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Forum: Financial Planning and Budgeting

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  #1  
January 1st, 2007, 06:14 PM
**KELI**'s Avatar Mega Super Mommy
Join Date: Mar 2005
Posts: 1,173
I need help arranging a budget for my family!! We both have good jobs but, I can't seem to save any money.

Income
Your income: $800-900 every two weeks, I'm hourly so it depends
Dh/SO's income: $1426 every two weeks
Other income:

Living expenses
~Rent/Mort pymt: $956.00
~Electric: $62.00
~Home gas: $125.00 - average
~Water: $41.00
~Cable: $72.00 cable and internet
~Gardener:0
~Internet:
~Home phone:$35.00
~Cell phone:$78.00
~Groceries:$ 200-250
~Other household items:
~Medical expenses (co-pays, prescriptions): 0
~Car gas/transportation expense:$250
~Car maintenance:
~Car insurance:
~Other insurance:
~Child care:0
~Diapers:$25
~Other baby expense ___$40, formula________:
~Preschool/schooling:
~Pets:
~Eating out:$100
~Entertainment:
~Spending/pocket money:$50
~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 #1:320. interest 7.2 16,000 typically pay minimum
~Car payment #2:325, interest 7.5 12,000 typicall pay 350
~Student loan:
~Credit card #1:$6,250 0% for 12 months (just started)
~Credit card #2: $1250 0 % for 12 months (just started)
~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. Want to increase the savings account
2.The credit card bill of $6250 really bothers me, I don't like having it be that high!!!!!!!
3.
4.
5.
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  #2  
January 1st, 2007, 06:25 PM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
From the expenses that you listed, it looks like you're in great shape! You just need the discipline to stick to your budget. I'll help you figure in a few more expenses to make it easier to stay within your budget. In the meantime, check out the info HERE post #3. Envelope budgeting has worked wonders for our budget.

Once I configure your budget for living expenses, Chrystal will plug in all your debt info into a spreadsheet and figure out how to get you debt-free ASAP. You'll be surprised how quickly you can be on your way to financial freedom!

Thanks for stopping in. I've added you to my list. Feel free to look around and see what we've done for others.
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  #3  
January 1st, 2007, 07:25 PM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
Welcome to the board! I'll add you to my list as soon as Jess finishes your budget. It'll probably take me a couple of weeks. I've got about 13 people ahead of you, and it takes appx 2 hours to do each plan (some only an hour... some several hours... just depends how complex it is).

Couple of quick questions for you in the mean time...

(1) What will the % be on the cards after the 12 mo 0% ends? (I assume that's Jan 2008?)
(2) If you don't pay off the entire amount in 12 months, will the new interest start at 12 months, or will the entire amount be back-charged to today? Those kind bite a lot of people in the butt because they didn't read the fine print.
(3) Do you already have any savings? If so, what kind? (bank account, 401k, cd's, college funds, etc.) What is it being saved for? (retirement, emergencies, an upcoming large purchase or down payment, etc)
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  #4  
January 2nd, 2007, 08:51 AM
**KELI**'s Avatar Mega Super Mommy
Join Date: Mar 2005
Posts: 1,173
Thank you soooooo much for all the help!! The car payments don't bother me that much because I figure we will always have a car payment. The credit card however scares me to death. I just want the stupid thing paid off. After Nov. 2008 the interest rate on the credit card will be 9.99% on both cards.

As far as saving goes we do have both a checking and savings account at our local bank. I have some retirement savings thru my work. We are looking to buy a house within the next year or so and always like to have money stashed away for emergencies.
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  #5  
January 2nd, 2007, 09:13 AM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
Quote:
As far as saving goes we do have both a checking and savings account at our local bank. I have some retirement savings thru my work. We are looking to buy a house within the next year or so and always like to have money stashed away for emergencies.[/b]
That's great! I won't worry about your savings for now then. I'll just concentrate on those cards.
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  #6  
January 2nd, 2007, 10:25 AM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
Quote:
The car payments don't bother me that much because I figure we will always have a car payment.[/b]
I'm glad they don't bother you or cause you stress, but you don't always need to have a car payment. Imagine what you could do with an extra $650 a month!!!!
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  #7  
January 2nd, 2007, 09:59 PM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
Okay, so like I said, your finances are in good enough shape that I don't feel the need to encourage you to cancel your cable or get rid of your cells. So I'm just gonna tweak it a little bit and leave the majority of the work up to Chrystal

