Our 2010 Budget - Work in Progress

[MomToTwoBoys]

I decided that if we want to move next year, we need to start now as far as getting finances in order. We also need a budget because well, I like having one.

The budget is a work in progress and is subject to change at least three times:

1) When my cell phone plan ends (the date that I got my phone was December 21, 2006 but I'm not sure if that's when the plan ended... see #2 as to why)
2) When DH's cell phone plan ends (his cell phone plan includes my phone because both phones are in his name - his plan ends in March)
3) My gym membership is done in February (thank GOD! I wasn't utilizing it anyways and it was costing me between $30 and $45 a month)

My disability pension hasn't received an updated monthly amount yet (the last compensation table they have listed at the VA is for 12/1/2008 and they usually release one every year), so the current budget will include the figures from last year as a basis for my income. We are also without the extra $100 check we were getting for day care because DS6 turned 6 in September, but we've been doing ok without it for the last three months anyways. Any extra income (meaning any OT or tax checks or other items) will strictly go into savings.

So here is the budget in all of its glory!

Income: $2200 (DH), $475 (Me), $216.95 (Kids - Tax Credit) = $2891.95

Expenses:

Mortgage (This will change in July due to a refinance) - $667
Groceries - $600 (I decided to raise this given the GF diet we've been following since August)
Utilities - $250 (an average number... depends on the season)
Cable/Internet/Phone - $150 (this will change also, going down in price)
Cell Phone - $100 (this will also change when we convert to Pay As You Go)
Debt - $400 (inlaws), $100 (VISA - based on problems with the van late last year), $100 (Best Buy)
Gas - $60 (I'll have to double check on this)
Entertainment - $50 (I pay $15 a month and the other $35 is for DH to do what he wants with it)
Savings - $100 (I put $100 a month into savings for things like birthdays, holidays, etc)

Remaining Income - $414.95

I imagine that DH will end up eating up most of that with smokes, but we're trying to curb his smoking and/or get him to quit. I didn't include it, but if I do, it's about $40 every two weeks now. In the months that we have a third check, we'll be able to pad the savings account some more because the only things that'll come out of it are groceries, gas, mortgage, smokes, etc. Bills like the utilities, entertainment, etc are budgeted strictly monthly.

I'm hoping that we can put enough into savings to do all of the smaller renovations this year. We also get a large tax check, which we're uncertain as what to do with it now. I think I'd like to get a $1k EF in when we get it back and then buy us new beds (we really need new ones for all of us... the ones we have are all hand-me-downs). I want to get the kids daybeds and get a nice bed for DH and I that won't cost us an arm and a leg.

So that's our current budget. Like I said, it'll change a few times as we're having to refinance the house in July (we're at the end of our five year amoritization period and need to lock in a new rate). The budget will update as financial changes come into place. Note that we're putting $600 onto the debt and that will also change.

[MomK]

Good luck with your budget goals for 2010!

[Gardengal18]

No Car Insurance; Home Insurance; Property Taxes; School Taxes; City/Muni Taxes up there in Canada? For most of us here in the USA the Property, School and City/Municipal taxes are 1/2 to sometimes more than the actual house mortgage....those also need to be budgeted for too on a monthly basis...