I think I'm ready....

**danimarie0820** · 05-13-2011, 06:16 AM

...to post my budget. I really would like some input & motivation to pay off debt. I began to read Dave Ramsey's book and I am ready to become gazelle intense! My only debts are a student loan & we have a new mortgage. My fiance and I split all of our bills 50/50 until we are married. I will have my budget posted this afternoon. I look forward to hearing everybody's input! TIA

**danimarie0820** · 05-14-2011, 10:03 AM

Total Monthly Income:$1500 (not including 2nd job, this goes to savings)
Mortgage: $215.68
Trash: $10/month (we pay $60 every 3 months)
Water: $12.50 (we haven't gone over the $25/month since living here)
Groceries:$100
Cell phone: $80
Car insurance: $35
Electric: $50 (the most our electric has been so far is $94)
Cable & internet: $56.50
Student loan: $400 ( I do not have to pay this much but I'm trying to pay it off)
Gas: $90 (this varies due to gas prices)
Car repairs/maintence:$50
Clothes (if needed):$100
Entertainment:$75

Just a reminder, my fiance and I split all of our bills in half so this is why my expenses are low. We do not split my student loan, gas for my car, clothes, car insurance, or cell phone. After the wedding we will be combining our expenses. Any input or advice? Am I missing anything? TIA!

**Russ** · 05-14-2011, 10:27 AM

I would say, if you're really intent on getting rid of the student loan, quit saving and hammer away at it.
You have about $225 left after bills and you have a good efund.

What happens to the $100 if you don't buy any clothes?

Are you expecting any large bills... newer car, wedding... etc?

Once you combine bills.. does he have debt? Will you help with that?

**ladykemma2** · 05-14-2011, 10:42 AM

i recently switched to a walmart tracphone.

80 per month vs. 200 per year. think about it.

**krbshappy71** · 05-14-2011, 10:47 AM

I would redistribute that clothing $100 to bills, totally. Watch Freecycle or Craig's List for clothing if you really don't have a wardrobe, but I'm guessing if that's what you think you were spending before hand on clothes that you have a pretty good selection by now. Try it for just one year and see what a difference that $1,200 can make in other areas in your life rather than the latest outfit.

But then, I tend to then spend that $ on pets instead so "to each their own", that was just one area that came to mind that you could cut out for awhile.

Cut out some of that entertainment if you can. You are already spending Cable & internet: $56.50, so if you considered that in your entertainment bill that would still leave $15. I'm assuming that's the point of cable and internet, right? To entertain you? It always amuses me that people list it separately and then tack on even more money to entertain themselves. Try to fill your time with cheaper activities such as reading (library) walks holding hands with your love, snuggling on the couch with him and the tv, and as the weather gets nicer more outdoor activities together. Go to the parks, local free events, etc. Just a thought if you really want to "get Gazelle intense"

You are doing great!! Much farther ahead financially than I am!!

**gmarie** · 05-14-2011, 12:25 PM

If you leave $1000 in your emergency fund, pay the rest towards your loan, reduce your clothing to $50/mo, that would give you $675 (not including your 2nd job) to pay down the rest of the $8,771.03 - you would be debt free in 1 year and 2 months!

You can also try lowering the entertainment/blow money (maybe to $50) or dropping cable, and finding a cheaper cell phone.

Depending on how much you earn from the second job, you could be debt free in months! Do you have anything you can sell?

**FrabjousDay** · 05-14-2011, 12:30 PM

Is savings from the second job going towards something specific like a honeymoon, wedding expenses, etc? Or is it a general savings fund?

I would consider putting income from the second job towards the student loans, unless you have a specific plan for that money.

**danimarie0820** · 05-14-2011, 01:22 PM

Originally Posted by krbshappy71

I would redistribute that clothing $100 to bills, totally. Watch Freecycle or Craig's List for clothing if you really don't have a wardrobe, but I'm guessing if that's what you think you were spending before hand on clothes that you have a pretty good selection by now. Try it for just one year and see what a difference that $1,200 can make in other areas in your life rather than the latest outfit.

