Angel!
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Post by Angel! on May 4, 2011 16:18:18 GMT -5
Since it seems to be budget week on YM, I thought I'd throw mine out there. Go ahead & rip me to shreds . Gross Income - 4577Fed taxes - 359 FICA - 226 State Taxes - 130 Insurance - 252 HSA - 319 Roth 401K - 92 Life Insurance - 9 Net Income - 3190Expenses - 3205Mortgage (108,500 @ 5.375%) - 640 Heloc (19,500 @ 4.75% variable) - 100 CC 1 (15,500 @ 2.99% fixed) - 200 CC 2 (1,950 @ 0% until Aug) - 20 Student Loan (12,500 @ 2.25%) - 70 Daycare (8 month old & 2 yr old) - 1260 Utilities - 153 Trash - 27 Internet - 50 Cell Phone - 125 Gas - 80 Diapers - 80 Food/Everything Else - 400 This is based on 4 weeks/2 paychecks. The extra 2 paychecks/yr are used for those extra 2 weeks living expenses (food, daycare, etc) & they coincide with when my car insurance is due. Go ahead, tear me a new one
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Angel!
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Post by Angel! on May 4, 2011 16:19:04 GMT -5
Oh I forgot savings:
$2,500 cash $17,000 401K $2,000 IRA
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whoisjohngalt
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Post by whoisjohngalt on May 4, 2011 16:32:53 GMT -5
All I can say is that anyone who doesn't have cable has my admiration. I would go without food before I canceled cable.
That being said, I couldn't pay $125 for cell phone, but I hardly use that thing
Lena
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qofcc
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Post by qofcc on May 4, 2011 16:36:02 GMT -5
You're living on the edge, but you already know that. You should probably explore the internet/phone options.
The good news is your minimum payments on the cards & HELOC go down every month and in a couple of years the daycare cost will go down and the diapers will go away. Presumably your income will also go up during that time.
You don't mention your property tax. Is that included in the mortgage?
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Plain Old Petunia
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Post by Plain Old Petunia on May 4, 2011 16:36:21 GMT -5
Are you managing to pay everything without dipping into savings and/or using credit?
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resolution
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Post by resolution on May 4, 2011 16:38:41 GMT -5
That looks very tight, but I am glad you found a way to do it and stay in your home.
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Angel!
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Post by Angel! on May 4, 2011 16:41:43 GMT -5
Are you managing to pay everything without dipping into savings and/or using credit? Up to this point, sheer luck. I have only really been on this budget since January when DD started daycare full-time. I have managed not to have to touch savings or put anything on credit since then though.
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Plain Old Petunia
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Post by Plain Old Petunia on May 4, 2011 16:42:02 GMT -5
You don't need a new one, you're doing the best you can under the circumstances. If you can just manage to tread water until your expenses begin to ease (diapers, daycare) and your income begins to rise, you'll be in fine shape. It's the interim that you have to worry about. I'd make certain I kept my credit squeaky clean so that the sweet BT offers keep coming; you cannot afford rate spikes.
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Angel!
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Post by Angel! on May 4, 2011 16:44:32 GMT -5
You're living on the edge, but you already know that. Yes, at this point everything is a house of cards waiting to collapse. But I do have backup plans should money become too tight - lower HSA & lower withholding. I haven't done it yet because I figure any extra money right now will get wasted, so wait until I really need to make the change. Taxes & insurance are both in the mortgage. I am hopefully getting a raise in July *fingers crossed*
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Angel!
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Post by Angel! on May 4, 2011 17:02:59 GMT -5
Come on people, where is the YM that is going to tell me everything I am doing wrong! I think you people just know me & my situation too well & you don't want to be mean If I was a new poster I can think a half dozen questions & criticisms that I would get. You're all turning into a bunch of softies
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whoisjohngalt
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Post by whoisjohngalt on May 4, 2011 17:31:23 GMT -5
I told you, I wouldn't pay $125 for a cell phone. And remember, according to some I am mean all the time Lena
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Sum Dum Gai
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Post by Sum Dum Gai on May 4, 2011 17:38:35 GMT -5
You're all turning into a bunch of softies I was thinking the same thing on my budget thread.
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Plain Old Petunia
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Post by Plain Old Petunia on May 4, 2011 17:43:18 GMT -5
The only thing I see where you might cut is the cell phone. You must have yourself a fancy package. And truthfully, yes, your savings account could benefit from a deposit of $75 per month if you switched to a more basic package. Your mortgage is low, the consumer debt is at low rates, you aren't adding to it, what else can you do?
Are you tracking your "everything else" money? You want to be sure you spend it counts the most.
