Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Frugal Living
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-28-2013, 06:11 AM
 
104 posts, read 420,983 times
Reputation: 74

Advertisements

Hi all,

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.
Reply With Quote Quick reply to this message

 
Old 06-28-2013, 06:17 AM
 
1,381 posts, read 2,308,229 times
Reputation: 890
Health insurance costs ?
Reply With Quote Quick reply to this message
 
Old 06-28-2013, 06:24 AM
 
104 posts, read 420,983 times
Reputation: 74
Quote:
Originally Posted by newred5 View Post
Health insurance costs ?
I pay $75/check through my job. So really that 2792 is after taxes, 401k, life ins, and medical.

Last edited by Calitransplant27; 06-28-2013 at 06:42 AM..
Reply With Quote Quick reply to this message
 
Old 06-28-2013, 08:44 AM
 
6,191 posts, read 7,363,486 times
Reputation: 7570
I think your budget is pretty good for what it is. I'd have a hard time trimming much.

Do you expect your daycare costs to go down significantly once your child starts school?
Reply With Quote Quick reply to this message
 
Old 06-28-2013, 08:49 AM
 
35,094 posts, read 51,280,618 times
Reputation: 62669
Quote:
Originally Posted by Calitransplant27 View Post
Hi all,

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.

Personally I would look closer at the $160.00 entertainment cost and the $50.00 monthly clothing cost. Do you really need to purchase clothing monthly and what is so entertaining that it cost that much per month? You have more budgeted for entertainment than you do food. Also, is there a valid reason you cannot do the lawn yourself? I see you have internet only does that include cable or satellite and a home phone or do you not have those 2 things.

I personally would cut those 3 things down or out of my budget and put that money toward the student loan just to get it paid off and out of the way. I realize it is probably low interest but that would put extra money in your budget sooner than later. As far as the bonus check and the extra check in August for the insurance. I would put the car insurance in the budget just in case. You may find you need the funds from those 2 things for something else and you will not be prepared for that in addition to the car insurance. Things I never add into my budget is any sort of bonus, overtime or the "extra" check which really isn't "extra".
Reply With Quote Quick reply to this message
 
Old 06-28-2013, 09:01 AM
 
367 posts, read 885,095 times
Reputation: 167
your gas seems high for one vechile a month, how far do you commute
Reply With Quote Quick reply to this message
 
Old 06-28-2013, 10:51 AM
 
104 posts, read 420,983 times
Reputation: 74
Quote:
Originally Posted by city living View Post
I think your budget is pretty good for what it is. I'd have a hard time trimming much.

Do you expect your daycare costs to go down significantly once your child starts school?
She'll start pre-k next year but I'll still have to pay for before and after school care. When she starts regular school, it should go down even more but I'm anticipating the difference will probably be a wash with increased food costs, school uniforms, field trips, etc
Reply With Quote Quick reply to this message
 
Old 06-28-2013, 11:02 AM
 
104 posts, read 420,983 times
Reputation: 74
Quote:
Originally Posted by CSD610 View Post
Personally I would look closer at the $160.00 entertainment cost and the $50.00 monthly clothing cost. Do you really need to purchase clothing monthly and what is so entertaining that it cost that much per month? You have more budgeted for entertainment than you do food. Also, is there a valid reason you cannot do the lawn yourself? I see you have internet only does that include cable or satellite and a home phone or do you not have those 2 things.

I personally would cut those 3 things down or out of my budget and put that money toward the student loan just to get it paid off and out of the way. I realize it is probably low interest but that would put extra money in your budget sooner than later. As far as the bonus check and the extra check in August for the insurance. I would put the car insurance in the budget just in case. You may find you need the funds from those 2 things for something else and you will not be prepared for that in addition to the car insurance. Things I never add into my budget is any sort of bonus, overtime or the "extra" check which really isn't "extra".
The entertainment I might could trim a bit more. I have trouble just sticking to that to be honest. What do you think a reasonable entertainment budget is? I do a lot of my cooking from scratch and meal plan a month at a time so I keep my grocery budget pretty low.

The clothing - I thought $25/person is pretty reasonable. The months I don't spend it I roll over to the next month, so when my daughter changes sizes its not so much of a hit all at once.

I prob could do my lawn, I don't own a lawn mower though so I'd have to buy one and have the expense of gas and maintenance too.

I don't have cable or home phone, just Internet.

I have been thinking about paying that student loan down sooner, it is 19k and just hanging over my head. And the rate is 6% so not even that low.

Thanks for the input!!
Reply With Quote Quick reply to this message
 
Old 06-28-2013, 11:05 AM
 
104 posts, read 420,983 times
Reputation: 74
Quote:
Originally Posted by dmv101010 View Post
your gas seems high for one vechile a month, how far do you commute
I don't have too bad of a commute, 10 mi each way. My family lives about 2 hrs away though, so I am usually driving there at least once or twice a month.
Reply With Quote Quick reply to this message
 
Old 06-29-2013, 03:37 AM
 
2,420 posts, read 4,372,715 times
Reputation: 3528
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Frugal Living
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top