August Numbers

[McD]

Okay-- I had mentioned that I was tracking all spending for the month of August and was going to post it so I could get input. All bills are paid for month, cars are filled with gas, groceries bought, so we won't be spending money for the rest of the month. We get paid again on Friday, but that money is for September. So. Here is it. Be blunt with me. I need to hear it.

Income:
DH pay: 3373.63
My Pay: 1471.89
Flex Spending (childcare reimb): 416.66
Misc: 800.72 (rebate checks, exp. reimb. etc.)
G.I. Bill: 603.17
Total: 6666.07

Savings:
Joint:542.94
DH: 125.63
Me: 91.72
DS:110.17
Christmas Club:100
Irregular Exp: 30 (just started saving for these)'
Total: 1000.46

Fixed Expenses:

Mortgate: 1060
Elec/Gas: 181 (budget-bill, high b/c of problems with furnace)
Daycare: 500
Cable/Net: 76.27
Car Pay 1: 375
Car Pay 2: 200
Water/Sewer/Trash: 50.96 (higher than normal b/c leaky toilet)
Car Insurance: 225.07
Aflac +Life Ins: 198.06 (50 for life, Aflac will drop to 50$ once bank starts offering it as a benefit)
U.S. Cellular: 108.95
Loan Pay: 170
Total:3145.31

Variable Expenses:
Weekly Cash: 120
Gas: 391.99
Groceries: 307.41
Haircuts: 45.10
Eating Out: 182. 16 (YIKES!)
Donations: 10.00
Christmas Gifts: 16.00
Clothes: 139.09
HH Supplies: 99.93
Wesley: 49.72
Entertainment: 30.11
Hobbies: 10.48
Medicine: 15.00
Safe Deposit Box Payment: 40.00
Misc. trips to Wal-Mart/Target: 58.69 (no idea what we bought)
Debt Reduction: 1009.52 (510.28 to pay-off 2 credit cards, 212.12 to pay reimbursed exp on credit cards, 287.12 to Vantus loan)
Total:2525.20

There was a balance brought forward in the checking account, so instead of having a negative balance of 5ish dollars, we are in the black by about 10.

Please be brutally honest with me. I need it. When DH is in the academy, we are in a position to greatly reduce spending and pay down debt, I just need to make sure we do it.

[Cricketlegs]

Well, the way I see it is that you are running about like I am.

You have covered all the bills, you are actively working debt, you are adding to your savings, you have allowances in place.

You are just "BROKE" at the end of the month BUT if it is all covered then who cares right??

Sure you could eat out less, cut out misc spendings but I think that you need some fun in the budget.

Why don't allowances cover these things?

The only thing I don't see is the slush fund but maybe you don't need one. I use mine for my kiddos. They are 20, 18 and 12 so "something"--gas, medical bill, whatever and I don't like to pull it out of the budget so I have a slush fund.

[MomToTwoBoys]

Well, the way I see it is that you are running about like I am.

You have covered all the bills, you are actively working debt, you are adding to your savings, you have allowances in place.

You are just "BROKE" at the end of the month BUT if it is all covered then who cares right??

Sure you could eat out less, cut out misc spendings but I think that you need some fun in the budget.

Why don't allowances cover these things?

The only thing I don't see is the slush fund but maybe you don't need one. I use mine for my kiddos. They are 20, 18 and 12 so "something"--gas, medical bill, whatever and I don't like to pull it out of the budget so I have a slush fund.

This is how I looked at it also. It's good that you guys are putting into savings and I think you would be in bigger trouble if you weren't and you were floating around in negative numbers territory.

When is the primary time for eating out? I'd keep track of the spending at Wal-Mart/Target and see if what you buy really is stuff you need.

[Squirt]

What are you looking to do? You seem to be in a decent spot, but perhaps a specific goal is in order (cc or loan payoff of xx amount of dollars by xx date) so you can selectively slash until you meet your goal.


One thing that jumps out as being way too costly is your car insurance. Have you shopped around for quotes? I would think 2 cars would run around $80 or so.

