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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
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!
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.
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.
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
* 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!