Need help fine tuning the budget.

**mommy4ever** · 01-21-2009, 04:03 PM

I'm setting up a basic budget.

After all insurances, bus passes, dance fees, utilities, mortgage, debt payments(minimums) are made, we have $2650.

From that I've not taken discretionary funds such as groceries, gas, and I'm not sure what else needs to be taken.

Groceries I'm allotting $600, gas $200, I need a school fund for field trips, $30/mo, that can sit until needed. What else should I be considering. I'm looking at $1000 snowball. Maybe more, but I don't want to go too lean for discretionary things as it backfires on us every time.

Til Debt do us Part sets it up as food, entertainment, transportation, gifts and misc.

I think having some "play" money is good, a little to do with for whatever, dh likes a case of beer on occasion, or take the kids to the store, I like a pedi a couple times a year, a nice haircut.

Food: $600(Family of 6, plus a home daycare)
Gas: $200
Entertainment: $50(that's what a dinner out costs the family)
Gifts: $30(kids b'day parties?)
Misc: $60
School fund:40

That leaves $780. Should we increase the snowball, how much should be put aside as "play money"?

**DJ1972** · 01-21-2009, 10:40 PM

I think the amount of play money you give yourself depends on how fast you want to getout of debt. I usually do $25 a week for my "play money." Do you have an amount set aside for home or auto repair/maintenance? Those are always the things that get us if we don't plan for them. Clothing, hair cuts, and medical are a few more categories we use. That's all I can think of for now.

**mombottoo** · 01-22-2009, 10:18 AM

Originally Posted by mommy4ever

I'm setting up a basic budget.

After all insurances, bus passes, dance fees, utilities, mortgage, debt payments(minimums) are made, we have $2650....I'm looking at $1000 snowball...
Food: $600(Family of 6, plus a home daycare)
Gas: $200
Entertainment: $50(that's what a dinner out costs the family)
Gifts: $30(kids b'day parties?)
Misc: $60
School fund:40

That leaves $780. Should we increase the snowball, how much should be put aside as "play money"?

$2650 - $1000 (debt snowball) = $1650 - $980 (total of items you have listed) = $670 left over.

What are you setting aside for savings? Retirement? Emergency Fund?

If your expenses are as high as they are you really need a larger emergency fund than $1000.

**mommy4ever** · 01-22-2009, 10:24 AM

That's a good thought, I always thought $1000 was puny. But it is the baby EF. Maybe I should tuck away for at least 1 full month wages.

**homesteadmamma** · 01-22-2009, 11:25 AM

With today's economy, I would have at least 6 months EF. You're doing well with the snowball, so if it was me I'd take out $70 for play money (doesn't mean you have to spend it), and then decide how much goes to your EF and how much goes to debt. I'd probably divide the remaining $600 in half.

Having that much in EF brings you a sense of security and peace. I'm all for getting out of debt, however with the way things are starting to go in Canada, you just might need that EF account.

**momofslg** · 01-22-2009, 11:30 AM

Insurance co-pays, prescriptions, OTC medicines, vet fee, grocery stockpile money, clothing for kids/adults, vacations

Those are the things I always forget about when budgeting

**mommy4ever** · 01-22-2009, 01:14 PM

Ok, played with the numbers.

Snowball will be between 1300-1500 each month. Variance based on how many casual kids pop in through the month.

From Dh income, I'll deposit $100 per check, and from my income, I'll be doing $300-440 depending on what extra expenses come up. This covers our gas, food, entertainment and gift budgets, puts money in savings, money for field trips and other small expenses that come up at the school that nickel and dime me to death. At the end of each month, gift/school money will be transferred to a savings account if unused, the other unused moneys from groceries, gas and entertainment will be put on debt. It might only be $10 or so dollars, but thats $10 I'm not paying interest one.

**57plymouth** · 01-22-2009, 01:20 PM

I know I'm extreme, but I have zero play money in my budget. Every penny I have goes toward debt reduction.

