Mrs. Dinero
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Post by Mrs. Dinero on May 4, 2011 10:22:32 GMT -5
Warning: This is only one example of how a family of four does not spend every cent of their income. I understand it doesn't work for everyone. It works for us.
All extra $ goes into savings for next car purchase, tuition, vehicle licensing, and repairs.
Net Income $7546.00
Mortgage -$1274.00 (includes taxes& insurance) Roth IRAs $832 Groceries -$800 (family of 4) Drinks/Eating out $600 Car #1 -$515 car#2 - $0 Cable -$200 (cable, phone, Internet) Aftercare $250 Church -$250 Gas -$250 Gifts $200 Clothing -$200 College Savings $150 Electric -$115 Water/Sewer-$100 Cell phones $70 Medical -$25 CC-$0
Tuition $4,000/yr Auto Insurance -$1434/yr
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whoisjohngalt
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Post by whoisjohngalt on May 4, 2011 10:24:58 GMT -5
Not to be snarky, but what was the point of your post?? I am pretty sure people will tell you that if you bring in that much, it's not that hard to "roll" the way you do.
Lena
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Mrs. Dinero
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100% about truth & justice. Always trying to give mercy a chance.
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Post by Mrs. Dinero on May 4, 2011 10:28:28 GMT -5
You snarky? Nooooooo.
My point is that maybe people would like to see a real life example of how it could be done. Bring in less? no problem....cut expenses and put less in savings each month.
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Deleted
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Post by Deleted on May 4, 2011 10:28:49 GMT -5
Not to be snarky, but what was the point of your post?? I am pretty sure people will tell you that if you bring in that much, it's not that hard to "roll" the way you do. Lena LOL I know I'd be living pretty good on that income with my expenses.
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Deleted
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Post by Deleted on May 4, 2011 10:32:15 GMT -5
Mo' Money. Mo' Problems.
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whoisjohngalt
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Post by whoisjohngalt on May 4, 2011 10:35:31 GMT -5
OK, lI can be wrong, I've been wrong before. Let's see how many people would find that kind of budget "sample" useful.
Lena
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resolution
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Post by resolution on May 4, 2011 10:37:42 GMT -5
Do you find your expenses creeping up because you have a pile of money left at the end of every month? Or has drinks/eating out always been at $600? We also have a pile of money left over each month but when I looked at our budget earlier this week I noticed that our entertaiment, video game, and charitible expenses have all creeped up in the last six months. I am wondering if it would be better to split up every dollar so it is all accounted for.
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Gardening Grandma
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Post by Gardening Grandma on May 4, 2011 10:38:55 GMT -5
Not to nitpick, but..... this is the second budget I've seen that calls cell phones, internet and cable "utilities" and list electricity and water/garbage separately. When did electricity and water/garbage become "not utilities" ?? In my budget, cell phones, Direct TV and internet are discretionary extras, not "utilities"...
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Deleted
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Post by Deleted on May 4, 2011 10:39:25 GMT -5
LOL This has to be a troll post! Who on earth claims $800/mth for food is sensible? Or $200/mth for gifts? LOL
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Gardening Grandma
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Post by Gardening Grandma on May 4, 2011 10:39:32 GMT -5
Not to nitpick, but..... this is the second budget I've seen that calls cell phones, internet and cable "utilities" and list electricity and water/garbage separately. When did electricity and water/garbage become "not utilities" ?? In my budget, electricity, propane, garbage and water are "utilities" while cell phones, Direct TV and internet are discretionary extras, not "utilities"... "Who on earth claims $800/mth for food is sensible?" I think it is realistic for a family of four. I budget $600/mo for the two of us.
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Gardening Grandma
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Post by Gardening Grandma on May 4, 2011 10:40:42 GMT -5
Duplicate - deleted
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so1970
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Post by so1970 on May 4, 2011 10:41:20 GMT -5
with an income of $7546.00 wouldn't your tithes to the church be $754.60 ?
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Deleted
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Post by Deleted on May 4, 2011 10:42:13 GMT -5
with an income of $7546.00 wouldn't your tithes to the church be $754.60 ? Yes, but what is your point?
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Mrs. Dinero
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Post by Mrs. Dinero on May 4, 2011 10:43:04 GMT -5
I definitely feel the creep. We rarely stick to the $600. I like having the freedom of having the extra $ though. I feel we are living the dream. All our needs are met and we have enough left over to breathe.
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RoadToRiches
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Post by RoadToRiches on May 4, 2011 10:43:53 GMT -5
with an income of $7546.00 wouldn't your tithes to the church be $754.60 ?
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resolution
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Post by resolution on May 4, 2011 10:44:23 GMT -5
The catholic church doesn't require 10%, unlike a lot of other denominations.
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so1970
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Post by so1970 on May 4, 2011 10:45:06 GMT -5
with an income of $7546.00 wouldn't your tithes to the church be $754.60 ? Yes, but what is your point? you just had 250 down i thought maybe you had mis quoted it , i have no problem with it
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Tiny
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Post by Tiny on May 4, 2011 10:51:00 GMT -5
Or $200/mth for gifts?
Christmas alone can be a mighty big expense - I've heard of people spending $250-$500 for gifts just for their spouse... and then there's the parents, In-laws, etc...
