January's Budget

**sunray16** · 01-01-2008, 05:39 PM

Ok, DH and I just finished our first ever budget meeting.

There was a lot of number crunching and compromising, but I think we have something we can both live with. We come from different perspectives...I'm the saver and DH is the spender, so compromise was KEY. I had to allow some money for "luxuries" and DH had to give up a little. There are some things he absolutely wouldn't budge on. Here's what we came up with...be brutal if you have to.

In this budget, we've spent every penny of our income, just like Dave says to do. We don't know exactly what our income will be, but if we get any extra, we will put that toward the debt we're attacking right now.

Income: $4,000

Charitable gift: $25.00 (already committed to this)
Mortgage: $1,001.96
HELOC: $200.00
Driveway fund: $43.16
ADT Security: $35.70
Electric: $134.97
Cell Phone (we have pre-pay): $20.00
Cable/Phone/Internet: $151.55
Groceries: $200.00
Car loan 1: $331.60
Car loan 2L: $219.94
Gas: $250.00
Car Insurance: $177.00
Child Care: $50.00 (SIL already babysat last week - this is what I owe her)
DH's Hair Cut: $28.00
Magazine subscription: $12.00
BLOW: $40.00 ($20.00 each)
Vacation fund: $100.00

Debt:
Visa: $100.00
Bank of America: $86.00
Juniper: $31.32
Discover: $96.00
Best Buy: $500.00

Debt attack!
Student Loan: $165.80

So, what do you guys think?

**Mom23boys** · 01-01-2008, 05:59 PM

It looks like you planned for everything. I see you are trying to knock out that Best Buy debt!! Good for you!! You can do it!!!

I like the way that you and DH did this together!! It will always work better when you are both on the same page. Good luck.

**sdrjeolsen** · 01-01-2008, 06:10 PM

Looks good. The only thing I thought about was health insurance or homeowners insurance, but maybe those come out of your paycheck and your mortgage payment already.

Its really great that you did a budget together. I am the saver too and my husband the spender.

**KJayEsq** · 01-01-2008, 07:43 PM

Congrats on doing your first budget together! It will get easier each time. I did my first one just a month ago and now I wonder how I got along without one!

**AmyBoz** · 01-01-2008, 08:49 PM

That's great that you sat down together and got this done! Great work!

**caradana** · 01-01-2008, 09:29 PM

Pretty excellent

**beautifullyhaunted** · 01-02-2008, 09:07 AM

Congrats on sitting down and doing this together

It looks like your off to a good start!

**LexTysMommy** · 01-02-2008, 09:17 AM

Thats great you sat down together to do this! That is key!

Not sure what BLOW is! LOL

**tina150** · 01-02-2008, 10:06 AM

Originally Posted by LexTysMommy

Not sure what BLOW is! LOL

I wondered the same thing

**McD** · 01-02-2008, 10:18 AM

Blow Money is like fun money---money you can spend on whatever without having to justify it...

**sunray16** · 01-02-2008, 12:02 PM

Thanks for all the input everyone! Things seem to be going well so far. We did realize after doing the budget that we didn't allow any spending money for my birthday (in about a week). But, lucky me, I got a little extra in my check I wasn't expecting, so now I have enough to get the 1 present I really want (about $30) and go out (I get a free movie on my birthday at the theater here and the extra I got can pay for DH's ticket and maybe a snack). YAY!

I've been paying bills this morning (thankfully DD is napping for me) and I'm feeling good about it. This is the first month in a few months where I really felt on top of things and it feels good. Before, I would balance my checkbook at the last minute and pray there was enough to pay the bills. And often, the bills would be a little late or just on time and I'd have to pay a fee to get them paid on time. NO MORE! I love this feeling...I'm praying we can stick with it this time!

**forHISglory** · 01-02-2008, 12:47 PM

Sounds like you are experiencing that high rush that comes with getting debt free! Congrats on what you have accomplished! I was wondering about a bill for water or sewer. Didn't see it on your list. Keep up the good work!

**sunray16** · 01-02-2008, 03:35 PM

To answer the water/sewer question...we have some bills that are bi-monthly like water, car insurance, etc. I decided it would be easier to budget month-to-month with the bills and income we have that month rather than try and come up with the "perfect budget from heaven" as Dave says. So, next month water will be on there, but car insurance won't.

**ladykemma2** · 01-02-2008, 04:12 PM

can you get rid of cable,security and vacation fund? that would be hammering at the debt harder.

**quiltingmommy** · 01-02-2008, 04:27 PM

I thought the same thing about the security system. If you are a SAHM or in a nicer neighborhood, I would consider getting rid of the security system. We had one when we first moved in, but there are so many neighbors who are home all day (and a couple of them are older and notice everything that goes on in the neighborhood) that we cancelled it. If there have never been problems in your neighborhood...