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Working on a new Budget and how are we doing?
Are budget will be changing in Aug. and Im wondering what you think of it and How are we doing overall given our ages 36,31.
Take-home income- $4415
Mortgage $525
HELOC $275 (24k balance 5%)
Car ins $90
Home owners $42
Trash pick up $18
DS tution (will be in 1st grade) $350
Afterschool care $110
Cell $145
Cable/internet/phone $175 (if we drop home phone the bill is actually more??)
Nat. Gas $80 EPP
Electric $175 EPP
$60 per month to inlaws, they own a timeshare and give us enough points for a week at beach ev. yr. plus we have went to Disney and other places using points. This helps them with maint. fees and gets us about 2 weeks a yr of vacations.
Groceries, pull-ups, wipes, cleaning supplies $500
Eating out $200
Ind. fun money $250 total ( $25 per week..coffee, lunches, taking kids for ice cream if other is working etc...)
Gas vehicles $340
Christmas Club-$375 per month ($4500 yr sent to us on Oct 31) this is used for Christmas, DD's upcoming new FT preschool 1st 5 months..the 2nd 5 months will come from next yr tax refund, and property tax....will have apporx $400 leftover
Savings/Efund $300 per month (balance as of now $8000)
This will leave approx $390 leftover for clothing, dr. copays, misc....
Currently our budget is pretty much the same except we have a $250 car payment which will be paid for before having to pay for DS school monthly. and we will no longer be paying for DD current PT preschool monthly of $70....her new preschool is FT but will be paid for out of the christmas fund. This $320 will be used to pay for DS 1st grade monthly which like I stated above will be $350 per month.
Current 401k balances combined 90k
DH also has a state pension plan
How are we doing? Does this seem tight to you? Some months I feel we have plenty and other months it seems tight.
Re: Working on a new Budget and how are we doing?
Is your 5% HELOC locked in? If not, I would consider locking it (at least the portion you owe and leave the unused balance [if there is one] unsecured.
Or, if you aren't going to use the HELOC again, could you refi your mortgage and roll and
Fair
You need to boost your emergency fund considerably, 8000 is not nearly enough.
Definitely cut back on the eating out and personal spending
You might want to consider reviewing your tax withholding and have more in your checks wh
What about pUt child in public school?
And that is a LoT of money for Chrismas. Ct down the Christmas gifts to $20 per person and maybe $100 or sp for your child until your debt is gone. No reason to send thousands or even a thousand for gi