Budget Help, Please?

[Brighid]

I would truly love some help looking over the budget I have set up between June 20 and Sept 30. I have seen the help many of you give here and I'm just so impressed and thankful there is a resource like this forum!

I would appreciate any help and/or suggestions you can give.

Okay...so....here are some details about our situation that you will need in order to understand the budget I have set below.

If you look in my sig you will see the debt load we have in which a large chunk of it needs to be paid by Sept. 30. The budget I have set up covers a big chunk of it and I am quite pleased with the budget I have set up. BUT, there are a few issues I will post about at the end of this post.

FYI - we are a family of 6, 2 adults, 2 boy teens, 2 kids
FYI - all the kids and I will be in Toronto visiting family between June 27 and Aug 12 and the food/gas budget has been modified during that time to accommodate just my husband. (family has our back, in Toronto!)
FYI - Our mortgage is paid bi-weekly
FYI - I've marked items as paid as they are paid off.

Abbreviations:
IS OD - Overdraft
TERASEN - Natural Gas
SHAW - Cable/Internet/Phone

Okay, so here is the budget:

JUNE 20
PAID: 485.00
100.00 IS OD
100.00 TERASEN
200.00 MTG.
77.24 LIFE INS.
7.76 EF SAVINGS
_______________
485.00

JUNE 26
PAID: 1900.00
1215.00 MTG.
300.00 IS OD
120.00 VC VISA
65.00 HYDRO
150.00 FOOD/GAS
47.00 CURVES
3.00 EF SAVINGS
_______________
1900.00

JUNE 30
PAID: 100.00
61.29 HOUSE INS.
39.71 MC
______________
100.00

JULY 10
PAID: 1900.00
670.00 MTG.
100.00 IS OD - PD
261.96 SHAW - PD
169.73 TERASEN - PD
145.00 HYDRO - PD
120.00 VC VISA
100.00 MC
120.07 CELL PHONE - PD
150.00 FOOD/GAS
63.31 EF SAVINGS
________________
1900.00

JULY 20
PAID: 385.00
77.24 – LIFE INS.
178.00 – SHAW
129.76 EF SAVINGS
________________
385.00

JULY 24
PAID: 1900.00
670.00 MTG.
114.00 HYDRO
150.00 TERASEN
61.29 HOUSE INS.
100.00 MC
47.00 CURVES
557.71 EF SAVINGS
200.00 PROPERTY TAX
_______________
1900.00

JULY 30
PAID: 100.00
100.00 EF SAVINGS

AUG. 7
PAID: 1900.00
670.00 MTG.
120.00 VC VISA
138.46 EF SAVINGS **$1000!!
300.00 FOOD
100.00 GAS
390.00 MEDICAL - PD
181.54 PROPERTY TAX
__________________
1900.00


AUG. 20
PAID: 385.00
77.24 LIFE INS.
178.00 SHAW
129.76 PROPERTY TAX
________________
385.00

AUG. 21
PAID 1900.00
670.00 MTG.
114.00 HYDRO
150.00 TERASEN
61.29 HOUSE INS.
100.00 MC
300.00 FOOD
100.00 GAS
404.71 PROPERTY TAXES
_________________
1900.00

AUG. 31
PAID: 100.00
100.00 PROPERTY TAXES

SEPT. 4
PAID: 1900.00
670.00 MTG.
120.00 VC VISA
300.00 FOOD
100.00 GAS
47.00 CURVES
663.00 PROPERTY TAX
_______________
1900.00

SEPT. 18
PAID: 1900.00
670.00 MTG.
114.00 HYDRO
150.00 TERASEN
8.29 CURVES
300.00 FOOD
100.00 GAS
557.71 PROPERTY TAXES
_________________
1900.00


SEPT. 20
PAID: 385.00
77.24 LIFE INS.
178.00 SHAW
129.76 PROPERTY TAX
________________
385.00


SEPT. 30
PAID: 100.00
61.29 HOUSE INS.
38.71 CURVES
___________
100.00

**********************

Two things I didn't factor in...
NOT ACCOUNTED FOR (I forgot!)
- bank fees $18 a month
- dog food!! ($75 every 2 weeks)

Couple of things...

1. These numbers bring my property tax number to $2319.48, 977.38 short of my goal. Now, I 'could' use my EF fund to pay it. Would you? I would hate to have gotten an EF fund together only to obliterate it almost immediately! I'm thinking of trying to 'find money' to pay it up, and whatever I fall short of I will have to use the EF. Does that sound reasonable?

2. I will be cutting back our Shaw (cable/internet/phone) to 101 the 101 month package, so that number will probably change.

3. This budget seems almost 'too easy'....not the following it (I'm pretty sure that is going to be hard...lol), but the actual budget itself. Is there something I'm missing? Something I'm not accounting for other than what I've noted above? I realize there is no 'entertainment' money but, with myself and the kids in Toronto for the summer we're lucky to be taken care of in that area.

