My Budget :-(

iVillage Member
Registered: 03-16-2004
My Budget :-(
15
Thu, 12-17-2009 - 10:02am

Here is my budget, I know I am missing some categories, so please be gentle :-)


DH Income $1564 (unemployment)


Mine $2156


Total: $3720


 

Lilypie First Birthday tickers

Pages

iVillage Member
Registered: 07-08-2008
In reply to: ceboucher98
Thu, 12-17-2009 - 1:15pm

Hello,


I'm certainly no expert, but I can shed a little light, I hope.

iVillage Member
Registered: 12-04-2006
In reply to: ceboucher98
Thu, 12-17-2009 - 4:54pm

So here's my thoughts - bearing in mind that I'm not from the US so I don't really have any idea of what is high and what isn't in terms of costs as well as what is possible.

First thing, I would get rid of eating out (at least until the credit cards are lower or gone).
Not sure if you can do it, but here it is possible to combine the gas bill and electricity under the same utility provider and save money. If you are able to do this, then it could be worth doing if it saves you money.
Cable/internet - have you shopped around to see if you are getting the best rate for what you are using? Also, while I understand that you don't go out much are there any channels that never get watched that could possibly be dropped to reduce the cost of the bill.
Groceries - not sure whether this is high or not, but are there any ways that you could cut costs here - store brands instead of name brand etc. If you're not already doing so, I highly recommend meal planning - it makes it a lot easier to create the shopping list and so long as you stick to the list you do save money at the store.

Also, probably the best thing you could do to free up room in the budget is to pay off the credit cards. Ultimately its up to you how and what order you pay down in.

It's great that you don't rely on DH's freelance income, but do you have a plan for where the money will go when it does come in? In my experience if you don't have a plan of where unplanned for income is going to go, then it just disappears.

Lyn

bpeblink.gif picture by beautifulmandaPhotobucket


Lyn

iVillage Member
Registered: 08-04-2008
In reply to: ceboucher98
Thu, 12-17-2009 - 9:56pm

Well,

Photobucket
iVillage Member
Registered: 03-16-2004
In reply to: ceboucher98
Fri, 12-18-2009 - 12:17pm

Thanks.


I am working on paying the down the credit cards, unfortunatley those are the minums and we can barely afford those.

 

Lilypie First Birthday tickers

iVillage Member
Registered: 03-16-2004
In reply to: ceboucher98
Fri, 12-18-2009 - 12:24pm

Thanks


First thing, I would get rid of eating out (at least until the credit cards are lower or gone). As I explained in the last post its an addition to the grocery budget, its not really eating out, we dont usually even spend it all anyway.



Not sure if you can do it, but here it is possible to combine the gas bill and electricity under the same utility provider and save money. If you are able to do this, then it could be worth doing if it saves you money. This is not possible, our uitilties are realtivly low as it is.



Cable/internet - have you shopped around to see if you are getting the best rate for what you are using? Also, while I understand that you don't go out much are there any channels that never get watched that could possibly be dropped to reduce the cost of the bill. The only other option is statlite which we do not want, and I dont think the price difference is that much anyway. We are big TV watchers, so most of the channels to actually get watched between both DH and I. Its sad but true.



Groceries - not sure whether this is high or not, but are there any ways that you could cut costs here - store brands instead of name brand etc. If you're not already doing so, I highly recommend meal planning - it makes it a lot easier to create the shopping list and so long as you stick to the list you do save money at the store. I do this already, I cant really get this any lower then it is, its pretty good for this area.


Also, probably the best thing you could do to free up room in the budget is to pay off the credit cards. Ultimately its up to you how and what order you pay down in. I do, pay as much as I can, I usually can send a few dollars more then the minum and send as much as I can, but its not alot.


It's great that you don't rely on DH's freelance income, but do you have a plan for where the money will go when it does come in? In my experience if you don't have a plan of where unplanned for income is going to go, then it just disappears. The money goes to things like car/home insurance or savings.

 

Lilypie First Birthday tickers

iVillage Member
Registered: 03-16-2004
In reply to: ceboucher98
Fri, 12-18-2009 - 12:29pm
 

Lilypie First Birthday tickers

iVillage Member
Registered: 11-18-2009
In reply to: ceboucher98
Fri, 12-18-2009 - 1:33pm

Hi there,

I'm new around here but I was reading your post and thought I would chime in since you asked for feedback.

If you cut your cable and internet for three months you'd have an extra $435 to put on your credit cards which would in turn lower your minimum payments. The same would apply with the cell phones. You could ask your service providers to "put your account on "hold" for a few months". While it might seem impossible... or a total bummer to do it... you could think of it as a temporary situation until the budget balances again. If you suggested trying this would DH agree?

Also your food budget seems low to me... even with the eating out money factored into it. Have you been finding that you tend to go over?

In the end if you can't make the numbers work you could always look into applying for bankruptcy... or negotiating with the mortgage company and credit card company for lower rates.

Best wishes!

A.

 

iVillage Member
Registered: 03-27-2005
In reply to: ceboucher98
Fri, 12-18-2009 - 4:42pm

Avatar for lucy4980
iVillage Member
Registered: 03-26-2003
In reply to: ceboucher98
Fri, 12-18-2009 - 7:08pm

I'd definitely cut out the cable and sign up for an internet-only service.

iVillage Member
Registered: 08-04-2008
In reply to: ceboucher98
Sat, 12-19-2009 - 1:23am

Sorry I couldn't help you. I've been in your shoes and turned it around with great success. I credit Dave Ramsey's method and our willingness to make some major lifestyle changes.


I notice your budget doesn't reflect the "beans and rice" sacrifices TMM recommends at the stage you're in. If you put the common sense method from the book into practice, it will work.


Colleen


Pregnancy Ticker



Daisypath Anniversary Years Ticker

Photobucket

Pages