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So where can I start... I am currently 25 weeks pregnant with number 2 and working this time.. when I was pregnant with Hayliegh I wasn't working and we were just scrapping by with student loans while we were both in school.... and now I want to leave work until after this baby is born in April because it is just becoming way toooo much.... (I work at McDonalds!)
So I copied the list thing from the sticky and will fill it out as best I can... and I know when I leave work I will be getting maternity benefits through EI I just don't know how much....
Your income: Montly: About $400
Dh/SO's income: Montly: About $1600
Other income: Family Allowance: $350 (Monthly)
~Rent/Mort pymt: $600 per month
~Cable: $100.00 per month (includes internet/cable/phone)
~Groceries: Whatever we can afford... around $150 per month
~Car gas/transportation expense: gas: about $50 per month
~Car insurance: $186 per month
~Diapers: $40 per month
~Pets: $10 per month
~Spending/pocket money: $0!!
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: Payment is $357.81 per month and that is what I pay... no idea on interest rate... I think it's around 9%
~Student loan: (not sure yet.. don't start paying until june)
~Credit card #1: $15.00 per month
Goals: (examples: new car, baby, to be a SAHM, vacation, retirement, etc)
I want to save for:
My goal is to make sure that we can afford to pay everything and still have some left over for us.... plus I want to see if we can finanically afford for me to leave work... although I will likely get the same if not more from EI for maternity benefits... lol
Welcome to the board! I'll add you to the list. Jess will start on your budget as soon as she can, and then I'll work on your debt/savings plan when she's done. Until then, can you call around and see what you can find out about your student loan? I really need to know all 3 pieces of info for EACH debt to make the spreadsheet work... payment, balance, and rate.
Okay, first off, the expenses that you listed only total $1508. Your income is $2350, which leaves an extra $842. You didn't list any energy costs (petroleum, gas, electric, etc), but I can't imagine that eating up the entire $842. Either there are expenses that you didn't list, or I have the numbers wrong, or you're spending money on eating out & other "stuff" without realizing it. If that is the case, you really just need to work on sticking to your budget. Easier said than done, I know. I'm going to add in a couple more expenses to help make it easier to stay on track and I recommend envelope budgeting to help you stick to your budget. You can read about it HERE It's post #3.
~Rent/Mort pymt: $600
~Car gas/transportation expense: gas: $50
~Car insurance: $186
~Family entertainment/eating out: $80 ($20/wk)
~Spending/pocket money: $120 ($15/wk each)
~Misc: $100 (for unexpected expenses: oil changes, car registration, kids need shoes, etc) Total: $1486
Total income: $2350
Left over for debt payoff & savings plan: $864
Once you get a hold of your balances, let Chrystal know so she can work on your payoff plan. Let us know when you figure out the discrepancy in your budget. I can always change this
We don't pay any extra utilities because we live in an apartment and the heat and lights are included in the $600 per month rent...
But I have no idea how we have 800 left over because we NEVER have anything at all... I am gonna take a better look over things and see how it all adds up... the money has to be going somewhere... lol[/b]
Okay, I'm going to edit my budget to reflect that. I know that there was a time ( a couple years ago), when I couldn't figure out why we were going over budget EVERY month. This was back when I used checks and credit cards at the grocery store. This was also when we would order a pizza and just say "we'll take it out of grocery money." Well, as it turns out, I was spending, literally, about 3 times more money on food than I thought I was! I increased my grocery budget from $300 to $400 (we were spending close to $800/mo at the time!!!!) and really started watching what I bought. No more microwave foods or bagged salad, etc. and NO more eating out from our "grocery budget." But I still wasn't able to completely stay on budget until I started using cash. There was 1 month where I used up all my cash and couldn't do any grocery shopping the last week of the month. We lived on stuff like Ramen noodles. You don't make THAT mistake twice!
I suggest getting out your checkbook and your bank statement and adding everything up. I'm sure it'll jump out at you.