But then, I tend to then spend that $ on pets instead so "to each their own", that was just one area that came to mind that you could cut out for awhile.

Cut out some of that entertainment if you can. You are already spending Cable & internet: $56.50, so if you considered that in your entertainment bill that would still leave $15. I'm assuming that's the point of cable and internet, right? To entertain you? It always amuses me that people list it separately and then tack on even more money to entertain themselves. Try to fill your time with cheaper activities such as reading (library) walks holding hands with your love, snuggling on the couch with him and the tv, and as the weather gets nicer more outdoor activities together. Go to the parks, local free events, etc. Just a thought if you really want to "get Gazelle intense"

You are doing great!! Much farther ahead financially than I am!!

For the clothes, that is just what I budget myself if needed. I rarely by myself clothes so it's more of my "just in case cushion". I didn't think about cable/internet being entertainment, thanks! We do not go out much at all since we have bought the house just because it is so nice to eat outside on the deck and hang out with family and friends. I think I could completely cut out the leftover $15 that way. I also just realized I forgot to add my monthly expenses for the pets! opps!

**danimarie0820** · 05-14-2011, 01:34 PM

Originally Posted by Russ

I would say, if you're really intent on getting rid of the student loan, quit saving and hammer away at it.
You have about $225 left after bills and you have a good efund.

What happens to the $100 if you don't buy any clothes?

Are you expecting any large bills... newer car, wedding... etc?

Once you combine bills.. does he have debt? Will you help with that?

When I do not buy any clothes the $100 goes to my savings. I'm going to start putting it towards my loan. My fiance is a SAVER so I guess that's why I feel I need to put away extra money. He is completely debt free except for our house. We would like to pay off our mortgage in 8 years.

I do not have any bills coming up for the wedding or a newer car. Wedding expenses we have put away in savings but we are doing everything as cheap as possible. Whatever isn't used will be used towards our mortgage.

**khaski** · 05-14-2011, 04:18 PM

Take a look at your food budget- is it possible to bring it down more? not that $50 a week for 2 people seems excessive by any means, but if you -really- wanted to get serious, you might consider the 'rice and beans' method and eat on the super cheap for a bit to find a little more $ to snowball. Sounds like you two are on the younger side- what a great time to get your financial house in order! The best wedding gift you could give each other. Will he be helping pay down the SL's once your married?

**Ceashels** · 05-14-2011, 06:13 PM

Originally Posted by danimarie0820

Trash: $10/month (we pay $60 every 3 months)

$10 a month will have you at $30 at three months... so you need to double your contribution to this fund of the budget.

Or am I confused and this is your half of the budget?

**danimarie0820** · 05-14-2011, 11:31 PM

Originally Posted by Ceashels

$10 a month will have you at $30 at three months... so you need to double your contribution to this fund of the budget.

Or am I confused and this is your half of the budget?

It is $60 for three months so $30 for three months my half.

**itlw8** · 05-19-2011, 03:25 PM

I would disagree with several comments. I would NOT stop saving and pay off the student loan. I assume you have a low interest rate on that first. make sure you have 6 to 8 months living expenses saved Then you can up the amount paid on the student loan. Then after you pay that off keep on saving that amount as before long you will need a new car and paying cash is best.

**ErikM02** · 05-20-2011, 12:21 PM

I've cancelled my cable & just started using Netflix or streaming TV

$10 a month instead of $100 a month, huge savings and don't miss the TV at all

**dinah** · 05-20-2011, 12:28 PM

if your savings are garnering a higher interest rate then what your student loan is then i would leave it...but if your student loan interest rate is 5% and your savings is only 3% i would shuffle the majority to paying down the loan.

your EF is nice and healthy, you could slow down on the savings for it.

everything else seems good to me.