Suggestions Please

iVillage Member
Registered: 09-04-2007
Suggestions Please
10
Wed, 08-05-2009 - 6:05pm

Hi Everyone.. I posted here awhile ago, and received good advice, as well as lurking a bit.

iVillage Member
Registered: 11-17-2007
Wed, 08-05-2009 - 8:19pm

I will tell you what we do Maybe you can take something away from it.


First we bring in 3100.00 a month So that is about what you make.


These percentages are in all standard Money books

iVillage Member
Registered: 07-28-2005
Thu, 08-06-2009 - 7:04am

Beleive me, I understand the whole "spouse doesn't want to know" thing.

Tricia

 

iVillage Member
Registered: 04-10-2003
Thu, 08-06-2009 - 8:09am

So based on this you are brining in $2852 a month. Isn't there a child benefit bonus that you get for having a baby?


Based on these numbers you are spending about $2457 so in theory you have $400 to work with (I am assuming the $400 you wrote down for car insurance was a car payment as well???? I notice there is no rent or utilities included in this? There are also no savings. Have you applied for the Child Tax benefit? I don't know how they calcuate these things these days, but its something you may want to look into. My mom used to take her "baby bonuses" as she called them and put them right into an RESP for us.


The good news is that you don't really have any CC's that you are paying high rates on (if you pay them off like you say). The bad news is that interest only on the line of credit will get you no where fast.


I would start with an emergency fund (most here aim for about $1000). I funded mine mainly through a dollar here and a dollar there. I opened a savings account attached to my PC bank account and everytime I had an extra dollar or two I would transfer it. It took about 6 months but its a painless way to save money.


You also need DH on board. Nothing in your budget is really outrageous for a family with a baby, but he needs to understand where you are coming from. Sit down and show his the numbers. Agree on a set amount of spending money that each of you has. That way if he wants to pay the neighbour to remove the trash it comes out of HIS spending money.


Good Luck!


Bex -


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


Bex -

iVillage Member
Registered: 08-04-2008
Thu, 08-06-2009 - 10:24am
I know you know this and it is frustrating as I was once in your shoes with a husband in denial about financial issues. I used all kinds of techniques, including counseling, but he could never be the man of the house and take any responsibility. My situation honestly resulted in a divorce, not just about the money, but he is also on unemployment for the 16th time, and he pays no child support at all, but overall I am better off today than I ever was as the man just kept spending and digging us into a hole. Now on his own, he is forced to realize what it costs to maintain a home.
I don't know, if your husband wants to act like a child, treat him like one, take away the debit card and give him $200 cash a month to spend as he likes, when it is gone, it is gone. If he does not like it, he could grow up, and take on the family budget. right now he is spending over 10% of the family income on beer and cigarettes, if you add your camper and it's insurance, that is more than 1/3 of the entire amount he brings home.
I don't see anything here for health care, or car repairs and maintenance, does that go on a credit card when it happens?
When are you due to go back to work? How will that affect your income, will you need child care? You might just want to hold on for now if you will be seeing an increase back to your regular pay in a month or so, just don't overspend anymore.
-Marie



iVillage Member
Registered: 03-27-2005
Thu, 08-06-2009 - 11:07am

There were a lot of numbers you didn't include like rent/mortgage, utilities

iVillage Member
Registered: 04-10-2003
Thu, 08-06-2009 - 11:23am

Hi Stacy,


Great advice! I just wanted to chime in though on two points. The baby formula is more expensive in Canada then US (I checked and OP is from Ontario) so its not that out of line. Maternity leave in Canada is also a year long (I believe) so I'm not sure how old the baby is.


I agree with you about the food too! Since baby really has his own budget its really just two adults being fed. BF and I do it for about $400 a month (and that is with him eating disgusting amounts of food when he is in full training)


Bex -


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


Bex -

iVillage Member
Registered: 08-02-1998
Thu, 08-06-2009 - 4:45pm

"I spend roughly 130$/month on diapers 280$ on formula, 40$ on pablum and baby food "

Currently we have our 8 month old granddaughter living with us. So I am discovering the costs of babies. But $280 sounds really high for formula unless you are having to buy a special formula. We buy a large can(approx 700g) of powdered formula a week for DGD and I can usually find it on special for about $25. Also we buy her very little jarred food. Usually we just take what we are having for dinner and mash it up really good, I use a braun handblender. There is also so neat little food holder that we use for chunk food(we put chicken, grapes, all sorts of foods that she can mush up with her gums. (no teeth yet)
http://www.peppyparents.com/servlet/the-364/nuby-safety-mesh-food/Detail
check out some of the baby food/formula/diaper websites and sign up for their emails etc, they send out some decent coupons, I just got 2 worth $5 each on formula this week.
We don't buy special baby juice(or apple sauce) for her we give her the same juice that we drink, I figure as long as it doesn't have added sugar it isn't much different than the ones in the special little baby jars.
Hope this helps
Sharon





iVillage Member
Registered: 09-04-2007
Thu, 08-06-2009 - 8:54pm

Ooopps... forgot to include the car payment.

iVillage Member
Registered: 09-04-2007
Thu, 08-06-2009 - 8:58pm
Hi Stacy.. as for formula.. keep in mind I am feeding twins.
iVillage Member
Registered: 09-04-2007
Thu, 08-06-2009 - 9:07pm

Marie.. to be perfectly honest, I totally see things heading down that road.