Log In Sign Up

Feedback on budget


Forum: Financial Planning and Budgeting

Notices

Welcome to the JustMommies Message Boards.

We pride ourselves on having the friendliest and most welcoming forums for moms and moms to be! Please take a moment and register for free so you can be a part of our growing community of mothers. If you have any problems registering please drop an email to boards@justmommies.com.

Our community is moderated by our moderation team so you won't see spam or offensive messages posted on our forums. Each of our message boards is hosted by JustMommies hosts, whose names are listed at the top each board. We hope you find our message boards friendly, helpful, and fun to be on!

Reply Post New Topic
  Subscribe To Financial Planning and Budgeting LinkBack Topic Tools Search this Topic Display Modes
  #1  
April 1st, 2012, 03:12 PM
TTC #1
Join Date: Aug 2010
Location: Pittsburgh, PA
Posts: 290
My husband and I are currently TTC #1. We recently went to a single income family (DH short-term disability ran out and his Dr. won't approve him for returning to work), so we really wanted to redo our budget to stick to one income. He qualifies for unemployment, but we would prefer to keep that as an emergency back-up rather then relying upon it for routine expenses. I want to make sure that we have enough room in our budget for baby expenses.

My monthly income = $2602 after taxes and deductions for health, dental, disability insurance and IRA
Expenses :
  • Rent - $850
  • Utilities - $150
  • Cable - $120
  • Phones - $120
  • Groceries - $300
  • Car insurance - $70
  • School Loan - $150
  • Parking - $40
  • Gas - $160
  • Medical (prescriptions and appointments) - $100
  • Spending - $50 ($25 each)
  • Savings for car repairs/car funds - $100

That leaves us with about $390 per month that currently goes into our house fund along with our tax returns and DH unemployment money. Am I missing any items in my budget? Does any amount seem unreasonable? Is the $390 that is left enough for baby expenses since we would not need child care? Thanks for the feedback!
Reply With Quote
  #2  
April 15th, 2012, 11:52 PM
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
Nothing looks high to me, in fact most of your stuff looks low. You mentioned vehicle insurance, but no renters insurance, not sure if you forgot that or don't have it or what, but it's something I'd definitely recommend you get (it's typically pretty cheap). Also you didn't mention life insurance, another something that is probably pretty important to get onto.

On if it's enough for baby, sorry that's not one I can answer as it's been too long since my son was that age (10 1/2 years) and prices for diapers, etc typically vary by state anyway and brand, etc. Your health insurance may go up adding baby so that's something to look into, plus diapers, formula if you formula feed (or end up having to), formula alone ran us around $215 per month because my son had to have a special kind, plus clothes, crib, doctor visit copays (shots and check ups are every 1-2 months for awhile), time off of work for maternity leave, etc. So definitely things to think about there.

Good luck!
Reply With Quote
  #3  
April 29th, 2012, 03:28 PM
TTC #1
Join Date: Aug 2010
Location: Pittsburgh, PA
Posts: 290
We tend to be very frugal. I have a 5 mile commute and we can't go out often because someone is always wearing perfume or cologne that triggers a severe asthma attack for DH. We do have renter insurance - it is bundled with our car insurance. Our life insurance is automatically deducted from my pay along with disability and health insurances.
Reply With Quote
  #4  
May 10th, 2012, 12:30 PM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
Sounds like you could do it and have enough. I am glad you aren't relying on unemployment because that would not last long.

Also you could possibly cut down on TV or cell phone plans if needed.

Do you use coupons when you grocery shop?
__________________

Do you love food, entertaining, cooking?!?! Then you will LOVE Tastefully Simple. www.tastefullysimple.com/web/cpisch

Reply With Quote
  #5  
May 21st, 2012, 10:17 AM
TTC #1
Join Date: Aug 2010
Location: Pittsburgh, PA
Posts: 290
Update - I got a pretty decent raise at work (I wasn't due until review time in October, but the boss felt that I was really exceeding expectations). I was also able to make a few cuts to our budget. Update below:
My monthly income = $2908 after taxes and deductions for health, dental, disability insurance and IRA
Expenses :

* Rent - $850
* Utilities - $150
* Cable - $98
* Phones - $75
* Groceries - $225
* Car insurance - $70
* School Loan - $150
* Parking - $40
* Gas - $160
* Medical (prescriptions and appointments) - $100
* Spending - $50 ($25 each)
* Savings for car repairs/car funds - $100

That leaves about $700 extra per month! I think that we are set!
Reply With Quote
Reply

Topic Tools Search this Topic
Search this Topic:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -7. The time now is 01:25 PM.



Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0