Here I go-
I am usually a lurker and occasionally post. We are not in a major financial crisis or disaster, but I am tired of seeing our money going down the drain for stupid stuff. We want to be able to take vacations and not have to use a credit card. We want to be able to save money for a new vehicle at some point. I want to be able to have meals made up, so we are not eating out all the time. I want eating out to be a luxury and something we appreciate.
Here is where I need accountability. I don't do a good job with keeping a budget (bad, I know!). We eat out WAY too much. I am ashamed to admit how much. We waste money on groceries and things go to waste because of our eating out habit. We spend way too much on entertainment and "fun stuff." We have the money for this kind of thing, but spending it on those things makes me feel wasteful. I cringe looking at the bank account and seeing all the "stuff" we spend money on that we don't really need to.
Here is kind of a rundown of our budget.
$746- Husband's Take Home Pay - Every 2 weeks
$678- My Take Home Pay- Every 2 weeks
Total = 2848 (Take Home Pay)
Expenses:
Rent- $565
Electric- $85
Car Payment - $171 (We owe less than $4500 now)
Car Insurance- $480 (Every 6 months)
Cellphones- $90
Internet- $29.96
Tithe- $250
Wal-Mart CC- $30 ($181.00 left to pay)
Capital One CC- $30 ($280.00 left to pay)
Groceries - $200
Gas- $150
Eating Out/Misc - $150
Health/Beauty Items - $50
Payment to SIL for furniture - $250 (one time thing- did not include this in the expense total)
Total Expenses: $1990.96
So that means we should have about $850 left over after all the bills are paid. I am estimating high on most of our expenses as well except the things that I know don't change month to month. We try to keep at least $1000 in the bank account. Some months are better than others.
We are wanting to pay off the Wal-Mart CC, Capital One CC by the end of December. Then, we are wanting to double our car payment to get it paid off quicker hopefully by Summer 2009. We will be going on vacation in December, but we are paying cash for everything. Then I will need $300 in March for a rental car. Other than that, we do not have huge expenses or credit card debt. I feel like we should take this opportunity to get ahead and use our money wisely instead of waiting until its too late.
So here is a list of things that I want to accomplish by the end of the year.
1. Open a savings account (Put a percentage of my paycheck into savings every pay period)
2. Start putting $300 into savings every month - This is money we won't touch unless we need it
3. Start 401-K at work when eligible
4. Have a set amount for eating out budget and stick to it
5. Prepare meals for breakfast and lunch to curb eating out
6. Pay off car ASAP and use the extra money to start saving for another vehicle
That is pretty much my plan. Hubby is on board, but if I am not prepared by having groceries in the house and meals planned out- we are much more likely to eat out. Due to me having some health issues, he has to help a lot more and this makes it difficult when we both are tired after work. But- if I plan ahead we should be able to do this. I will keep this thread updated with our progress.
Feel free to give me any suggestions or ideas!
I am usually a lurker and occasionally post. We are not in a major financial crisis or disaster, but I am tired of seeing our money going down the drain for stupid stuff. We want to be able to take vacations and not have to use a credit card. We want to be able to save money for a new vehicle at some point. I want to be able to have meals made up, so we are not eating out all the time. I want eating out to be a luxury and something we appreciate.
Here is where I need accountability. I don't do a good job with keeping a budget (bad, I know!). We eat out WAY too much. I am ashamed to admit how much. We waste money on groceries and things go to waste because of our eating out habit. We spend way too much on entertainment and "fun stuff." We have the money for this kind of thing, but spending it on those things makes me feel wasteful. I cringe looking at the bank account and seeing all the "stuff" we spend money on that we don't really need to.
Here is kind of a rundown of our budget.
$746- Husband's Take Home Pay - Every 2 weeks
$678- My Take Home Pay- Every 2 weeks
Total = 2848 (Take Home Pay)
Expenses:
Rent- $565
Electric- $85
Car Payment - $171 (We owe less than $4500 now)
Car Insurance- $480 (Every 6 months)
Cellphones- $90
Internet- $29.96
Tithe- $250
Wal-Mart CC- $30 ($181.00 left to pay)
Capital One CC- $30 ($280.00 left to pay)
Groceries - $200
Gas- $150
Eating Out/Misc - $150
Health/Beauty Items - $50
Payment to SIL for furniture - $250 (one time thing- did not include this in the expense total)
Total Expenses: $1990.96
So that means we should have about $850 left over after all the bills are paid. I am estimating high on most of our expenses as well except the things that I know don't change month to month. We try to keep at least $1000 in the bank account. Some months are better than others.
We are wanting to pay off the Wal-Mart CC, Capital One CC by the end of December. Then, we are wanting to double our car payment to get it paid off quicker hopefully by Summer 2009. We will be going on vacation in December, but we are paying cash for everything. Then I will need $300 in March for a rental car. Other than that, we do not have huge expenses or credit card debt. I feel like we should take this opportunity to get ahead and use our money wisely instead of waiting until its too late.
So here is a list of things that I want to accomplish by the end of the year.
1. Open a savings account (Put a percentage of my paycheck into savings every pay period)
2. Start putting $300 into savings every month - This is money we won't touch unless we need it
3. Start 401-K at work when eligible
4. Have a set amount for eating out budget and stick to it
5. Prepare meals for breakfast and lunch to curb eating out
6. Pay off car ASAP and use the extra money to start saving for another vehicle
That is pretty much my plan. Hubby is on board, but if I am not prepared by having groceries in the house and meals planned out- we are much more likely to eat out. Due to me having some health issues, he has to help a lot more and this makes it difficult when we both are tired after work. But- if I plan ahead we should be able to do this. I will keep this thread updated with our progress.
Feel free to give me any suggestions or ideas!