~Rent/Mort pymt: $956.00
~Electric: $62.00
~Home gas: $125.00
~Water: $41.00
~Cable: $72.00 cable and internet
~Home phone:$35.00
~Cell phone:$78.00
~Groceries:$250 (is this really all you spend? If so, that's GREAT! Maybe you could share your money saving tips with us )
~Car gas/transportation expense:$250
~Diapers:$25
~Other baby expense (formula): $40
~Family entertainment/eating out: $100 ($25/wk)
~Spending/pocket money:$200 ($25/wk each)
~Misc spending: $200
Total: $2434 (This figure will be your total living expenses once your debt is paid off!!!!!)
Total income: $4452
Left over for payoff & savings plan: $2018


You didn't list car insurance, so I'm assuming that you pay it in full. Do you need to save a certain amt each month for that? I can easily add that in.

Obviously, you have plenty of money left over each month, so really you shouldn't have any credit card debt. If you are still using them, stop! It looks like you will most likely be completely debt free (except for your mortgage) in less than 2 years. The key is having the self-discipline to stick with the plan. You can do it easily!

I've allotted a certain amount of money for each of you to play with. Take it out in cash each month so that you can't go over. I also figured in $200 of "misc expense" for those unexpected expenses that seem to pop up every month: oil changes, air conditioning/heating service, pest control, birthday party invite, etc. It is NOT for eating out or buying "stuff." If you haven't read the link I posted in my first reply to you, please do.

Chrystal will add you to her list.

If you have any questions, comments, or concerns, please let us know. We'd love to help in any way that we can.
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  #8  
January 12th, 2007, 02:38 PM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
Working on this now... questions:

NEW HOUSE
(1) How much are you wanting to spend on a house?
(2) How much would you like to have for a down payment?
(3) How much have you already saved?

BUDGET
(1) How much are you paying per month on the cc's right now?
(2) How much is your car insurance, and how often do you pay it?
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  #9  
January 15th, 2007, 10:17 AM
**KELI**'s Avatar Mega Super Mommy
Join Date: Mar 2005
Posts: 1,173
New House:
1. We are looking approx. $200,000-$225-000. Our house is currently for sale for $134,900. We owe $98,000. So we will use the difference for our downpayment.

Credit Cards

1. Credit cards - I usually pay $100-200 per month on the cards

2. Insurance last year was $1250 and was due June, July and August in monthly installments.
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  #10  
January 19th, 2007, 08:10 PM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
Done. The way you're currently paying things off, it'll take you 5 years and almost $5,000 in interest. Doing it this way will cut it to just under 2 years and $2,000 in interest.

Given:

Car 1/ $320.00 / $16,000.00 / 7.20%
Car 2/ $325.00 / $12,000.00 / 7.50%
CC 1/ $200.00 / $6,250.00 / 0.00%
CC 2/ $100.00 / $1,250.00 / 0.00%

Total left from budget = 2018
Total minimum payments = 945
Difference to accellerate payoff = 1073

The Plan (starting with Feb payment):

Feb - Pay the minimums on all except CC2... pay 1173 on that one.
Mar thru Aug - Pay off CC2, pay the minimums on the cars, and pay the rest to CC1. (During Jun/Jul/Aug, subtract $500 from that monthly payment to pay your insurance.)
Aug thru Feb 08 - Pay the min on Car 1 and put the rest toward Car 2.
Feb thru Oct - Put the entire 2018 toward Car 2 (except for Jun/Jul/Aug ... subtract 500 for insurance)

If you stray from this plan a little for things like Christmas or whatever, that's fine. As long as you get back on track the following month, you should still be completely debt free in 2 years. Obviously if you get a new house between now and then, your mortgage costs will vary, so as long as you continue to pay the minimums on everything except the lowest one, you'll still be in great shape. Just think, in two years, you'll be able to put $2000/mo into savings or your mortgage! B)
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