Budget lines

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anonymous user
Registered: 12-31-1969
Budget lines
14
Sat, 03-07-2009 - 10:38pm

curiously, what do you put in your clothing budget line, gift line, and entertainment lines (or whatever you call them).


I've read Total Money Makeover and am fired up :)

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iVillage Member
Registered: 11-17-2007
In reply to:
Sat, 03-07-2009 - 10:56pm

one of the budget websites said 2-5% on clothing a month I used the 2% when I was trying to set up a budget.


Savings was 5% guess you could put gifts in that.


Misc was also 5%


I don't think it matters but it all has to come up to 100% in the end.


Hope this helps.


Mary Ann


iVillage Member
Registered: 08-24-2007
In reply to:
Sun, 03-08-2009 - 6:49am

I'll share my numbers, though they may not really help you much.

Kate


empty purse

iVillage Member
Registered: 04-10-2003
In reply to:
Sun, 03-08-2009 - 10:24am

I realize that I am a bit wacky so this may not apply to everyone. What I did was set up 5 different ING direct accounts (the most they will let you set up, lol). Every paycheck I move money to those accounts to cover the unexpected (or the expected that just seems to creep up on you, lol). I get paid every two weeks, so every two weeks I


Bex -

iVillage Member
Registered: 08-04-2008
In reply to:
Sun, 03-08-2009 - 11:06am

I just do $100 each pay for all spending right now until we get down to a certain debt level. That covers clothes and gifts. I also do grocery shopping at a superstore, so if we needed underwear or socks, I would pick them up there and they could come only from that cash in my grocery envelope.

As far as clothes for the kids, they get an allowance of $20 a week, and they get their clothes out of there. (For son, clothes are not a priority, for daughter, this curbs her need for ever more clothes as her closets are packed and very large!)

Once we get most of the debt paid off, I will re-allocate for spending on clothes and such, but right now we are intensely paying down debt and clothes are wants, not needs.

-Ski




iVillage Member
Registered: 04-12-2007
In reply to:
Sun, 03-08-2009 - 1:27pm

Hey, Bex,


Do you earn interest in all 5 of those accounts?

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
In reply to:
Sun, 03-08-2009 - 1:54pm

I figured out our family budget by keeping incredibly close track of every penny spent for several months. As a result my budget is so detailed that financial planners are amazed by it. ;) They think that what I spend every month is too much, but we're saving money and I'm never surprised by an expected expense.

Our entertainment budget has varied during the years depending on our level of income. Right now I have subcategories for family fun (which includes things like a family dinner at our favorite pub or skiing if it's cold weather), adult fun (one date at a nice restaurant for DH and me, and one night out with friends), and a separate line for the beer & wine that we drink at home. I think it's important to know what you really plan to spend your money on, and any one of those things can be reduced if it's a tight quarter (most of my income comes quarterly).

Everyone needs clothes, sooner or later. I've had years where I bought hardly anything for myself, but I've got three kids that every season need new pants, shirts, shoes, and whatever is required for the season. There's no getting around it, because the older two are teenage girls and the youngest is an 8yo boy, so they all need different sizes and styles. I figure a few hundred dollars for each of them each season. For DH and me, it depends on how long ago we refreshed our wardrobes. I bought a lot of clothes last year when I had the money to do it, so this year I'll be buying very little except shoes.

I like Bex's idea of setting up different savings accounts for each of them. As long as there's no transaction fee, then it's a smart way of making sure you're saving up money for the things you're going to need.

Kelly

iVillage Member
Registered: 04-10-2003
In reply to:
Sun, 03-08-2009 - 2:05pm

Hi Robyn,


Yup, you get interest on all of the accounts. Its nothing crazy at the moment (I think around 2.5 or 3%) but its better then nothing. Its just a place to hold the funds that is separate from my checking account. I am a visual person so I need to see how much I have in each of these accounts separately (I am lousy at the one catch all fund . . . although I am working on that too!!!)


And someone mentioned FDIC (I think thats the term). Yes, your deposits are covered.



Bex -

iVillage Member
Registered: 04-10-2003
In reply to:
Sun, 03-08-2009 - 2:08pm

Hey Kelly,


There is no transaction fee. I have it set up so every payday $90 gets taken out of my checking account and automatically distributed among my accounts. Its perfect because its gone before I even get to it, and I know how much I have in case I need to buy a gift or the car needs work!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 04-12-2007
In reply to:
Sun, 03-08-2009 - 3:54pm

I hope I'm not being a pest, but I have one more question.

iVillage Member
Registered: 01-25-2009
In reply to:
Sun, 03-08-2009 - 4:33pm
A bit off the topic, but have you thought of getting vet insurance instead of putting $20 a month for the "pet emergency account". When I had pets, I paid approximately $20 a month for the insurance premium, and it came in handy when my dog had ACL surgery and the bill ended up being over $3,500.


Edited 3/8/2009 4:36 pm ET by marie_1229

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