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New Budget

October 2nd, 2009 at 09:43 pm

Well, after going through our first month on a budget we've made some adjustments.

Auto Fuel $260
Auto Insurance $160
Auto Maintenance $30
Clothing $50
Dog $75
Groceries $600
Household/Gifts $100
Descretionary $560
Kids Activities $200
Life Insurance $166
Loan $700
Savings $330
Tuition $338
Tithes $500
Utilities $260
Memberships $35

Total $4364

6 Responses to “New Budget”

  1. LuxLiving Says:

    Is your savings in a retirement fund? I don't see that on your budget. Is your savings designated for future bills or just general long term savings?

    Your husband is a career Navy man, right? I'm assuming then he'll have a decent retirement package from them.

    What about you? Will you be working & saving for YOUR retirement after school then? Or are you already?

    Not trying to be nosey, just want young mothers to think about their own long term financial picture.

  2. leahb Says:

    I put $160 a month into a Roth IRA for myself. I have a little under $7000 in there right now. This year I've contributed $3600. Not much but a start.
    $100 goes into College Savings
    The balance into a general savings account.
    We also contribute to my husbands TSP (401K for the Navy) about $260 per month. We have put that on hold as of this month in order to pay things off a little quicker. I plan on starting that back up next summer.
    He gets an annual bonus in June of every year and my hope is to max out my IRA from this point on using some money from that bonus.

    I agree I need to save for me too Smile
    I finish school in December and will be looking for a part-time job at that point. I have a good lead but it's just a matter of timing. Jon ( my husband) will start shift work in about a month and will be working four days on four days off. I am trying to schedule it so I will work on two of the four days he is off so we won't have to pay for childcare. It's a paid internship position and they are pretty flexible with scheduling I just have to work a minimum of 15 hours per week. They don't have a spot open for me now but one person should be leaving by Christmas and I'll step in at that point. I'll be considered a private contractor so I'll have to take care of all my own taxes but they will pay $30 per hour while I'm there.

    Thanks for asking!

  3. homebody Says:

    Having 3 girls helps with the clothes doesn't it. Unfortunately I got rid of everything after the first 2 thinking I was not having any more kids, then #3 came along 6+ years later. I take it you live in military housing?

  4. leahb Says:

    We are actually renting out on town. Our rent is under our BAH and I have it set up on an allotment that comes directly from his paycheck. We tried for base housing but they didn't have any available.

  5. Jerry Says:

    This is probably already in place, but do you have all of your insurance coverage through one company? (And is it USAA? They are the best for military families, I think...) Usually combining them leads to a break in premium costs.

  6. Leah Baugh Says:

    Our insurance is as follows:

    Jon has SGLI through the military $400,000 on him $100,000 for me.
    We each have a policy through Navy Mutual Aid Association (NMAA).
    They were actually cheaper than USAA but it's a decreasing term policy starting at age 50 and expiring at age 60. We each have $600,000 though them.
    Then I have a $300,000 policy through USAA it's a regular term policy. I was going to cancel it when we opened our policies through NMAA but USAA convinced me not too.
    Our girls are covered under all the policies at $10,000 per child per policy.
    We also have whole life policies on the girls through NMAA $30,000 each child. This is where the bulk of our monthly cost comes from. They are seven year pay plans. We pay on them for seven years then they are paid in full for the rest of the girls life. They will continue to build a cash balance for the rest of their lives. The current return on them is 7.5% and they all have a cash value of around $520 a piece. The estimated death benefit at age 70 for our youngest daughter at 7.15% is $109,720 (just to give an example).
    I figured this was an easy way to build a little cash savings for them. If they end up with no other insurance when they are older at least they will have this.

    Our NMAA policies run $56 per month
    My USAA policy $22 per month
    The girls policies average $25-$27

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