4. The 1900 income is an average and could possible be less, occassionally, while also going over on occassion. It should average out.

I can't think of anything else right now.

Again, I am so grateful for such a wonderful resource here at FV! If you feel you can offer me any kind of guidance I would be most grateful to hear from you!

I appreciate you taking the time to read my post!

[Brighid]

And just for the record, this is what my debt load would look like after Sept. 30

Medical - 390.00/390.00 - done
Hydro - 199.98/199.68 - done
Terasen - 269.73/269.73 - done
Shaw - 439.98/439.98 - done
Property Tax - 3296.86/3296.86 - done
Mortgage owing - 745/745.00 - done
Cellphone - 120.00/120.00 - done
IS OD - 500.00/500.00 - done

VC Visa - 1520.00/2000.00 (+ interest)
MC - 3560.29/3900.00(+ interest)
Cellphone 2 - 0.00/1200.00
VC OD - 0.00/500.00

I realize that this post is LONG and the budget will probably be a little hard to read, so please don't feel bad if it overwhelms you to go through it. Just do what you can!

[ladykemma2]

curves, cable, cell phones need to go.

i don't see car insurance or maintenance.

i don't see where you are putting aside current property taxes due in december.

[Brighid]

curves, cable, cell phones need to go.

i don't see car insurance or maintenance.

i don't see where you are putting aside current property taxes due in december.

Thank you, thank you, thank you!

Curves will go in sept. My mother goes to Curves and while in Toronto she is expecting me to go with her. I would looove to get rid of it right now -- maybe I will -- she may just have to suck it up.

Cable/Internet/Phone - current cable is 74.00. I'm cutting it back to day to 33 (basic cable). Internet is going from 33 to 22 and phone is going from a 55 long distance package to 21 basic phone.

Cellphones - already gone. Those are the remaining balances.

Car Ins./Maint. - Good call. $340 is due Sept. 7. Will have to work that in. As for maintenance, we just put $400 into our truck, but you just never know when something else will go. At this time I didn't feel I could allot any $ to maintenance. I suppose crossing my fingers and toes that nothing goes wrong is asking too much? Do you think I should put aside a fund now? Or wait until my immediate stuff is paid for?

Property Tax - is annually for us and due end of July each year. (or end of Sept with a 10% penalty WHICH I didn't account for here, either!) Though, starting to save for next year isn't a bad idea at all!

I appreciate the feedback and will be adjusting the budget! Thank you so much!

[ladykemma2]

I'm out of debt repayment mode.

i budget 25 a month for routine maintenance like oil changes and such. I budget 100 a month for a sinking fund for big car maintenance.

[monkeywrangler71]

Your CTB will change in July based on 2008 income. I see it's dropped $100, did you receive your notice yet or is that just someone turning 6? If you income in 2008 was drastically different from 2007 you might want to go to the online calculator and get an estimate.

How are you getting to Toronto? Is that already paid for?
Do you have a water bill?
$18 a month is high for bank fees, is that your transaction package fee, accumulated individual fees, or your OD protection and interest? You can call the bank and see if there is a lower priced package or switch to a bank with no fees.

[Brighid]

I'm out of debt repayment mode.

i budget 25 a month for routine maintenance like oil changes and such. I budget 100 a month for a sinking fund for big car maintenance.

Thanks. I think I will definitely budget in at least SOMETHING to start with so I get into the swing and as the bills are paid off I will start alloting more!

[Brighid]

Your CTB will change in July based on 2008 income. I see it's dropped $100, did you receive your notice yet or is that just someone turning 6? If you income in 2008 was drastically different from 2007 you might want to go to the online calculator and get an estimate.

How are you getting to Toronto? Is that already paid for?
Do you have a water bill?
$18 a month is high for bank fees, is that your transaction package fee, accumulated individual fees, or your OD protection and interest? You can call the bank and see if there is a lower priced package or switch to a bank with no fees.

Thanks so much for taking the time to be so thorough and observant!

1a. Yes, CTB has already changed. The 485 I alloted today is actually 385 plus 100 we had in our acct, today. The 385 on the 20th, however is only CTB. We did get our notices already and it's actually gone up for us to 391. *yay*

1b. Thanks for reminding me about the turning 6. Yes, my daughter will be 6 August 7. Sooo, after that, the 100 CCS will be gone. Good call!!

2. Toronto was on grandma. (We are very blessed!)

3. We are lucky enough not to have to pay for water. Though, they are working on a plan to implement payment in the next several years.

4. $18 in bank fees includes 3 different banks. Our original bank that held our first mortgage was not in town so we had to open a second. Then, we moved our mortgage and opened a 3rd. Do you think we should close all but the acct. where our mortgage is? I don't think we really need the others....hmmmm. Thanks for pointing that out!

