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I need help... BIG TIME!!


Forum: Financial Planning and Budgeting

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  #1  
January 16th, 2007, 10:49 AM
Beccaboo's Avatar Mega Super Mommy
Join Date: Dec 2004
Location: Prince Edward Island, Canada
Posts: 1,321
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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....

Income
Your income: Montly: About $400
Dh/SO's income: Montly: About $1600
Other income: Family Allowance: $350 (Monthly)

Living expenses
~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
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  #2  
January 16th, 2007, 11:17 AM
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 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.
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  #3  
January 17th, 2007, 03:32 PM
Beccaboo's Avatar Mega Super Mommy
Join Date: Dec 2004
Location: Prince Edward Island, Canada
Posts: 1,321
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yeah I will see what I can do..
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  #4  
January 19th, 2007, 03:22 PM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
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
~Cable/Internet/Phone: $100.00
~Groceries: $200
~Car gas/transportation expense: gas: $50
~Car insurance: $186
~Diapers: $40
~Pets: $10
~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

GL!
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  #5  
January 20th, 2007, 05:38 AM
Beccaboo's Avatar Mega Super Mommy
Join Date: Dec 2004
Location: Prince Edward Island, Canada
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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
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  #6  
January 20th, 2007, 07:54 AM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
Quote:
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.
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