sealy
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Post by sealy on Dec 28, 2011 20:05:30 GMT -5
I tried to post this as a table but I wasn't successful.
TOTAL WEEKLY MONTHLY 3000$133.77 $300.00 TITHE $90.00 $360.00 GAS $90.00 $360.00 FOOD $313.77 $1,020.00 $1,980.00 MONTHLY PAYMENT BILL NAME TOTAL BALANCE NOTE $1,980.00 $1,010.00 RENT $60.00 ATT $60.00 gas $60.00 PGE $119.00 DISCOVER $5,919.75 want this < 20% $7.99 Netflix $216.93 CAR PAYMENT $11,191.71 want paid asap $60.00 TMOBILE $101.00 SUMMIT BIBLE $1,550.00 want paid asap $77.00 VISA $4,249.46 want this < 20% $136.44 ALLSTATE $110.00 STORAGE $100.00 BEN VICTOR $3,500.00 SCULPTURE $20.76 BEST BUY $20.76 $2,139.12 $26,431.68 ($159.12) LIVING $20 STARBUCKS $20 FAST FOOD $0.00 ($159.12)
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mizbear
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Stand back. I have a budget, and I know how to use it.
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Post by mizbear on Dec 28, 2011 20:30:05 GMT -5
I know there's a way to make a table on Google Docs as a Spreadsheet and copy and transfer it over. I can't get tables to go either. Couple of things I can pick out quickly without it being in a table- Is it possible to move all of your phone service to AT&T to lower your phone bill and keep the same service/service area or is TMobile a better deal- also you don't want to be eaten up in termination fees, etc. We (DM &I) have my cell, her cell, and her landline all ganged on one bill. If the local utility didn't have cable and internet, we would probably have that on there too in order to save. I am presuming that your AllState is for your vehicle and either homeowner's or renter's insurance. I know that some vehicles are more expensive to insure- particularly while financed- and that some states have higher rates. I would check with All State to make sure you have ample coverage but are not overinsured and that you are getting all discounts you are entitled to. I would also check with other reputable companies and see how they measure up. Don't get me wrong- I had All-State when I lived in DE and had very good luck with them- the monthly insurance amount just sounds high. Is your storage something that you are needing while you work on getting your house? I never judge people with storage- I have all but lived out of storage boxes in my DGMs attic since my last divorce and nervous breakdown. My question is this- is the storage need/want- things that will be used but there isn't space for them right now- or just clutter? If it's clutter- see how much you can knock out- you may be able to downsize to a smaller storage unit or do away with it all together. As a Starbucks addict- make sure you use Starbucks Rewards if you do not already. It does save you a little bit- and some Starbucks in places like grocery stores have additional loyalty programs. Fast food- I don't know what places you have- most of the places here have specials that you can get in the junk mail paper that comes once every week or so or you can register for coupons to some places online. One thing I can't tell from your budget (probably because of the table issue ) is whether your budget is $159.12 in the red or black. I'm not going to tell you to cut out the SB or Fast food because really that's about one venti size fancy drink a week and one meal off the dollar menu a week roughly. If it's cutting into getting the bills paid- that's different.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Dec 28, 2011 20:31:18 GMT -5
Hi Sealy, I don't see anything in here for savings. Are your savings amount(s) taken out before this net figure?
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constanz22
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Post by constanz22 on Dec 28, 2011 20:36:37 GMT -5
Gas and food both seem really high for one person, but you didn't really specify if it's just you. I was going to ask about the storage cost too. If it's something temporary, a couple months while moving, etc., that's one thing, but if it's long term, "I don't even remember what the he.ll is in there", it's time to get rid of it.
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sarcasticgirl
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Post by sarcasticgirl on Dec 28, 2011 20:36:36 GMT -5
i'm having a difficult time reading things in the current format... but one question... what is Sculpture? and Ben Victor?
also, how many people does this cover? and is storage a necessity?
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Deleted
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Post by Deleted on Dec 28, 2011 21:14:55 GMT -5
Sealy a few thoughts:
I see you tithe, your choice. But I also see a payment to Summit Bible, can those two items be consolidated?
You should not be paying for storage.
I know you are wanting your "dream house" and saving for upgrades as well as the DP. Might you not be better off paying off some of this (ie SUMMIT BIBLE and the Visa) and getting a bigger home loan instead?
