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Wow, you do certainly spend a lot of money on entertainment. But, I can't believe how low your food budget is! That equals out to like $40 a week, you need to start a thread on how to do that!
I'm a single mom who is always looking for finance tips. Please take a look at my budget and give me some ideas. I have a 3 yr old btw.
Income after taxes $2792
Monthly svgs $200
Bills 2465
Mortgage (incl tax, ins, pmi) 1020
Daycare 560
Utilities 145
Internet 30
Student loan 100
Gas 200
Groceries 150
Entertainment 160
Clothing (me & my daughter) 50
Lawncare (just in the summer) 50
I pay my car ins every six months in full, using a bonus in feb and the extra check in August.
I have $7600 in savings.
To me the utilities seem pretty high, my electric bill is about $50 to $60 a month and you could cut the entertainment if you want to save money -- $160 a month on entertainment seems like a lot when you already have internet. Clothing costs can be cut and I'd do my own lawncare.
To me the utilities seem pretty high, my electric bill is about $50 to $60 a month and you could cut the entertainment if you want to save money -- $160 a month on entertainment seems like a lot when you already have internet. Clothing costs can be cut and I'd do my own lawncare.
Here I was thinking her utilities and Internet seemed quite low. Where do y'all live where the electric bill is that low? I'm envious. Also, how in the world does the OP keep the grocery bill that low? Wow! I'd probably cut the entertainment a bit, but I'm not sure what all is going into that amount. Clothing looks reasonable to me but then I think that my area can be a bit more pricey. Lawn care - that's a hard one. For some it's absolutely worth every penny to pay to have it done, others enjoy doing it themselves. In my area, it's hard to find clothes at thrift stores that shouldn't be thrown in the rag bag, especially for children. My mom's area, however, has some nice clothes in the thrift stores so clothing budget may be indicative of the area the OP lives in, especially if she needs a certain look for work.
Here I was thinking her utilities and Internet seemed quite low. Where do y'all live where the electric bill is that low? I'm envious. Also, how in the world does the OP keep the grocery bill that low? Wow! I'd probably cut the entertainment a bit, but I'm not sure what all is going into that amount. Clothing looks reasonable to me but then I think that my area can be a bit more pricey. Lawn care - that's a hard one. For some it's absolutely worth every penny to pay to have it done, others enjoy doing it themselves. In my area, it's hard to find clothes at thrift stores that shouldn't be thrown in the rag bag, especially for children. My mom's area, however, has some nice clothes in the thrift stores so clothing budget may be indicative of the area the OP lives in, especially if she needs a certain look for work.
OP has a toddler - some things can be really tough or almost impossible to do while keeping a toddler safe. I don't know what the OP's yard is like but our front yard had no fence, and taking care of it requires mowing (which could throw debris), trimming with power tools and application of chemicals from time to time.
I see room to cut costs in the entertainment category and clothing. Especially if that entertainment budget includes doing stuff with your kid. There are so many free things geared towards kids at that age -- if your town has a local free magazine geared towards parents (most do) there are usually a ton of listings for free musical events, plays, craft days, etc. Our town has free museum days once a week, free movies in the park, Saturday morning crafts for parents & kids to do together, and so on. If you start looking for those sorts of things you could cut those costs considerably while still leaving some cushion for entertainment spending.
I also save a ton on clothing via thrift shopping for everyone in our family. I average $150 or less, per kid per YEAR by thrift shopping and I still buy new undies/socks/shoes and all total it is usually under $200.
I agree about the other comments regarding utilities at $50 or $60 a month. Wow, where!? I have never had an electric bill under $100 and that was years ago, in winter (doesn't get that cold here) when my kids were gone to see their father for 2 weeks out of the month. I pretty much expect $150 and usually $200 to $250 during the hot months which is half the year here.
The only thing that I would look into cutting is the clothing. I am a big thrift store and yard sale shopper. Especially since your munchkin is so young she is probably blasting through sizes quickly.
My exboyfriend used to give me BS about shopping at thrift stores and yard sales for clothes but i hate to pay full retail for clothes.
Your food bill is very low, and everything else within reason. The killer is your mortgage coupled with day care. Do you have an extra bedroom you could rent out to a room mate? Then I would take that rent and get rid of your student loan as soon as possible. Try and cut back on your driving and when the time comes get a another car based on good gas mileage. I think you should be able to trim your entertainment by at least $60 a month. What do you do that costs so much? Can't you find another outlet for entertainment that doesn't involve much cost? I think your clothes budget is in line since you work and you have a child.
However, I would not discount checking out the thrift shops for clothes for you and your child.
A great savings can be had there. Also toys can be picked up for a song as well as well as bikes, scooters etc. When they are young they don't know the difference between brand new and slightly used. Will still make them happy. Find some thrift shops in upscale areas if you can. You can even furnish a home if you have a good eye, stop in frequently, and find one in good area. (this takes some time though) I've gotten good vacuum cleaners there, dishes, almost new sofa's, nice outdoor patio sets, dressers that I sometimes paint, and all sorts of things. I buy all my dogs stuffed animals there. Usually for $1 to $1.50 ea. Much better than paying $6 or $7.00 for one at Wall mart, that doesn't last any longer anyway.
I do have an extra room but that is used by my parents a few times a month when they come up. I do shop thrift stores for myself, but I just feel funny about buying my child's clothes there. Weird I know. Prob need to get over that one.
Looks good to me, mom. You're doing a heck of a job raising a 3-yr old, working, and saving what you do.
Just remember to reward yourself once-in-awhile. Do something nice for yourself -
Thank you!!!!!
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