Critique my budget please :) (old, money)

[Calitransplant27]

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.

[newred5]

Health insurance costs ?

[Calitransplant27]

Originally Posted by newred5

Health insurance costs ?

I pay $75/check through my job. So really that 2792 is after taxes, 401k, life ins, and medical.

[city living]

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?

[CSD610]

Originally Posted by Calitransplant27

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".

[dmv101010]

your gas seems high for one vechile a month, how far do you commute

[Calitransplant27]

Originally Posted by city living

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

[Calitransplant27]

Originally Posted by CSD610

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!!

[Calitransplant27]

Originally Posted by dmv101010

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.

[modhatter]

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.