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sheilaincali
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Post by sheilaincali on Dec 29, 2011 10:25:45 GMT -5
#1- your allstate insurance is pretty high in my opinion. #2- your food/gas budget- how many people is that for? If it's just one that's reall high. That's what I spend for 3 of us and one dog. #3- storage- unless you are storing priceless antiques in the short term storage is a bad idea. Why do you have it in storage? How long do you expect it to be in storage? Is there anything in there you can sell? #4- ATT and T-Mobile? Explain this please. Is one a landline and one a cell? Do you need both? If one is your internet have you looked into a cheaper option? When we had DSL we had to pay for a phone line we didn't have a phone hooked up to. Is it possible to get a cable internet inwhich you don't have to pay a line fee? (if that's what the $60 ATT bill is) #5- Tithe- not going to tel you to stop doing that, don't want to spark a religious debate. But is it possible to donate some of your time in lieu of actual money? I have seen this suggested in the past and that's the only reason that I ask.
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sealy
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Post by sealy on Dec 30, 2011 7:10:40 GMT -5
Sad to say I don't know the difference between red and black but the 159 should actually be negative 199.12 because I forgot to add in SB and FF before I copy and pasted. So I know I have to cut something. Sometimes I don't pay a bill that won't affect my credit negatively. For example my car payment isn't actually due until the 13th, so one time I didn't pay it until the end of the month which was less than the 30 days. Problem is the next month I had to double up on that payment and had to take it out of my tithe which is something I didn't want to do. So I try to stay away from that.
I have to keep my storage until I move into my house. It mainly consists of all my furniture.
There are four of us (DS #2, DS #3, DD and myself)
Allstate may be a little high but I don't want to change insurance companies. I will check to see if I'm overinsured. I just don't want to get into an accident with a high end car and have to come out of pocket for anything.
TMobile I could've gotten rid of this one but I just signed up for two more years to get a better package. It consisted of data and is the same price I was paying for no data.
Summit Bible college: I only have $1550 left to go on this one.
Ben Victor is a great artist who makes beautiful sculptures. I wanted to have one in my house and he was nice enough to allow me to make payments until I can pay it off.
I'm going to have to stop saving so I can pay off my CCs. Crud I also owe the IRS. I see now I need to take a closer look at my budget. This may one not work. My old paycheck was more and it allowed me to save around $2,000 each month. Now its going to be lower. Honestly I wish I would have left well enough alone and stayed at my old job. I can't go back now but that's a whole different story.
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sealy
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Post by sealy on Dec 30, 2011 14:13:24 GMT -5
Ok so this is what I'm going to try. I just got my check deposited. My salary will be exactly $4, 055.19. I'm going to try to keep $3,055.19 as my budget and save the $1,000 for my EF. At the end of the month if I haven't had to use it I will take the $1,000 and put it in my house fund and then save $1,000 for my EF out of my new check and use the $3,055.19 as my budget. I am retiring my CC so I won't use it this month. I'm hoping this will work. I won't pay on my sculpture or storage this month (its ok because if you pay for 3 months on your storage they will give you one month free so its not due till Feb.).
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constanz22
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Post by constanz22 on Dec 30, 2011 14:25:07 GMT -5
Ok so this is what I'm going to try. I just got my check deposited. My salary will be exactly $4, 055.19. I'm going to try to keep $3,055.19 as my budget and save the $1,000 for my EF. At the end of the month if I haven't had to use it I will take the $1,000 and put it in my house fund and then save $1,000 for my EF out of my new check and use the $3,055.19 as my budget. I am retiring my CC so I won't use it this month. I'm hoping this will work. I won't pay on my sculpture or storage this month (its ok because if you pay for 3 months on your storage they will give you one month free so its not due till Feb.). The budget you posted in the OP comes to around $3200, so you won't have $1000 left to put toward your EF. It will work one month when not having to pay the storage, but isn't going to work when you pay everything. You will need to cut at least $200 out of your budget to meet that goal. What do you plan to cut? You mentioned that you owe the IRS too that wasn't in the initial budget. How much is that and how are you going to pay it?
