What do you think of my budget? Suggestions? Comments?

[meredith1629]

I am 29 years old and my take home pay monthly is approximately $1,620. I have some massive student loan debts (32% of my net pay). I am looking to pay these loans down, down, down. It's the only debt I have and it's about $75k, plus interest.

Charitable Gifts - $7
ER Fund - $158.84
Rent - $150 (I live with my mom and this is my portion of the rent and utilities. I do housework and yard work to make up the monetary difference.)
Phone - $45 (Mom and I split this bill.)
Cable/Internet - $50 (Mom and I split this bill.)
Grocery - $180 (I am a vegan who tries to eat organic, non-processed foods, which sometimes cost more. I also am obese and eat more food than the average person. This total is just my food costs.)
Restaurants - $30 (I rarely use this much. Leftover money gets used to grocery stockpile hot deals or to my ER Fund.)
Gasoline - $90
Oil Change - $10
Auto Repairs and Tires - $38.33
Car Insurance - $40
License and Taxes - $10
Clothing - $32 (Hard to find used clothing in my size.)
Shoes - $10 (I go through shoes really fast.)
Dentist - $10
Optometrist - $10
Prescriptions - $7
Toiletries - $34 (This covers a broad range of items.)
Cosmetics - $13 (I know this is high but I use specialty makeup b/c of allergies. Any leftovers go to ER Fund.)
Hair Cuts/Brow Wax - $15
School Supplies - $15 (Books for class.)
Pets - $20 (After food and litter, the leftover money goes to an account for vet bills.)
Subscriptions - $10 (This is the YMCA subscription that I canceled this month. The money will go to ER Fund after this month.)
Organizational Dues - $3 (For a professional organization I belong to.)
Gifts - $33.33 (This includes money to put back for Christmas.)
Misc. - $14
Blow - $20
Entertainment - $20 (I usually don't use this much on entertainment. Leftover money goes to ER Fund.)
Vacation - $25
Student Loan 1 - $228.50
Student Loan 2 - $241
Student Loan 3 - $50

Total: $1,620

I've put in some details to help you all as to why I spend the amount I do in a category. I know I need some work in cutting back on some things and have really already reduced a lot (though it may not look like it.)

In my ER Fund I have $1103 (Will be $1262 at the end of January after my payday.) I am looking to get my baby ER Fund to at least $3,000 before I start on my debt snowball. I have an 8-year-old (paid for) car and a job that is done by yearly contract. I feel I need more than $1,000 in the BEF.

In my Lump Sum savings I have $794. This is money put back for car tags, car repairs, car license and taxes, dentist, optometrist, gifts, and maybe someday a vacation!

I have $550 in my checking account that I pretend I don't have b/c if my checking account goes under $500 I get hit with fees. The lower the account gets, the higher the fee. This money is technically ER Fund but I choose to ignore it.

I also have a small cash stash in my safe. It's about $100. I keep this cash on hand in cash of any emergency that may occur where cards can't be used (though I rarely use a card anymore).

I do have one credit card but I have NO CC debt!!!

Please tell me what you think! I'm open to all suggestions and comments!

Thank you all! I have learned so much from this forum already and can't wait to hear from you.

[erinalexmom]

do you know how to do CVS and thier Extra Care Bucks? Because it would help your hygiene items. I havent paid for toothpaste in 3 years! That was just one thought I had right away. HTH!

[sunshine]

You have blow and entertainment money. . . any chance of cutting one or both amounts for the short term?

What does the toiletries category cover exactly, and how does it differ from the cosmetics? Any way to cut back there? For instance - I brush my teeth with a mixture of baking soda/peroxide. Cleans well, freshens my breath, prevents gum disease, etc. (this is on the recommendation of my dentist). I use sale purchased shampoos and conditioners, even though I have long, coarse hair (Native American). . . just some things to think about.

[madjen]

Do you keep envelopes for each of those categories or do you keep track on a spreadsheet of what you spend in each category each month or ?????? Just trying to figure out how you came up with the $ #s for so many categories.


What stores do you have? Do you use coupons at all? Like a previous poster mentioned, you can get most toiletries (shampoo/conditioner/style products, toothpaste/toothbrushes/floss/mouth wash, etc.) free after coupons and/or the extra buck program at CVS or the register rewards at Walgreens. RiteAid has some awesome deals but I don't have 1 in my area to comment much on that store. A lot of coupons are either from the Sunday newspaper or available online to print.

[meredith1629]

do you know how to do CVS and thier Extra Care Bucks? Because it would help your hygiene items. I havent paid for toothpaste in 3 years! That was just one thought I had right away. HTH!

I don't have a CVS in my area but I do have Walgreen's and Rite Aid. I just got back into doing coupons and unfortunately, I have to send away for any coupons that are worth anything. I just got a few deals this past week and am working to get a stockpile going. After I get a little stockpile I'm comfortable with, I will begin to "cherrypick" the free deals only. Thanks!

