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My monthly expenses...I think

January 14th, 2015 at 03:59 pm

I finally made a comprehensive list of the items that we spend our money on a monthly basis, kinda... This is what I am aiming for at least and I'm sure I missed a few things. I actually tried to shave off a few dollars from the grocery and car fuel, we actually live walking distance to everything and technically have very low fuel, but things like rent and utilizes are pretty accurate. I also tried to make a list of the upcoming items and a general estimate. If your groceries or other are lower, please let me know how or where to lower it tooSmile

Monthly Overhead:

1.) rent and water/sewer: $2,168
2.) cell phone for 2 lines (just lowered too): $130
3.) basic cable/internet: $70
4.) car insurance (maximum coverage): $450
5.) minimum student loan payment: $387
6.) home electricity: $45
7.) groceries ($75/weekly/ATTEMPTING): $300
8.) car fuel: $120
9.) clothes (kids grow fast and destroy): $80
10.)coin/apartment complex laundry: $60
11.) misc (birthday gifts/fees/etc): $100
12.) monthly kids college contribution: $100

Total: $3,910
Left Over: $1,500

Upcoming Expenses to put the left over $1,500:
1.) 401K contribution (?)($700??)
2.) Emergency Fund
3.) Life insurance/Hubs (?) ($1000?)
4.) IRA contribution on top of 401K...redundant? (stocks? $100?)
5.) extra to pay student monthly loan ($100-$200?)
6.) save for kid #3 bill ($650/for 7 months?)

So, I'm hoping I did not miss anything. Maybe my husbands job has a life insurance policy that I'm unaware of?

6 Responses to “My monthly expenses...I think”

  1. Kiki Says:

    This is a good start. My budget is very detailed and I take into consideration everything I can. I even plan out a monthly saving amount for the dmv car renewal or savings for insurance etc. so that my emergency fund is used for true emergencies and not those little things I just forgot to plan for..so....

    Some things to consider:

    Does that say $450 a month for car insurance? So you pay $5400 a year for car insurance? How many vehicles? Have you looked elsewhere for same coverage but less cost?

    What do you spend on entertainment? Movies? Dinner out? Babysitting? Movies on demand? Friends over for dinner? Play dates?

    Personal allowances?

    Did you figure out the interest rate on the student loan? Did you figure out how much the interest-rate that he's earning in his 401(k) on average is so you know whether to save in 401k or toward student loan?

    Do you know how much you currently pay in life insurance premiums monthly?
    Is the Ira contribution for you or for him?
    Do you save anything into a personal health savings account each month to cover co-pays for the pregnancy or illnesses for you your husband or your children?

    Gym fees?
    Is clothing for entire family or just kids? Do you save it into. Clothing account if you don't spend it?

    Do you save for car maintenance?
    Personal care (haircuts, make up, eyebrow waxing, dry cleaning, etc)

    How do you prepare for things like car renewals -DMV payments? Parking fees? Oil changes?

    Subscriptions to magazines, video games, etc?

    Does your grocery category cover TP, laundry soap, dryer sheets etc? Or is there a set amount you want to put aside for household goods ($20/month?)

    Do yo have bank fees? Safety deposit box payment? Po box payment?

    Vacation savings?

  2. Kiki Says:

    Also is the life insurance also for you? Many people forget the amount of work stay at home moms provide: caring for children, cooking and cleaning, activities, etc.

    If, G-d forbid something happened to you he would need to hire someone to do that work- he can't do both work and raise children. So you both need life insurance policies until the kids are raised.

  3. Kiki Says:

    Ok, sorry for one more comment (budgets are one of my favorite things to do! Weird in know but I LOVE the planning around them.) tell me when I've said to much.

    Have you started an account for additional baby items that you will need when the baby arrives like diapers, formula, diaper service, more laundry costs if you wash your own diapers, etc. that may creep into your budget? I would put a line time in now so that I am used to the expense and so that I have a bit in savings to fall back on the first couple of years. Maybe $50 to $75 a month to have something in savings.

  4. turning a new leaf Says:

    Kiki, a HUGE THANK YOU! You brought up many things that I missed. This is why I am really starting to appreciate this place. It is literally the only place that people are willing to give constructive advice...rarely am I able to talk finances with others. Ok, so, as for the items I missed...We order probably $20 worth of movies a month on Comcast, which I totally forgot about and couldn't believe. Yesterday, I actually went to the library and got a card, we moved from out of state so I had to re-sign up (the last time I was there was during the recession). I was blown away by the movie selections and museum passes compared to where we last lived! As for babysitting, we don't get babysitters yet, but will soon. Friends/playdates, is probably $20-25 on snacks etc. We have no info yet on which investments we can choose for the 401K, we just got a letter stating when it kicks in, so I'll have hubs check with the hr department at his work. As for the personal allowances when I was taking myself out to lunch, that hovered around $50 a week! Frown I quite cold turkey though after signing up for this. As for the IRA contributions, we stopped during the recession and have to restart it when we figure out the 401K stuff. I have no gym membership, but I am thinking of investing in riding classes and sailing classes for my kids. dunno yet. researching cost. They did not like Marshal arts and I am trying to get them to learn something they can teach others when they are teens and stick to something. I'd say dry cleaning is about $25 every few months. Car maintenance is about $15-30 with car washes and oil changes every few months ($25/plus tip I think. I have to factor in dmv costs, we moved out of state and forgot I would have to re-register the car and take a written test! ughhh. probably over $100? We don't have magazine subscriptions and as for the soap/laundry/tp items, I usually include that in groceries. We don't have a vacation savings or a baby savings. We were going to use our money market savings account as it is the one we use for the emergency account, which incidentally needs replenishment from the holidays. So, more things to think about and add. However, this is so helpful! I will be printing out the list every month, maybe week to just be on it. My goal is to really delve and know where every penny is!

  5. Kiki Says:

    Once you register your cars contact the previous state and get a refund of your registrations! Sonmany people dont know abput that.

  6. Buendia Says:

    I have yearly costs that I divide by 12 and save for each month - do you have any of those? Ours include summer camp for our daughter, auto servicing (oil change), vacation, dental cleanings. There are also unexpected expenses that I like to save a little fund for: household repairs, doctor, auto repair. I also have a category for pets.

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