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sealy
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Post by sealy on Dec 30, 2011 15:33:36 GMT -5
Now that I have received my new paycheck. I am reposting my budget in a table. Thanks WIR SAVERS. I used the same format from my savings table. TAKE HOME PAY | | $3,058.73 | TITHE | $300 | GAS | $360 | FOOD | $360 | TOTAL | $1,020 | TOTAL LEFT FROM PAY CHECK | | $2,038.73 | BILLS | | NOTES | RENT | $1,010 | ATT | $66.01 | GAS | $30 | PGE | $60 | DISCOVER (bill & balance) | $130 | OWE $5,919.75 | VISA (bill & balance) | $85 | OWE $4,249.46 | NETFLIX | $7.99 | CAR PAYMENT (bill & balance) | $216.93 | OWE $11,191.71 | TMOBILE | $60 | SUMMIT BIBLE (bill & balance) | $101 | OWE $1,550 | ALLSTATE | $136.44 | STORAGE (not due till Feb.) | $110 | IRS | $75 | CA TAX | $26 | BEN VICTOR (can't pay yet) | $100 | OWE $3500 | BEST BUY | $20.76 | TOTAL | $2,025.13 | TOTAL LEFT FROM PAY CHECK | | $13.60 |
By the looks of it I just may have to dip into my EF. I sure hope not. I try to pay as much as I can on my sculpture but haven't been able to pay it off yet. I am hoping I get a refund this year or at least break even so I won't have to pay taxes ever again. Any refund will be used to pay on back taxes. I want a budget that works every month so I won't have to keep tweeking it. I'm just so used to paying the bills and not having a budget. I hope this one works. Thank you all for helping me to figure this out. I want to be able to go by a budget by the time I move so I won't be in debt. I also may just leave the money in my EF and just see how far the 25K gets me for my house. I don't want to use it for bills because I have to pay 5% down and also the last time I used it to pay off bills I just ran my CCs back up. I'm trying to learn to live on a budget. Sorry for this VERY long post but I want to be open and honest so I can get help on this before I move. thank you sooo much. I really appreciate each and every one of y'all. s
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Peace77
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Post by Peace77 on Dec 30, 2011 16:02:33 GMT -5
What is FF? Is it fast food? it seems that is not included in your budget either.
Is the payment to Best Buy the last one? There is no additional amount owed listed.
You can't afford to go out to Starbucks or to stop for Fast Food.
I agree with the suggestion to cut the amount going for your tithe and look for other non-monetary ways to give. Is there someone who needs a ride to the store or to church? Could you help out at your church or local homeless shelter or soup kitchen? If you don't where to look to offer help ask your pastor or the local United Way Volunteer center.
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sealy
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Post by sealy on Dec 30, 2011 18:48:09 GMT -5
FF is fast food. SB is Starbucks. I have resigned myself to no SB or FF this month. I will only use the SB card I got for Christmas, it still has $5 on it. Best Buy doesn't have any more owed to it.
s
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paynointerest
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Post by paynointerest on Dec 30, 2011 19:03:11 GMT -5
Sealy - I understand your desire to tithe 10% toward your church but it is also a Godly characteristic not to have debt. Could you compromise and only tithe 2% of your total salary until you can get some of your other bills paid? Or as another person suggested, give your time to your church rather than money. I'd suggest you pay off the "Summit Bible College" with your tithe money and then you'd have an extra $100 a month to work with. Then use that money to snowball something else. Once you have paid several of your debts so you have an extra $500-$1000 extra in your budget, then start tithing again.
What is PGE? Is it necessary?
I think you should either have AT&T or TMobile and take the hit on the early termination fees and then not change anything for a year or two -- until you can have a solid EF.
You are paying $1,637 a year for your Allstate insurance. If they don't lower your rate for you, you NEED to shop around. Take the time. If it can save you $100-$200 per month, that is a savings of $1200 - $2400 per year that can be used to wipe out your debts or build your EF! It is worth your time.
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constanz22
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Post by constanz22 on Dec 30, 2011 19:23:36 GMT -5
Sealy - I understand your desire to tithe 10% toward your church but it is also a Godly characteristic not to have debt. Could you compromise and only tithe 2% of your total salary until you can get some of your other bills paid? Or as another person suggested, give your time to your church rather than money. I'd suggest you pay off the "Summit Bible College" with your tithe money and then you'd have an extra $100 a month to work with. Then use that money to snowball something else. Once you have paid several of your debts so you have an extra $500-$1000 extra in your budget, then start tithing again. What is PGE? Is it necessary? I think you should either have AT&T or TMobile and take the hit on the early termination fees and then not change anything for a year or two -- until you can have a solid EF. You are paying $1,637 a year for your Allstate insurance. If they don't lower your rate for you, you NEED to shop around. Take the time. If it can save you $100-$200 per month, that is a savings of $1200 - $2400 per year that can be used to wipe out your debts or build your EF! It is worth your time. I'm pretty sure PGE is the electric company. I agree on the cell phones. I was paying over $60 a month to AT&T for a non smart phone, lowest talk/text/web package they offered and I barely used any of it. I was averaging less than 200 texts a month and 200 minutes of talk. I still had 6 months left on my 2 yr contract, but I took the $80 termination fee and switched to Tmobile no contract. It's $30 a month, no tax or other fees and gives 1500 talk or text and a small amount of web. I rarely use web on my phone, so, this was a no brainer.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Dec 30, 2011 20:12:14 GMT -5
A couple of questions. How much do you owe the IRS? To me, this should be a priority, because you do not want to run afoul of the IRS' collection powers, trust me. Secondly, why not close one of the revolving cards and pay it off, so the debt is gone and you can't run it up again? Is the Summit Bible College a credit card? If it's not revolving debt, can you pay that off without risk of returning it to debt? Frankly, while I understand your desire to have a house and beautiful art, if you can't pay your bills, it seems to me that you should take a look at your priorities.
