first time homebuyer, advice on budget

iVillage Member
Registered: 07-22-2008
first time homebuyer, advice on budget
6
Wed, 06-24-2009 - 3:39pm
Hello everyone! I read this board all the time & really value everyone's experiences & knowledge.
iVillage Member
Registered: 09-26-2006
Wed, 06-24-2009 - 7:35pm

In my budget, I keep health/beauty products separate from the groceries.

Does entertainment include buying a soda or coffee while you are out and about? I have restaurants separated from entertainment. I do this so that I can track my expenses in this area closely and make changes if I see any trends developing.

Other categories for me are tolls, kids' school/after school activities, daycare, and clothing. Two of these are kid-related.

Your list looks very good to me. I think everyone is different in how they separate things.

iVillage Member
Registered: 06-25-2006
Wed, 06-24-2009 - 10:27pm

We bought our first home last October and budgeting is a smart idea. I had to revise my budget a bit after the first few months of bills came in and I knew exactly what all of my payments were.


A few things you might want to consider adding/making sure you have considered in your larger categories:



  • cell phone - do you include that in phone/utilities?

  • dry cleaning

  • prescriptions

The fact that you do not have credit card payments on the list is awesome (I take it to mean you don't have CC debt!).


One thing that helped me (although I know some people say NOT to do this) was to have my property taxes rolled into my monthly payment. I do not pay interest on it - it's kind of just like the bank collects it on our behalf.


I would suggest that if you are still feeling uncertain, put more into savings each month until you feel comfortable with the new budget - this way if you do have to reach into savings you won't feel so bad because you will have put away more than planned.


Also if you have the cash I would suggest earmarking some of it for new home purchases - inevitable you will want to get some new things for the house. Even the basics - a new dish rack, a trash can for the bathroom all add up.

iVillage Member
Registered: 03-27-2005
Thu, 06-25-2009 - 8:57am

Sewer


Trash


cell phones


prescription medications


entertainment

iVillage Member
Registered: 07-22-2008
Thu, 06-25-2009 - 10:43am

Thanks so much for your replies! I do include prescriptions in with the health category, thankfully I am not on any regular meds, once in a while an antibiotic for a severe bronchitis or something.


I have included all dining out (dinner, coffees, etc) in the entertainment fund.


We will have to take our trash to the dump, which is included in the property taxes (which will be part of our mortgage payment, like you said smoochdog :) ) and we have a septic system, private sewer. our own special little toilet in the yard, gross, but that's what it's like in parts of NH!


iVillage Member
Registered: 11-14-2008
Thu, 06-25-2009 - 2:42pm

I was only going to suggest house purchases you need for house as opposed to an apartment. BBQ, deck furniture, lawn mower and flower tools?? Just a thought. Of course you don't need some of those things right away but a lawn mower is nice. Good luck on the new house purchase!


iVillage Member
Registered: 11-17-2007
Thu, 06-25-2009 - 6:04pm

Write a check to yourself for the 500.00 and so dollars and let it sit in your checking account for a while. Call it the moving fund.


When you first move into a house it is the little things that break you. Curtain rods curtains. cleaning carpets and grass. you need a lawn mower and trimmer and if you got bushes then you need a cutters. A trash can for the yard. Garden