Your mileage may vary, but I am sick of this debt. I won't leave the house for weeks, other than church, to keep from wasting gas. The wife stops at the store she passes on the way to work if we need some food, etc. I literally may not crank my car for two or three weeks if I don't have any work to do. I do a lot of reading for entertainment.

**mommy4ever** · 01-22-2009, 01:36 PM

As a family of 6, it's nearly impossible not to go out, as they are all in a sport. I try not to spend much, but then deprivation starts.

During the week days I have 1 outting, I bring dd5 to dance, while she's at dance, I do banking, etc. Typically that's all i go out, once a month or so, I might have to do other errands. Weekends are another story altogether.

**homesteadmamma** · 01-22-2009, 01:51 PM

Originally Posted by 57plymouth

I know I'm extreme, but I have zero play money in my budget. Every penny I have goes toward debt reduction.

Your mileage may vary, but I am sick of this debt. I won't leave the house for weeks, other than church, to keep from wasting gas. The wife stops at the store she passes on the way to work if we need some food, etc. I literally may not crank my car for two or three weeks if I don't have any work to do. I do a lot of reading for entertainment.

I HATE DEBT WITH A PASSION!!!! I'm totally for this and that's what we did when we paid off our debt, as much as we possibly could. However, it's not for everyone and especially when you have kids that are involved in activities outside the home. There are still unexpected expenses. Our kids are in music, we had budgeted for that, however we had to pay a few $$$ everytime they were in recitals or for a special music book that wasn't planned. Some may say, well don't do recitals, use it for debt. For our family, having our kids in recitals was as important as paying down debt. I also don't want my kid growing up saying "all they ever did was pay down debt". Does that make sense?

mommy4ever, you are doing a great job with snowballing. Keep it up.

**beks37** · 01-22-2009, 02:10 PM

Don't forget to budget in pet food, heartworm pills, vet visits, shots, etc. I assume you have a dog from the picture in your avatar.

**mommy4ever** · 01-22-2009, 02:32 PM

That is part of the misc fund. Her food is part of our food budget, she's a light eater, so cheap to please

Heartworm isn't something the vet is concerned about either. Her yearly check ups and her spaying is all budgetted for.

**Cricketlegs** · 01-22-2009, 06:14 PM

I think with the increase you made to your debt snowball that you should save what is left and get your 6 month ef set up.

With the economy like it is better safe than sorry and besides you have a great debt snowball going.

**kmonokwe** · 01-22-2009, 08:19 PM

Don't forget hygiene and cleaning items. A lot of people include this in their grocery budget - maybe you already have.

DH and I each get $15/month blow money. Its not a lot, but we're on a small income and doing our best to get out of debt too, and its helping - a LOT. And we still get a little bit to play with when we feel deprived.

Also, we've got an ongoing gift "account" - its money that is transferred to our second checking every month, and I keep a register of it. That way when Christmas comes, or birthdays or valentines or anniversary, we can spend more than the $30 we have. You mentioned only kids bday parties, so maybe you already have household gifts budgeted for? If not, a system like what I was describing might be helpful.

**Contrary Housewife** · 01-22-2009, 08:58 PM

You need something for home repair and household items. (what if your iron goes out? Or the microwave, vacuum cleaner or the computer monitor?) You'll want to build that up to cover major kitchen appliances or the AC unit or the water heater, etc. Don't forget costs for yard maintenance, gas for the mower, weed killer, and things like light bulbs and air filters for the home. You think it's little stuff but $5 here and $10 there turns into hundreds a year.

You need a car fund that goes beyond gas. Think about oil changes, wiper fluid, antifreeze, brakes, new tires in a year or two....

What about taxes? Do you pay property tax on your car? Excise taxes? Property tax on your home?

Will the kids need school clothes or shoes in the fall? Do you have to pay for books or school supplies?

Do you have any memberships that cost money? Library cards? Homeowner association fees? Church?