motherto2
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Joined: Dec 18, 2010 15:42:27 GMT -5
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Post by motherto2 on Apr 30, 2011 9:11:35 GMT -5
I've been trying to figure out how to keep track of my "variable" type expenses that I have some sort of control over. When I enter my paycheck into my register, I automatically take out the following: Payday 1 - $2,176 Mortgage - $700 Freedom Acct - $200 (this is for HOA yearly dues, auto/clothing, personal property taxes on autos, DS life ins. paid once/yr, unexpected, and a "wants" category) Electric - $174 Cell - $203 (just jumped to $237 bc I had to increase the minutes. Thinking about lowering again, but have to see now that both kids are using their phones.) Car Ins - $209 Church - $75 H20- $9 SL - $335 Dog - $50 Those are all fixed expenses. I allot $ for variable as follows: Gas - $80 Food - $80 Allowance - $50 Payday 2: Mortgage - $700 Freedom - $200 Cable/Internet - $110 - going to $115 with newest price hike Life Ins (me, DD) term - $50 New Security system service - $55 Vonage - $17 SL - $335 Church - $75 H20 - $9 Umbrella policy - $33 Dog - $50 Variables are the same for both paydays. The leftover that I have from payday 2 is what I try to put towards paying my mortgage down so I can have it mostly paid off by the time I retire. Unfortunately, the way things have increased for me, I was at $800/mo to go to the mortgage paydown last fall, to maybe $350/mo now. Won't be paid off like I had originally planned, but should be close. I have $200 that automatically goes to EF, $75 to Christmas. I've not included any of the things that automatically come out of my paycheck like taxes, retirement, etc. because I don't really control those. My problem is I basically have $$210/payday (which is the gas, food and allowance) that I consider variable. For some reason, I just can't wrap my arms around how to allocate the funds properly. I've tried the cash envelopes, the little book to write things in when I spend the money, etc. I feel like my budget is too tight, and am not sure how to fix things. If I need other than food type things (shampoo, personal, cleaning, tp, etc.) currently I am including in the food budget. So like when I need to buy TP, I would only have $35 that week for groceries. I used to be able to absorb these things, but with the price of food going up, just not possible. Same with gas. On another note, I've tried to figure out a way to cut some of my expenses, and I'm not really sure how to. I looked into changing cable to satellite, but I would only initially save about $20/month for the first year, but some of the channels that I watch faithfully would be eliminated. And because I stay home 99% of the time (nonwork time) to keep me from spending money I don't need to, this is my only entertainment. DD pays for her data plan for the cell phones, but I pay the $20 phone charge. I currently pay DS total cell bill, but the deal was I would pay the data plan for the first year, and then he would have to pick it up after that. I anticipate he will take that yearly amount out of his Christmas amount that I allot for him each year, and have that continue to be paid. So, not officially out of my pocket since it will be his Christmas present from me. I have USAA for car, home, umbrella, life ins., so I can't really see that being lower from anywhere else. My folks have a cell phone on our plan, but since it's just a basic no frills phone, it only costs me $15/mo for their phone. I don't see any of my expenses going down for the next couple of years, at least until the kids are out of college and totally on their own. DD pays her car ins., which is about $60/mo, and that is part of my $209 that I pay. Maybe I should take the $90 she gives me for her car/phone and use it as the little bit of breathing room that I need? I had been using it to pay off my cc bill, since DS didn't understand it was only for school necessities. I just took it away from him at spring break when I realized he had charged over $180 for "junk" without telling me. Now I'm thinking of giving him a prepaid card when he goes back in the fall, and that way he can't use if for his little food splurges . Any help would be appreciated!
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Deleted
Joined: May 2, 2024 23:00:14 GMT -5
Posts: 0
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Post by Deleted on Apr 30, 2011 9:26:11 GMT -5
I guess my first question would be why isn't DS paying for the CC if he used it for non-emergency purposes?
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Gardening Grandma
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Joined: Dec 20, 2010 13:39:46 GMT -5
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Post by Gardening Grandma on Apr 30, 2011 9:42:29 GMT -5
DS and DD are both in college? And you are trying to prepare for retirement?
I'd take a hard look at how much help you are providing them and ask if you can realistically contine that help AND meet your retirement goals.
As far as variable expenses, I've found it helpful to track what I've spent in the past to help me allocate a realistic amount.
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motherto2
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Joined: Dec 18, 2010 15:42:27 GMT -5
Posts: 1,719
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Post by motherto2 on Apr 30, 2011 9:57:02 GMT -5
crafty - sometimes it takes me a while to finally break bad, but when I found out about the $180 at spring break I took the money out of his account to pay the bill and took the card away. I had to do that with DD also. My final threat in an e-mail to her was that if she used it without my permission one more time I was going to shut down the card and not tell her. She would find out when it was declined after eating out, or whatever. She finally stopped it! I also took money out of his account a few other times, but I also absorbed some of it. He didn't work last summer because his time between HS graduation to leaving for college was so short (they graduated in late June for some reason). I told him he wasn't getting any sort of handouts this coming summer, and he had to find a job. So far, he's not found anything, but he was more worried about driving 3+ hours several times over spring break to see his girlfriend, which is where the use of my cc went to. The ex and I always told the kids we would pay their first 4 years of college, anything after that and they were on their own. I feel very strongly about this commitment, because I was told that my folks would pay 3/4 of college all my life, and then 2 weeks before I left for college, they backed out of that promise. needless to say, I wasn't able to finish college because even though I worked while in school, I couldn't get enough money to continue paying for my education. And couldn't qualify for any sort of financial aid. DD is paying for her last year of college (as well as summer school this summer) by herself. That was her choice, but it's nice to have a break from that last year. DS goes to a military college, and they don't have the freedom to come and go to be able to get a job as well as not being allowed to have a vehicle there until their senior year. Theoretically he shouldn't need any money because they can't really go anywhere. His spending has been eating dinner at their dining facility (which is not the cafeteria - you can buy regular food, but it's your expense). But I've noticed that has gone way down since he no longer has my cc.
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motherto2
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Joined: Dec 18, 2010 15:42:27 GMT -5
Posts: 1,719
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Post by motherto2 on Apr 30, 2011 10:15:33 GMT -5
gardening - they are both in college but DD has basically been paying her own way with gas/expenses for the last 1 1/2 years. She works during the school year, but just took off the last school year when she joined the Army. That's one of the reasons she is able to pay for her last year of school. She has been back from her advanced training for about a month. She's staying with me temporarily until she moves closer to school in June for her summer classes. She will be taking 3 this summer, but she just got her job back as a lifeguard at her college, and is looking into working at the gym where the pool is also. Plus she's saved alot of money and has some financial help through the Army and need based help. I've been buying groceries, but she's also been purchasing food, so it balances out. DS received about $900 last semester for being in a ROTC program, but is not sure if that will be every semester or just the first one. Guess we'll find out soon enough!
I'm a gov't worker and am in the old retirement system, plus I also contribute to the TSP on my own. I will be good as far as my monthly income, but I had my house being paid for as a goal prior to retirement, but since so many things have changed drastically, I'm not sure if that will be a go or not. Time will tell, but it will be close. Also, contrary to what most people think, the gov't job is not all that secure. Where I work they are having a huge shake up, and depending on how things go, I might have to start a major commute to keep a job. With the cost of gas and the more wear and tear on my car, things are going to be even tighter. We are keeping our fingers crossed but we won't know anything for another month or more probably.
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