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Owie Budget

October 1st, 2011 at 06:49 pm

Well, I’m posting my budget. I haven’t done this in forever, but it’s to the point of I’m going crazy trying to make it work and its unsustainable. I need someone else to agree with me on my thoughts or give me other ideas.


Monthly Take-Home Income: $1220
Total Monthly Expenses: $1220


Monthly Car Expenses Total: $930
Car Loan 1: $248 (0%)
Car Loan 2: $305 (~5%)
Gas: $277
Insurance Savings: $100

Monthly Allowance* Expenses Total: $280
My weekly allowance: $40
Husband’s weekly allowance: $40
Joint allowance: $100
Puppy allowance: $100

Other Monthly Expenses Total: $10
Netflix: $10
Student Loans: deferred

*About allowances-
~Weekly Allowances: the $10/week/each goes towards things we want for ourselves that isn’t for a joint reason. For example, lunch out for work functions, needing new socks or clothes, getting a new CD/game, buying a grocery craving.
~Monthly Joint Allowance: it is for groceries, dining out, entertainment/dates, cold medicine, items that are used jointly. $100 is really small, $200 is where we function the best without wasting money or scaling too far back. Thank goodness my parents feed us a lot.
~Puppy allowance: This is for her food, frontline/heartguard, and vet visits. I’m crossing fingers that our expenses for this goes down now that she’s spayed and rid of giardia.


*****
My first thought is we need to increase income. Period.

My second thought is that we are now really, really, really car heavy. We weren’t while he was working two part-time jobs which brought in way more than my salaried job due to health insurances coming out of my pay (~$700/mo), but now that he doesn’t have either one, it is a heavy burden. I’d like to sell car 2 because it isn’t a car I can comfortably drive. Or we could easily sell my car since it’s a used Toyota. Or we could sell both and fix the windshield on my parent’s old ’94 beater-no suspension left, rusted van. It’s an awful situation and I’m also selfish in the thoughts that I will be the one that has to carpool and be carless all the time. Been there, done that, it sucks. But I’ll suck it up though…

Because… If you notice, there is no monthly savings in there for emergencies. My income never fluctuates up. Our EF fund will be gone with the recent trip to ER. If the car gets a flat, it’s going to have to go on the credit card, and not be paid off… for who knows how long. There is no way to even start paying back the EF, so next year, we’ll have nothing if either of us needs to go to the doctor. There is no savings for Christmas. We usually have extra expenses around that time for traveling (ie: driving/gas/food) to visit his family more than presents. We don’t do presents in my family or to each other, but I do typically get something for his nieces and nephews. Plus, insurances go up at the end of the year which means my paycheck goes down fast.

So…We need to increase income and decrease car. Am I right? There's not much else to it that I can see...

6 Responses to “Owie Budget”

  1. Tightwad Kitty Says:
    1317501044

    Quote So…We need to increase income and decrease car. Am I right? There's not much else to it that I can see...
    This budget will not work in the long term. Something has to give.
    Like Cars and lastly the dog are your main problems.

    Your Gas bill is too high for a start. Will you still have to pay money off the cars if you sold them?

    There is no Rent or daily food expensive in it at all.

    I think you are living with your parents or in-laws, am I right.

    What if they loose their jobs and house? Can they afford to keep you long term; a family conference may be needed to get a true picture of the future for all of you. They may be not be able to paid some of they bills too and be one pay check from being on the street.

    Have you thought that far a head with your spending?

    Your living expenses are the only place you can cut back if any happens short term to cover this. That’s not enough is it!

    So are there any more income coming in you that haven't posted here.

  2. Petunia 100 Says:
    1317509189

    Yes, I think you definately have to increase income, or decrease car expenses, or both. Smile
    Also, and I mean this gently, you should be contributing something towards household expenses. It is awesome that you have family who are willing to help, but it is not free to them for you and dh to live in their house.

    You're in a rough spot, but I think you have already identified the best path to a better spot.

  3. TarWalker Says:
    1317514960

    We do live with my parents. When we used to have leftover money, we used to sneak in paying “rent” by buying groceries or buying things for around the house. They never accepted the idea of us paying them rent or helping with utilities. I’ve tried multiple times and they denied fervently, so by buying other things was how I got around it. But since husband went back to school, there are no extra funds to pay “rent”. We also help out non-financially, too.

    There is no other income whatsoever coming in that I forgot about. Not worried at all about job loss, or my parents losing jobs/house. Thank goodness there are two typical worries I don’t have to worry about.

    Our joint allowance used to cover any food expenses outside of family meals. Now it barely will.

    If we sold the cars, we would get a couple thousand (each if both were sold) over what we owe. We’ve never been upside down on the loans.

    Our gas costs are pretty much right on track. We don’t drive much more than to work/school and some errands. We spend our weekends mostly at home. There is no public transportation.

    Husband and I are in serious talks today about selling car 2. That’d help out a lot for short term.

  4. Jenn Says:
    1317517421

    The cars are killing you. Even if you sold one and used the $2000 in proceeds to buy a clunker, it seems like you'd be in better shape. You wouldn't have the monthly note.

    Also, I'd cut the non-essentials. Give up Netflix and do something productive with that movie-watching time. Put the $10/month savings in an emergency fund.

    I'd stop taking the dog to the vet for routine things until you get the humans cared for.

    I think contributing to the household by doing extra chores can indeed take the place of paying rent.

  5. ThriftoRama Says:
    1317518870

    I'm with everyone on the cars. What are the loan balances? Could you sell one and then pay off the other? If you can carpool, do it. I've been a one or no car family for a long time. It's a pain, but if you are in a pinch, it's worth it.

  6. Shiela Says:
    1317537195

    You need to both increase income and decrease expenses. Your car expenses cost more than 75% of your income. I would say get rid of both cars if possible not at one of them.
    Also I think increasing income is a must. Maybe your DH could get a part-time job or two. It is possible if you really want it.

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