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 too
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?
My monthly expenses...I think
January 14th, 2015 at 11:59 pm
January 15th, 2015 at 12:39 am 1421282395
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?
January 15th, 2015 at 12:42 am 1421282557
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.
January 15th, 2015 at 12:48 am 1421282910
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.
January 15th, 2015 at 08:21 pm 1421353296
January 15th, 2015 at 10:16 pm 1421360193
January 15th, 2015 at 11:58 pm 1421366289