Help/Advice Needed re: budgeting
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| Fri, 12-26-2008 - 12:21pm |
Hello Everyone!
I'm trying to set up a more realistic budget for 2009 because I generally end up with "surprises" each month. When we were on a cash-only system (with one CC we were paying off), I had a far better handle on what was coming in and what was going out. Now that we actually have decent jobs, a mortgage, savings, etc. it all feels so much more complicated.
Here is my budget so far. This will actually be for February as I've already paid most of my January bills because of pay schedules (we already received our Dec. 30 pay so I paid the first half of January's bills already).
Income:
Take home pay (after taxes, health insurance, flexible spending account, and 403b): $5298.82
Expenses:
Mortgage: $1920.76
Food: $700.00 (includes cleaning products, wine, etc...all the things I buys along with food)
Insurance: $184.66 (includes homeowners and both cars)
Gas/Auto: $200.00
Heat: $350.00
Garbage: $37.00
Phone/internet: $100.00
Electricity: $100.00
Water: $40.00
Savings: $150.00
Charity: $10.00
Personal: $100.00 (hair cuts, clothing, hair color, etc.)
Entertainment: $185 (this includes pizza Fridays, Netflix, books, craft supplies, etc.)
Mad $: $400.00 (we also use this for gifts which we pick up at all times of year)
Debt repayment: $200.00
I think this leaves me with a difference of $621.40, which we typically apply to debt repayment or home repairs. I tried to lump things together to simplify the process for myself; but, I'm wondering if I forgot something really obvious?
The next question, then, is what to budget for first? Dave Ramsey (I think) says to build an efund for 3-6 months first and then focus on debt; but, David Bach talks about doing both at the same time, 50/50.
Just wondering what others think of that. Also, if there are any glaring gaps in my budget, let me know! I'd love to see how others do this. (Not to ramble on here, but I'm also planning to start the envelope system just for the more hard-to-guage items: food, entertainment, gas, personal, and mad $).
Dee



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This worked for you? That's great! I tried mvelopes last year briefly; but, I got bogged down with it. Then, when it was time to pay for it, I gave it up.
So you recommend this? I wish I could remember which part bogged me down because it's possible you could help me with it.
Dee
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