You have blow and entertainment money. . . any chance of cutting one or both amounts for the short term?

What does the toiletries category cover exactly, and how does it differ from the cosmetics? Any way to cut back there? For instance - I brush my teeth with a mixture of baking soda/peroxide. Cleans well, freshens my breath, prevents gum disease, etc. (this is on the recommendation of my dentist). I use sale purchased shampoos and conditioners, even though I have long, coarse hair (Native American). . . just some things to think about.

I have thought about combining the two categories as I usually don't use the whole amount in each category every month. I just get scared that I will really *need* something and will have no money for it. Logically, I know that is what the EF is for, but I can't seem to get around it for some reason. Something to ponder though.

Toiletries consists of toilet paper, paper towels, feminine hygiene items, lotion stuff, soap, hair supplies, OTC meds, dishwasher detergent, etc. I don't buy each of those things every month but I usually go through most of the toiletry money. Cosmetics is solely foundation, mascara, lip balm, eye color.

I use one prescription toothpaste and also toothpaste for sensitive teeth. I also will get the regular toothpaste I can get free with coupons for a rainy day and to give to someone who can use it.

I shop at Walgreen's and Rite Aid for health and beauty and the "deals." I shop at Kroger when I am visiting friends in a nearby city (40 miles away). Other than Kroger my only other grocery options are Walmart and Save-a-Lot.

Do you keep envelopes for each of those categories or do you keep track on a spreadsheet of what you spend in each category each month or ?????? Just trying to figure out how you came up with the $ #s for so many categories.

I have a little organizer (like a coupon organizer) I keep all the money in. I am a little OCD and like for everything to be pretty specific. I pretty much took the categories from DR's book TTMM and then took out categories I didn't need.

[Ramona]

I think you're doing very well. I can't make any suggestions that others haven't made. You seem to have a firm hand on your expenses.

[Natalia]

Do you live in an area where you can live without a car? Or maybe
share your mom's car? I know it's paid in full (good job@!) but you can make money from the sale, plus reduce expenses by close to $200 monthly.

[bridge]

Your doing really good!!

The only things I can think of are:
Reduce or eliminate vacation
Look into reusable feminine hygiene items Here is a good site: MenstrualCupInfo’s Blog
(Using the keeper has saved me hundreds of dollars.)
Cut back on Toiletries, make a game of it -reduce, water them down see how long you can make them last.

[mndtrp]

Do you really use $10 a month on oil changes? I commute 35 miles every day, and I only change my oil every 4 months or so, at $20 a time. Check your owner's manual, and make sure you are changing at the required intervals.

[meredith1629]

Do you live in an area where you can live without a car? Or maybe share your mom's car? I know it's paid in full (good job@!) but you can make money from the sale, plus reduce expenses by close to $200 monthly.

No can do. I wish I still lived where I went to grad school. I used the public transit a lot there!

The only things I can think of are:
Reduce or eliminate vacation
Look into reusable feminine hygiene items Here is a good site: MenstrualCupInfo’s Blog
(Using the keeper has saved me hundreds of dollars.)
Cut back on Toiletries, make a game of it -reduce, water them down see how long you can make them last.

I keep thinking about the vacation aspect of my budget and I think I will keep it for now as "vacation" but use it as EF should I need to. I haven't had a vacation in years and just the thought of *maybe* having one sometimes keeps me going. KWIM?

Thanks for the other info too!

Do you really use $10 a month on oil changes? I commute 35 miles every day, and I only change my oil every 4 months or so, at $20 a time. Check your owner's manual, and make sure you are changing at the required intervals.

Many times I can't find a coupon to get an oil change under $25. I keep $10 out every month for an oil change every 3 to 4 thousand miles which is what is recommended for my car.

I did just recently get a groupon deal in my area for 2 oil changes for $30 and I paid for that out of my cash stash. The next 3 months of oil money is going to replace the cash in the cash stash. I also have another oil change coming my way from a value pack I bought. After I get the money repaid to my cash stash the $10 that is currently going to oil changes will go to ER fund until I use the last oil change up that I've already paid for. Then I'll start keeping money back again for it. Clear as mud?

You all have given me some insight as to what I can cut down a bit and I will work on the numbers for February. My budget is never set in stone and has to fluctuate with life. This month's ER Fund may very well have to supplement my car repair fund for a transmission fluid change (routine maintenance and also needed) and a worn serpentine belt.

Thanks everyone!

[Mamaof2rugrats]

Looks like you are doing pretty good. To me considering you don't have a family or anything you could get your food budget down quite a bit. The hair cut and brow waxing could be cut out entirely- I don't get these things done anymore either.

[krbshappy71]

I think you are doing a good job, very detailed about your expenses. The only thing I would cut is the credit card. Don't give yourself the temptation, that's what your EF is for. (speaking from experience, as you can see I am good at digging my own holes)

Can you and your mom come up with a plan for those paper goods? Each donate X amount and then buy them in bulk? The fewer trips to the store the better, less temptation.