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Peace77
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Post by Peace77 on Dec 31, 2011 1:21:47 GMT -5
I can understand wanting to not pay any deductible for your car insurance but if you pay even a small deductible, you will save money on the car insurance. You could have a $250 or $500 deductible and save on your premiums.
What are the interest rates on your CC, Summit Bible and IRS? With the interest rates that the IRS charges, you may be far better off to take the funds out of your EF and pay it off now.
Is Netflix on contract? If not, consider putting that on hold for now. You can get a few movies from Redbox for less than $8 per month.
Do you have any Discover Reward points that you can use to pay down the balance?
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sealy
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Post by sealy on Dec 31, 2011 13:37:52 GMT -5
I owe close to $4,000 on my IRS and about $1,000 on my CA taxes due to a not so smart choice of cashing out a 403b. Hopefully I will get a refund or have a zero balance this year. I will start putting more money on it next year if it doesn't get paid off with this year's taxes. I have used all my Discover awards already on my balance. I don't have that card anymore and won't ask them to send me another one. I am just working on getting it paid off asap. PGE is my electric company. I wish I could get rid of them. I asked about changing my deductibles but she said that it will only change it by a few dollars. No contract for Netflix. I like to watch the foreign films they have on there. Redbox would be too expensive because we watch Netflix all day long. We don't have cable or digital tv so no local channels either. s
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Peace77
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Post by Peace77 on Dec 31, 2011 14:41:14 GMT -5
It won't be a huge difference but every little bit helps. Check with your agent and see if there are any other discounts that you can get. Also compare your insurance rates with other companies.
The budget you posted is still in the red even if you don't make payments on the sculpture and Best Buy is paid off.
Saving $120.76 but the total is ($159.12) leaving your budget still ($38.36) in the red and Fast food and Starbucks is not included.
You can watch standard TV with a converter box and antennae. I have seen converter boxes offered free on Craigslist and Freecycle.
If you can't cut any expenses, the other solution is to increase your income. Can either you or your DH work a side job? There seems to always be a demand for people to clean houses, deliver pizza, do tutoring, babysitting, pet sitting, run errands, etc.
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sealy
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Post by sealy on Dec 31, 2011 16:03:12 GMT -5
I could tutor math. Not too sure how much to charge. I could run errands in the summer. Its just me no DH but if you have a brother or a son that's nice and about 35. . . . Nevermind I don't want to get into a relationship having debt so I'll just have to wait for Mr. Right after debt is gone. I will look on Freecycle to see what's available. s
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Peace77
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Post by Peace77 on Dec 31, 2011 16:24:42 GMT -5
Sorry, I don't have any brothers to offer.
Check out Wyzant.com for tutoring opportunities. Place your own ads on Wyzant or Craigslist. Many libraries have study or meeting rooms that you could use.
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sarcasticgirl
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Post by sarcasticgirl on Jan 1, 2012 8:47:08 GMT -5
i would check with other insurance companies, i know that you stated that you don't WANT to change insurance, but if it saves you hundred a year, well, then do something you don't want to.
if you aren't willing to budge on anything, then like another poster said, your only option is to bring in more money. i'd certainly refrain from buying any more sculptures... or really ANYTHING for a house as long as you pay for storage for your furniture.
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sealy
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Post by sealy on Jan 1, 2012 22:15:14 GMT -5
sarcasticgirl I am definitely not buying anything else until I can get myself out of the mess that I've gotten myself into.
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Clever Username
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Post by Clever Username on Jan 3, 2012 13:49:51 GMT -5
Rather than dilute my thoughts, I'll just note that this is lovingly blunt.
How old are your kids? If they are young, you should be collecting support. If they are adults, they can contribute. Storage is waste. That rent you pay is denial. Tithe. There is a spectrum. The sum of all of your choices places you on that spectrum. Some Jews and Christians are asked to tithe a specific amount. We are also told that not taking care of your household makes you "worse than an unbeliever" and we are reminded that debt is a form of voluntary slavery. Balance those three sentiments in your mind at once when you weigh your choices. No one is more or less true than the others.
