems excessive to me

You may want to reconsider lowering your contribution to the mutual fund since you are carrying over $34K of debt.

There's not much you can do at the point since you already swapped your car, but I want to point it out anyways so maybe you will rethink future purchases. Increasing your debt by $14K for a job that you only make $1272/month at it, means you are essentially working for FREE for a full year just to have that larger vehicle. Now you won't be working, which means you dug yourself into a larger debt hole for nothing.
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  #5  
January 6th, 2012, 07:46 PM
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Location: Gulf Coast
Posts: 11,402
Re-open your daycare at your next base so you can continue bringing in income. I know personally PCS's screw our finances up a little bit, so I would do the best you can until you move and then reassess after things are settled (as you said you would). Use the bonus to pay off all of your credit cards and then stop using them. Funnel all of the snowball from that into your car payment and don't stop until it's paid off. I'm concerned because unless he'll be bringing in COLA or extra money somewhere, without you working things will be extremely tight in your budget just going off of his $ alone, even if you stop your blow money and DD's gymnastics which I'm not sure if you planned on continuing after the move.
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  #6  
January 23rd, 2012, 05:30 AM
2Corinthians10:4's Avatar Platinum Supermommy
Join Date: Oct 2006
Posts: 12,959
Thanks for the advice! We have already stopped using our cards, we actually never started using them again when we fell off the DR wagon (thank the Lord), we just increased our debt by getting the new car.

I crunched all the numbers and if we use all of his bonus, plus the extra money we will save from BAH for the three months he is at Goodfellow (I will be staying with my parents), we should be able to pay off all our debt besides our car by the end of June. Then we can throw everything at my car payment.

Our next duty station is Hawaii so we will receive Cola, I think the rate is about 23.00/day but I am not 100% sure on that. Either way it is less than I would be bringing in with the daycare. Which I have already reconsidered opening when we get there, and probably will.
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  #7  
February 3rd, 2012, 09:37 AM
Thea Maria G's Avatar Mega Super Mommy
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Location: Danbury CT
Posts: 1,424
Are you anticipating getting a tax refund? sorry if i missed that. If so, what are your plans to do with that?
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  #8  
March 15th, 2012, 12:56 AM
mamabear4's Avatar Mega Super Mommy
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Posts: 1,238
Where is your rent and utility bills?
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  #9  
March 31st, 2012, 08:44 PM
JessP's Avatar Lovin life and family
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How are you doing with your budget plan? Have you been able to get things paid down?

mamabear4 she probably lives on base and doesn't have rent or utilities. I could be wrong though.
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