Check out my new budget?

**Ashley01** · 05-24-2011, 09:05 AM

It's been awhile since I posted my budget and I've tweaked it some was hoping you guys could tell me what you think. Little back ground for those who haven't seen my posts. I'm 22, single mom to a 2 1/2 year old dd. I'm debt free, and just got my first credit card about 2 months ago to attempt to establish credit since apparently I have absolutely none. I pay for planned purchases with it and pay it off in full every month. I have 5079 in a larger ef and 600 in a small ef. My job is completely up in the air. I have garentreed work till the end of august but after that I'm not sure what I'm doing. I watch children in my home and some are going back to school/kindergarten/mothers will be off work. In august I will have one full unpaid week off. My income also fluctuates every month. For June it should be 2278 at the very minimum and that's what this budget is based on. Okay onto the numbers!

Bills:
Bank fee: 12.95 (no local bank that doesn't charge a bank fee)
Car ins: 31.75
Tenant: 21.83
Cell/Internet: 137
Life ins: 48.38
Auto savings: 75 (goes straight to my tax free savings)
Savings dd: 25 (goes right into her education savings)
Rent: 500 (months that I watch my landlords dog it's 450 but I still budget the 500)
Weekend money: 240 (works out to be 60$ a weekend/week for activities with dd, eating out, misc spending etc)
Clothes: 50
Out: 40 (night out for myself dd free)
Sitter: 25 (to cover my night out, haven't used it in a few months)
Grocery: 340 (80/week with a overage of 20 just in case)
Car maintenance: 50
Extra savings: 100 (goes into my baby ef)
Christmas: 75
Hair: 40
Misc save: 100 (just for things that come up/bigger purchases, was used for a weekend away, a trampoline, next is possibly a pool)
Gifts: 50
Car: 150 (I need to buy a new car will explain more below)
House items: 40 ( for things around the house, shelving, etc)
Gas: 100

I need a new car my old car won't pass inspection and my parents need/want their car (I paid half on it) back. So I'll get my money back plus I have 1000$ left from my income tax I haven't spent. Planning on taking 500 from it, then about 1000$ between the two cars and saving another 1000$ and finding something for around 2500.

Anything extra I make in the month will go towards car and savings split 50/50. Tia for the advice

**Greebo** · 05-24-2011, 09:34 AM

oops my mistake

**ErikM02** · 05-24-2011, 12:22 PM

Internet & cell looks high, but other than that looks good? Looks like you're saving for a lot of different things.

$50 on clothes seems high to me, but then again I'm a single guy lol

**krbshappy71** · 05-24-2011, 12:53 PM

I think you are in good shape! I'd forgo worrying about building your credit, unless you are trying to buy a house eventually? You have a good emergency fund in place, why deal with credit cards, interest and fees that they charge, the games they can play.

You don't mention child support in your posting, but I wanted to throw out there to never, ever, depend on it. I made that mistake repeatedly and got myself into some bad situations when it didn't show up.

Fluctuating income is difficult, I hope you can get some more "regulars" for your daycare.

What are you seeking advice for? For areas to cut back? Or information to invest? The only area I would cut back on is the weekend activities, trying to find more at-home or free-local events. At the very least I would slash that in half if you are looking for a place to cut back.

**Ashley01** · 05-24-2011, 01:13 PM

I only get 100/month child support I do count it in my budget but if he stops paying it it's not going to hurt me that bad. I guess im just looking for cutting back/if I'm putting enough into savings.

As for daycare kids I'm sure I can find more for September but I'm not sure how much longer I want to do it for.