You mention going to see friends 40 min away, can you schedule some times that they come your direction? Have a picnic lunch or hang out at your house instead of going out? I don't know about you but friend outings get expensive for me when they are not with my usual frugal-friends.

[forHISglory]

Hi! For only being 29, you are doing well, and congrats on the advanced degree! I know it must be tight, so I'll give some thoughts. My basic suggestion is to try cutting some categories to the bone for a month or two, just to get an idea of how it feels to live sparsely in certain categories. If it doesn't work, bring it back up. For example, if you can cut $10 a month from the food budget and not feel deprived, why not keep on doing it? On the other hand, if it doesn't work, well then, bring it back up. Doesn't hurt to try! I look forward to hearing how your journey goes!!!

Charitable Gifts - $7 Good! Keep on giving!
ER Fund - $158.84 Excellent! Don't give up on this.
Rent - $150 (I live with my mom and this is my portion of the rent and utilities. I do housework and yard work to make up the monetary difference.) Great idea to do sweat equity work.
Phone - $45 (Mom and I split this bill.)Does this mean you actually only pay $24?
Cable/Internet - $50 (Mom and I split this bill.) Again, do you actually only pay $25? Or is the total $100 and $50 is your share?
Grocery - $180 (I am a vegan who tries to eat organic, non-processed foods, which sometimes cost more. I also am obese and eat more food than the average person. This total is just my food costs.) There are many reasons for obesity, so don't think I am trying to pick on you. But can you possibly work on two things at the same time here: 1) weight control and 2) lowering the food bill. Try for a modest reduction to about $160 or $150 per month.
Restaurants - $30 (I rarely use this much. Leftover money gets used to grocery stockpile hot deals or to my ER Fund.) Try to set a goal for the next few months to only go out for dollar menu items. What if you made it a treat to go out once a week, but only spent $2-3 on dollar menu items? For a month, that would total about $8-12. If you find that doesn't work for you, then you can return to your original budget amount. But if you can do this, then you are saving about 2/3 of your budgeted amount!! And I find that knowing I have a weekly treat day is great motivation! Just a burger, fries, and a glass of water makes an OK meal for me.
Gasoline - $90 You seem like the type of person that wouldn't waste gasoline. How far do you commute?
Oil Change - $10
Auto Repairs and Tires - $38.33
Car Insurance - $40
License and Taxes - $10
Clothing - $32 (Hard to find used clothing in my size.)
Shoes - $10 (I go through shoes really fast.)
Dentist - $10
Optometrist - $10
Prescriptions - $7
Toiletries - $34 (This covers a broad range of items.)
Cosmetics - $13 (I know this is high but I use specialty makeup b/c of allergies. Any leftovers go to ER Fund.)
Hair Cuts/Brow Wax - $15 this seems like an easy category to cut
School Supplies - $15 (Books for class.)
Pets - $20 (After food and litter, the leftover money goes to an account for vet bills.) Many will disagree with me, and that's OK, but if money gets really tight, you can give away your pets and eliminate this expense.
Subscriptions - $10 (This is the YMCA subscription that I canceled this month. The money will go to ER Fund after this month.)
Organizational Dues - $3 (For a professional organization I belong to.)
Gifts - $33.33 (This includes money to put back for Christmas.) This also is an easy category to cut back on.
Misc. - $14 Means what?
Blow - $20 Again, try doing without this for a month or two, and see if you can do it.
Entertainment - $20 (I usually don't use this much on entertainment. Leftover money goes to ER Fund.) Many will say that this is not much for entertainment, but I know that we can entertain ourselves for nothing. Can you try to cut this back more?
Vacation - $25
Student Loan 1 - $228.50
Student Loan 2 - $241
Student Loan 3 - $50

Total: $1,620

[a.nonymous]

Out of curiosity: What is your degree in?

Next question will be, is there any way you can make money part-time on the side applying those skills?

[meredith1629]

Looks like you are doing pretty good. To me considering you don't have a family or anything you could get your food budget down quite a bit. The hair cut and brow waxing could be cut out entirely- I don't get these things done anymore either.

The hair cut and brow waxing will honestly be one of the last things to go out of my budget. Getting this done makes me feel good about myself when I look in the mirror. I *would* however cut out my Blow money before I cut this out.

Can you and your mom come up with a plan for those paper goods? Each donate X amount and then buy them in bulk? The fewer trips to the store the better, less temptation.

We do buy in the big packages whenever possible. I just got quite a bit of free toilet paper at Rite Aid so I know we're good for a bit on the TP. I'm also trying to use less paper products all together and use old towels for cleaning, etc. It's a slow process.

You mention going to see friends 40 min away, can you schedule some times that they come your direction? Have a picnic lunch or hang out at your house instead of going out? I don't know about you but friend outings get expensive for me when they are not with my usual frugal-friends.

We usually trade hanging out in our different cities. The city that is 40 mins away though is central to many of us. I have visited there more than usual this month. Usually it's a once or twice a month thing.