[kmonokwe]

I was going to say the same as the others have said:

The bank fees seem high - if its from the bank your mtg is with, you may be stuck (though you could refi again), but if its just your bank account, get a new bank

Begin a sinking fund for things that you won't pay every month, like the property taxes, vehicle registration, insurance and maintenance. Figure out how much it will cost, and divide that by how many months you have left. I see your property taxes are due at the end of July - and you're working hard to get those paid. As soon as those are paid, figure out how much you'll owe next year, and divide it by 12 months (or if you pay in Sept, divide by 10 mos), and pay that much into a separate account every month. When July swings around next year, you'll have the money socked away. We put $50/mo into the sinking fund for car maintenance - every month we don't use it, it builds up. Recently we had to replace the catalytic converter, and we paid $200 out of the car fund, didn't have to touch the EF!

It would also be a good idea to begin developing a monthly budget beginning October 1. Get an idea of how much income you'll have and begin laying out what you need to pay on a monthly basis. It will change constantly, but it may become too much of a stress to micromanage every paycheck after awhile.

Keep up the good work, and let us know how its going!

[ladykemma2]

here is what i pay monthly, to help you fish out any "i forgots"

elec
water
nat gas
lawn
gasoline
groceries/supplies
tithe/fast offering
prescription drugs
dining with friend
credit report
bundled service ATT (cell phone, cable, home phone, internet)
pocket money

here is the breakdown of what i put aside monthly and divide by 12.


escrow (taxes/ins)
trash
home maintenance
home owners association
flood insurance
termite contract
a/c heat maintenance
oil change
car maintenance
car insurance
car registration
car inspection
toll road tag
new car fund
computer replacement
endocrinologist
travel summer
optometrist
school startup
dentist
co-pays
vet bills
tax prep
xmas
office max
stamps
stocking up
shoes orthopedic
work holiday parties

[monkeywrangler71]

4. $18 in bank fees includes 3 different banks. Our original bank that held our first mortgage was not in town so we had to open a second. Then, we moved our mortgage and opened a 3rd. Do you think we should close all but the acct. where our mortgage is? I don't think we really need the others....hmmmm. Thanks for pointing that out!

Keep the account that has the best fee structure and is most convenient for you. You are under no obligation to hold an account at the same bank as your mortgage, they can take their payment from anywhere.

[Brighid]

Begin a sinking fund for things that you won't pay every month, like the property taxes, vehicle registration, insurance and maintenance.

Definitely! These are always the ones that catch us by 'surprise', though, they're not really a surprise, at all, are they!

I see your property taxes are due at the end of July - and you're working hard to get those paid. As soon as those are paid, figure out how much you'll owe next year, and divide it by 12 months (or if you pay in Sept, divide by 10 mos), and pay that much into a separate account every month.

Absolutely. The only thing I would need to adjust is that hubby is laid off every year between Dec. and Mar/April so those months we like to pay as little as possible out. So, property tax would be best taken out at larger quantities while he is working.

Recently we had to replace the catalytic converter, and we paid $200 out of the car fund, didn't have to touch the EF!

Nice! That's my goal!

It would also be a good idea to begin developing a monthly budget beginning October 1. Get an idea of how much income you'll have and begin laying out what you need to pay on a monthly basis. It will change constantly, but it may become too much of a stress to micromanage every paycheck after awhile.

I am DEFINITELY going to start a monthly budget in October. Things will change once we're home. I will finally be able to go out and work with DD in Grade 1 this year!! *yay*

I understand about the micromanaging each paycheck. I felt it was necessary right now, though, because of the property tax payment along with catching up on our bills. With the budget above in place I can actually tell creditors exactly when they will be paid, and that's a nice feeling. Come October hopefully there will be no past due accts and we can structure our budget more easily.

Keep up the good work, and let us know how its going!

Thank you so much! I am really determined to follow through and get 'er done. It will be so nice not to have to worry about where this or that will come from. I can't wait!

And you all are such inspirations! They say if you want something just study the people who have what you want and copy what they do. Well, you guys are 'those people' to me! I aspire to follow in your footsteps where finances are concerned!

Thanks again!

[Brighid]

here is what i pay monthly, to help you fish out any "i forgots"

elec
water
nat gas
lawn
gasoline
groceries/supplies
tithe/fast offering
prescription drugs
dining with friend
credit report
bundled service ATT (cell phone, cable, home phone, internet)
pocket money

here is the breakdown of what i put aside monthly and divide by 12.


escrow (taxes/ins)
trash
home maintenance
home owners association

[snip]

Sooooo helpful! Thank you so much!

[Brighid]

Keep the account that has the best fee structure and is most convenient for you. You are under no obligation to hold an account at the same bank as your mortgage, they can take their payment from anywhere.

Very, very true. It seems I have some research to do!