You might consider ways you could bring in a bit of extra cash, though with 2 young children, you're already stretched thin and they need your time and attention too.
I do Beezag, InBox Dollars, and decoy mail for a little extra cash (which I throw at my mortgage), you could do those they are mindless and easy. I make a couple hundred a year that way. (Yes, it is just A LITTLE extra cash.)
If you adjust your withholding and direct those extra dollars into your savings account, you will have a bit more to fall back on.
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Angel!
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Post by Angel! on May 4, 2011 17:45:25 GMT -5
I told you, I wouldn't pay $125 for a cell phone. And remember, according to some I am mean all the time Lena Well that was mean & it left me in tears, especially since I have several reasons as to why I absolutely have to have a cell phone that expensive ;D. Honestly, cell phone is something that could be lowered, but it is kind of my last extravagance. Satellite had to go a year ago when it became apparent that I had money issues. My 2% 401K contribution & lack of other savings absolutely embarrasses me & yet no one even made a comment. - I take that back, now people have mentioned savings.
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Sum Dum Gai
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Post by Sum Dum Gai on May 4, 2011 17:49:16 GMT -5
Daycare (8 month old & 2 yr old) - 1260 I just hope you're planning on throwing yourself a freaking party the day that this goes away or at least comes down to just after school care.
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Deleted
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Post by Deleted on May 4, 2011 17:51:15 GMT -5
Do you have a daycare FSA you could use?
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hoops902
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Post by hoops902 on May 4, 2011 17:52:23 GMT -5
Daycare is costing too much. Just let the 2 year old watch the 8 month old.
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Angel!
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Post by Angel! on May 4, 2011 17:54:03 GMT -5
I've not been tracking my everything else money, I just withdraw the cash each friday & most of it goes to food. I do try to only take out $80 instead of $100 a lot of the time to give myself a small savings.
I've never even heard of Beezbag & Inbox, I will have to look at those.
Maybe child support, more likely theoretical child support in which the amount I am owed just accrues with no money actually coming in.
I am hoping for a balance transfer for the 0%, I keep getting offers now, but I don't know if it is too soon since I have several more months before the offer expires. I think it resets to 13%. I could always take the money out of my massive savings account, but that leaves me very little in the way of an EF.
My biggest concern right now is the furnace - it is 32 years old & I figure it could die at any time & I don't have the money to cover it without taking out more CCs.
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Plain Old Petunia
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Post by Plain Old Petunia on May 4, 2011 17:55:30 GMT -5
I told you, I wouldn't pay $125 for a cell phone. And remember, according to some I am mean all the time Lena Well that was mean & it left me in tears, especially since I have several reasons as to why I absolutely have to have a cell phone that expensive ;D. Honestly, cell phone is something that could be lowered, but it is kind of my last extravagance. Satellite had to go a year ago when it became apparent that I had money issues. My 2% 401K contribution & lack of other savings absolutely embarrasses me & yet no one even made a comment. - I take that back, now people have mentioned savings. You're treading water. You haven't done anything dumb like cash out your retirement savings to go on vacation. Two babies in daycare is expensive, but temporary. The day will come when you can ramp up your savings. Good luck with the raise, if it happens, you could earmark that for savings (both immediate and retirement).
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Angel!
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Post by Angel! on May 4, 2011 17:56:17 GMT -5
Daycare (8 month old & 2 yr old) - 1260 I just hope you're planning on throwing yourself a freaking party the day that this goes away or at least comes down to just after school care. Oh yes, there will be a huge party. Daycare FSA isn't offered, they got rid of it just this year . Awesome, My problems are solved! (just don't anyone tell CPS).
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Angel!
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Post by Angel! on May 4, 2011 17:57:22 GMT -5
That is the plan!
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whoisjohngalt
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Post by whoisjohngalt on May 4, 2011 17:57:55 GMT -5
BTW, there is a lady on WIR (kids) thread that is doing an AMAZING job with diapers - her goal is something crazy (good crazy) like spending $75 /YEAR.
Since you probably will have another year or two using diapers, may be it would be useful to you to know how she does it. Her name is Sam.
Lena
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hoops902
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Post by hoops902 on May 4, 2011 17:59:22 GMT -5
Are you at least LOOKING for other childcare options? I know it's expensive, but the status quo around here at least seems to be assuming that daycare is just "that expensive" and not even looking once you find it. I don't know where you take them, but keeping your ears open for people you know who might be looking to watch a couple kids might help.
Daycare is obviously the albatross around your neck temporarily. Cell phone next obviously.
"Awesome, My problems are solved! (just don't anyone tell CPS)."
Start keeping 2 big boxes under your desk at work? Kids love to play in boxes.