[Cricketlegs]

What are you looking to do? You seem to be in a decent spot, but perhaps a specific goal is in order (cc or loan payoff of xx amount of dollars by xx date) so you can selectively slash until you meet your goal.


One thing that jumps out as being way too costly is your car insurance. Have you shopped around for quotes? I would think 2 cars would run around $80 or so.

It depends on your age.

I have a used 2005 Impala and I pay about $82. I am 39

We insure my step dds 2008 colbalt at the tune of $170. She is 18.

2 cars runs $252.

Mrs Mc Dowell is a young whippersnapper and not an almost old 40 year old like me

Cricketlegs

[McD]

Insurance is for 2 cars--we have to carry full coverage on them. I am 23 w/ one ticket on my records, Hubby is 26 w/ 2 tickets on his. Plus he has a 2006 Pontiac GTO. GTO's are one of the highest cars to insure. We could get cheaper coverage elsewhere, but it wouldn't be good insurance.

[McD]

What are you looking to do? You seem to be in a decent spot, but perhaps a specific goal is in order (cc or loan payoff of xx amount of dollars by xx date) so you can selectively slash until you meet your goal.

Well..in no particular order we are wanting to get rid of debt, become independently wealthy, save for Wesley's college, and save for retirement.

Debts:

Loan 1:1506.75 @ 0% for life of loan (want to pay this off asap as it is thru the bank I work at. Hate being in debt to my employer.)
Loan 2: 6560.58 @ 8%
GTO: approx. 10K @ 4%
Optima: 18385.68@ 3.99%
Student Loans: ??? will start paying on these in approx. 6 months
Mortgage: 124075.78 @ 6.75%

[MomToTwoBoys]

I know when I was in the military, we used an insurance company that was tailored specifically to military families. I forget the name now, though.

I got my second car when I was in and I paid $45 a month at age 20. I didn't have any tickets, though.

[Greebo]

Well..in no particular order we are wanting to get rid of debt, become independently wealthy, save for Wesley's college, and save for retirement.

Time to put them in order.
1) Get rid of debt. Having debt slows your ability to do any of the other priorities.
2) Save for retirement. Put your own o2 mask on first.
3) Save up for Wesley's college. That boy's gonna grow up and leave home. He can work thru college if he needs to. Your retirement comes BEFORE his education, but once you are putting enough away, yeah, save for him.
4) After you've done #1 in full, and #2 and 3 are covered, now you can focus on this.

[McD]

I know when I was in the military, we used an insurance company that was tailored specifically to military families. I forget the name now, though.

I got my second car when I was in and I paid $45 a month at age 20. I didn't have any tickets, though.

It's USAA. We checked--it's not nearly as good of coverage as we get thru Farm Bureau. Plus, we get our homeowner's insurance deeply discounted b/c of having 2 cars, life insurance, and homeowner's insurance thru them.

[Cricketlegs]

I know when I was in the military, we used an insurance company that was tailored specifically to military families. I forget the name now, though.

I got my second car when I was in and I paid $45 a month at age 20. I didn't have any tickets, though.

USAA?? That is our company. Great coverage.

[Cricketlegs]

Time to put them in order.
1) Get rid of debt. Having debt slows your ability to do any of the other priorities.
2) Save for retirement. Put your own o2 mask on first.
3) Save up for Wesley's college. That boy's gonna grow up and leave home. He can work thru college if he needs to. Your retirement comes BEFORE his education, but once you are putting enough away, yeah, save for him.
4) After you've done #1 in full, and #2 and 3 are covered, now you can focus on this.

3) Save up for Wesley's college. That boy's gonna grow up and leave home. He can work thru college if he needs to. Your retirement comes BEFORE his education, but once you are putting enough away, yeah, save for him.


That is debateable. Very debateable.

[Greebo]

So - debate? I'll tell you why I think retirement savings over college, you tell me otherwise.

[McD]

Member how in some recent threads, I wrote that there are somethings I refuse to budge on, even when my financial planner is jumping up and down and stamping his feet at me? Savng for Wesley is one of them. Right now, it's 100$ a month, that is a non-negotiable for me.

[Greebo]

Well before we get into it, what is your total debt, not including the house?