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shelly527in
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Post by shelly527in on Jan 3, 2012 13:56:59 GMT -5
I could tutor math. Not too sure how much to charge. I could run errands in the summer. Its just me no DH but if you have a brother or a son that's nice and about 35. . . . Nevermind I don't want to get into a relationship having debt so I'll just have to wait for Mr. Right after debt is gone. I will look on Freecycle to see what's available. s How much to charge for tutoring depends on what grade level you are tutoring and your location. I tutor for elementary age in a small town in Indiana. Therefore, I charge $20 per hour. You can always call tutors that you see ads for and ask what they charge and base your fees on that.
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mizbear
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Stand back. I have a budget, and I know how to use it.
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Post by mizbear on Jan 3, 2012 16:21:26 GMT -5
I came from a family that tithed- I did at one time also. My thought is this- 1. At least temporarily- do away with or cut down on the tithe. 2. Do away with the SB and FF- now that I see your budget is in the red- I will change my stand on that. 3. Are you on a payment plan with the IRS? They will take every bit of every refund you get until you are paid off- however- depending on your situation- you may be able to get some assistance in paying off. 4. If the situation allows- try to get at least the state minimum child support for your children- I would also advise you to attempt to get them state medical insurance and food stamps- even if it is the bare minimum enough to buy a couple loaves of bread- or WIC if the kids are young enough. If you qualify- that is assistance. 5. Amp up your couponing where you can. 6. If you can pick up some tutoring- make sure you keep records so you don't add to your tax dilemma. Put that money immediately on bills. 7. Shop the insurance around or see what your agent can do. If you walk in with a lower quote for equal insurance from State Farm or Nationwide- they just might be able to lower your rates. I don't know what you drive, but I pay less than that for a financed car with only a multi-line discount and a rotten rear end collision rating. 8.Don't rob Peter to pay Paul. I watched my parents do this for years- bad budget juju. 9. Take a hard look at the furniture you have stored. You know you are going to have to wait to use t. Are you attached to it- ie are these heirloom pieces or something special or something you can not sell because it is financed- such as the sculpture? If you look at the cost of the storage plus what you could get by selling the furniture- can you pay off at least one bill this year? Furniture can be replaced. Can any of the furniture be moved into or traded out for pieces you are currently living with. If it's going to be sitting while you wait for that house- it's not doing you any good. 10. Bulk cooking and leftovers- you can save money by cooking meals that transition from one thing to the next. Or that make great leftovers. Remember that we all love you. That is why I will not send you my 33 yr old deadbeat PIA brother . You will get through this because you want to get through this.
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salserabarby
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Post by salserabarby on Jan 3, 2012 16:30:33 GMT -5
I think it's a little unrealistic to think that you could have a budget that works every month. In fact, it's recommended that you do a monthly budget and review it at least once a month to make adjustments.
Every month will be different. Some months might bring higher gas cost due to increase in prices, higher energy cost due to summer rates, etc.
I have to agree with the other posters and say that the storage rent is a waste of money. Do the math and I'd bet that the cost of the stuff in storage is less that what you'd end up paying in storage fees.
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jeep108
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Post by jeep108 on Jan 3, 2012 16:38:19 GMT -5
I know I shopped around for car insurance told Allstate what other insurance companies were willing to give me. Allstate lowered our insurance. It doesn't hurt to shop.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Jan 3, 2012 18:27:45 GMT -5
I think it's a little unrealistic to think that you could have a budget that works every month. In fact, it's recommended that you do a monthly budget and review it at least once a month to make adjustments. Every month will be different. Some months might bring higher gas cost due to increase in prices, higher energy cost due to summer rates, etc. It is true that a budget shouldn't be completely static, and you should keep an eye on it regularly to account for variations. But it should have a regular skeleton that meets your minimal necessary obligations, and then you can layer 'skin' on the budget skeleton as the month calls for. Sealy's budget isn't even meeting her minimal regular obligations as is. She is unable to pay all her bills, avoiding a car payment or a storage unit payment in order to make the current month 'work'. From the looks of it, the ~$200 budget gap is a long-term problem that calls for long-term thinking beyond this current month. I think she needs to focus on strengthening her budget skeleton without relying on one-time, short-sighted fixes.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Jan 3, 2012 18:49:17 GMT -5
8.Don't rob Peter to pay Paul. I watched my parents do this for years- bad budget juju. I think most of us have done this at some point or other. I know I did it (and occasionally still do! ). But it just perpetuates the problem because, as sealy pointed out earlier talking about avoiding a car payment, you just end up with a bigger problem next time! Kicking the can down the road too often just wastes money on things or behaviors that we should have excised years ago. And we end up having to eventually get rid of them anyway.
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