$200 a month is $2400 a year for 'gifts' - which probably covers b-day gifts (for spouse, kids, parents, in-laws) then there's mother's and father's day and then any Milestone occassions (like Anniversaries, graduations, religious milestone occassions for kids, weddings, showers (wedding and baby))... I'm single with lots of neices and nephews and I know some years I'd spend close to 2K on 'gifts' over the course of the year because there were alot of 'milestones' for the kids in addition to Christmas and B-days and then gifts I needed for friend's weddings, showers (baby and wedding) and even some big Anniversary Parties (25th wedding for example).
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Mrs. Dinero
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Post by Mrs. Dinero on May 4, 2011 10:53:30 GMT -5
Sorry grandma - I just copied and pasted someone else's. I'll fix it.
Ahh...the church donation. I struggle with this.
Some churches/schools ask for W2s and wrap their tuition and donation into one and it's all tax deductible. Ours does not. They charge everyone the $4,000 for tuition and expect as least a $40/month donation to the church. I look at it $4,000 +$3,000 is pretty close to 10%. We volunteer a ton and give plenty to other charities too. Regardless, you are right. It is not 10%.
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Deleted
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Post by Deleted on May 4, 2011 10:55:59 GMT -5
The catholic church doesn't require 10%, unlike a lot of other denominations. No, but isn't the definition of "tithe" 10%? I make offerings to the church every month, but I don't tithe.
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Mrs. Dinero
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Post by Mrs. Dinero on May 4, 2011 10:56:15 GMT -5
We usually go over our budget on gifts too. We don't go crazy with each other. Sometimes we don't give each other gifts. I have a large family and I consider fundraisers gifts.
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Tiny
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Post by Tiny on May 4, 2011 10:56:27 GMT -5
College Savings $150 - is that really even meaningful? 18 years = 216 months which at $150 a month = 32400. which even if it doubles to 64800... gives each of your 4 kids about 16200 for college. I guess that would pay for their all their books (and supplies) for 4 years and then an apartment for their junior and senior years...
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Angel!
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Post by Angel! on May 4, 2011 10:56:54 GMT -5
Not to be snarky, but what was the point of your post?? I am pretty sure people will tell you that if you bring in that much, it's not that hard to "roll" the way you do. Lena I kind of agree. It is great you are doing so well on your budget & living within your means & the decision to have a low mortgage on you income helps a bunch. But, this doesn't realistic translate to anyone on a much lower budget.
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Deleted
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Post by Deleted on May 4, 2011 10:58:55 GMT -5
Not to be snarky, but what was the point of your post?? I am pretty sure people will tell you that if you bring in that much, it's not that hard to "roll" the way you do. Lena I kind of agree. It is great you are doing so well on your budget & living within your means & the decision to have a low mortgage on you income helps a bunch. But, this doesn't realistic translate to anyone on a much lower budget. Or for someone living in a HCOL area with daycare. Everyone's situation is different, so you can't just say...here, just follow my budget and you'll be fine.
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muttleynfelix
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Post by muttleynfelix on May 4, 2011 10:59:36 GMT -5
Not to be snarky, but what was the point of your post?? I am pretty sure people will tell you that if you bring in that much, it's not that hard to "roll" the way you do. Lena That was kind of my thoughts
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Angel!
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Post by Angel! on May 4, 2011 11:05:32 GMT -5
I kind of agree. It is great you are doing so well on your budget & living within your means & the decision to have a low mortgage on you income helps a bunch. But, this doesn't realistic translate to anyone on a much lower budget. Or for someone living in a HCOL area with daycare. Everyone's situation is different, so you can't just say...here, just follow my budget and you'll be fine. Or even lower COL with daycare. After I pay daycare I have $1840 for all the rest of my expenses. So it doesn't impress me in the least that you are making due with a net income of $7500. You want to impress me, then figure out a budget for $1840/month.
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Gardening Grandma
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Post by Gardening Grandma on May 4, 2011 11:06:24 GMT -5
I budget with a very similar income to the OP and I can tell you that once your income is enough to cover the basics, it's not all that difficult to live below your means. Lifestyle creep can become a challenge, but that's a different issue.
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Tiny
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Post by Tiny on May 4, 2011 11:08:00 GMT -5
I think what the 'budget' is suppose to represent is that even though there's alot of income - they've worked to keep their 'fixed' expenses low. Mortgage (PITI), utiliites, cell, internet, cable, and car(s) are all pretty moderate...
Yes, most people would say that with that much money coming in it's easy to live below their means... but I think all of us here realize that no matter how much most people earn their spending keeps up with their income...
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so1970
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Post by so1970 on May 4, 2011 11:10:36 GMT -5
Not to be snarky, but what was the point of your post?? I am pretty sure people will tell you that if you bring in that much, it's not that hard to "roll" the way you do. Lena That was kind of my thoughts i liked the budget layout if someone didn't have an idea of what to do when making 1 up its a good example
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dancinmama
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LIVIN' THE DREAM!!
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Post by dancinmama on May 4, 2011 11:12:02 GMT -5
Mrs: Dinero: I like what you're doing. I see you have no CC debt and that you plan to never have a car payment ever again. Is that right? We have never had any credit card debt or car payments. That ONE thing alone has made a huge difference in our overall financial health. What might be helpful is to tell your story. Your age and how you got to this point. Most people have to work very hard to get to the point where you are and people cannot see that or think about it when they look at your budget. I personally would really like to hear your story and it may help others and give them suggestions/ideas for their own personal finances. TIA
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