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Our Budget Month One

September 8th, 2009 at 01:49 am

This is our first attempt at a budget. I kind of guessed on the numbers and figure I can fine tune and tighten it next month once we see how things go.

Monthly take Home is 5503
(our rent, which is $1305 is already taken out)

Auto/Property Insurance $140
Life Insurance $166
Clothes $100
Gas $200
Dog $50
Entertainment $75
Extra Debt Payment $500
Dining Out $100
Groceries $550
Gifts $100
Discretionary $700
Savings $300
Student Loan Payments $431
Tithes $450
Tuition $279
Utilities $150
Cell Phone $120
cable/internet/phone $135
Kids Activities $150
Credit Card Payments $100
Car Payment $700

Total $5496

Posted in Budgeting | 6 Comments »

6 Responses to “Our Budget Month One”

  1. Petunia Says:
    September 8th, 2009 at 02:39 am 1252377591
    1252377591

    Welcome!

  2. homebody Says:
    September 8th, 2009 at 02:47 am 1252378020
    1252378020

    I feel like I know you already....

    Okay what is discretionary category for when you already have dining out and entertainment and kid activity categories??

    My YD is married to a Marine. Is this only your DH's income at this point or are you working too?

  3. ceejay74 Says:
    September 8th, 2009 at 02:55 am 1252378514
    1252378514

    Good luck! I look forward to hearing how closely your actual budget adheres to this.

  4. whitestripe Says:
    September 8th, 2009 at 03:28 am 1252380493
    1252380493

    good luck with your budget. being non-religious i will never understand how people can spend more on thithing than saving, or nearly as much as food. but if that is what you wish to do that is your choice.

    are you tracking your expenditure? you will be able to compare it to your budget much easier if you keep track of everything, and will then know where you need to make changes.

  5. leahb Says:
    September 10th, 2009 at 03:32 am 1252553573
    1252553573

    We'll be using mvelopes to track our expenditures. It's working out well this month so far. As far as the discretionary part in the budget, It's more of a holder for this month. We have never done a budget before and wasn't sure what else may come up during the month that we didn't have in the budget. It will be changed next month.
    Our take home pay is after what we put into our TSP ( essentially a 401k plan). So in addition to our $300 for savings we are also contributing around $400 per month for retirement. Hope this answers some questions.

  6. leahb Says:
    September 10th, 2009 at 03:34 am 1252553699
    1252553699

    I do some bookkeeping from home and make about $540 per month. I am self employed so I have to take care of my own taxes from that. The full $540 is included in the take home since we have always gotten a a rather large tax return and normally don't set aside for taxes.

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