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Deleted
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Post by Deleted on May 4, 2011 18:02:58 GMT -5
Are you at least LOOKING for other childcare options? I know it's expensive, but the status quo around here at least seems to be assuming that daycare is just "that expensive" and not even looking once you find it. I don't know where you take them, but keeping your ears open for people you know who might be looking to watch a couple kids might help. Daycare is obviously the albatross around your neck temporarily. Cell phone next obviously. "Awesome, My problems are solved! (just don't anyone tell CPS)." Start keeping 2 big boxes under your desk at work? Kids love to play in boxes. Not sure where she lives, but I think her daycare is pretty cheap. In HCOLAs, daycare for an infant can run 2-3 hundred a week and 1-2 hundred for a 2 year old.
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Plain Old Petunia
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Post by Plain Old Petunia on May 4, 2011 18:09:30 GMT -5
Beezag and InBox both have short video ads which you watch (I keep the sound off, shhhh, don't tell) and two numbers flash across the screen. At the end, you type in the two numbers, then you are awarded points (Beezag) or a few cents (InBox). When you get up to a certain amount, you cash out. Additionally, InBox Dollars e-mails you ads which you click on and are paid for those too. They also send surveys (I seldom do those), have "tasks" which you can do for pay (I have never done any), they have offers (like try Netflix, get paid $8.00). I like to surf while my family watches a movie, so I just click through and do them while I am doing something else anyway. Here are my referral links. If anyone uses my link, I get a reward. If you are interested but don't want to use my referral link (like because you find me annoying) that is ok too, just go straight to the site (beezag.com and inboxdollars.com) and I won't get a thing. bit.ly/fGKhy3www.inboxdollars.com/?r=ref7642239
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midjd
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Post by midjd on May 4, 2011 20:18:01 GMT -5
Thanks, Petunia! I used the Beezag link, I like to mindlessly surf and watch TV at the same time too
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Deleted
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Post by Deleted on May 4, 2011 21:02:52 GMT -5
Sell the kids. You can't afford them. Buy an older, cheaper model with cash that doesn't require daycare.
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formerexpat
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Post by formerexpat on May 4, 2011 21:18:26 GMT -5
Do you use the money in the HSA each year? That's $4k a year that you're putting in the HSA that you could use now if you don't utilize it for HSA purposes.
Do you get a large return each year? My quick calculation shows you wouldn't pay much at all in federal taxes:
gross - $59.5k HSA - ($4.1k) Ins - ($3.3k) SL int - ($0.3k) AGI - $51.8k HOH- ($8.5k) exemp-($11.1k) taxable - $32.2k
federal tax as head of household - $4.2k
child care tax credit ($1.2k) [$6k x 20%] child tax credit ($2.0k)
Net federal taxes owed - $1.0k
That would be about $40 per pay check instead of the $359 that you currently are having withheld. It looks to me that you're having the full amount withheld, without respect to the tax credits and other deductions to which you're entitled.
I'm sure you could use that extra $300+ each pay now rather than save it all up for tax time. I'd adjust your withholdings so you can get that money in your net pay now.
Other than this, you could get a better cell phone plan [you can still get a really good plan for $75 a month instead of $125], might be able to find day care for cheaper [although what you are paying seems good] and find cheaper groceries by shopping at a food ministry type of place, or even a dollar store if they have food. I used to buy most my groceries at dollar stores while in college, including the meats and milk.
Kind of hard to knock your 401k savings when you're barely making it month to month - but, if you change your federal withholdings then you should increase your 401k a bit too; at least up to 5%. Do you get a match from your company?
Does CC1 have an end date to the fixed rate? Is $200 the minimum?
What are you going to do come August when that 0% promo ends?
How much do you have available on the HELOC? Looks like you're in year 3 of a 30 year on your mortgage?
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suziq38
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Post by suziq38 on May 4, 2011 21:54:01 GMT -5
Daycare (8 month old & 2 yr old) - 1260
I must be out of touch with reality: How much for daycare???
Can you pay a family member to watch your two kids for less money?
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DVM gone riding
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Post by DVM gone riding on May 4, 2011 22:22:59 GMT -5
boy its tight but each individual category seems reasonable. Do you really ONLY spend 400/mos on food and "everything else" with 3-4 of you. Are you banking the "extra paychecks" when they come minus the car insurance at the same time?? What happens when the credit card stops being 0%, what happened to get you so much cc debt, I could see how you might have simply been buying true necessities, but you have to stop!! Coupon time! What about local food banks, etc for at least diapers. The only thing I see is you need to obviously make more money Maybe Cronewitch will buy you some diapers! ;D
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