Can anyone help me with a budget?

[waiting2bemommy]

So I sat down tonight and really looked hard at our income and how we can avoid getting caught off guard again and being stuck with no money, and with a new baby on the way I feel almost panicked that I have no savings at all. But our income is SO low that I have no idea how in the world we can cover even basic expenses. So, here is my proposed budget and I would appreciate any and all suggestions (but realistic, please....I have no problem with homemade soapmaking and stuff but I do have to work FT and care for a toddler and soon a new baby). After the first month we will be getting food stamps again so that will free up a little money. The baby is due in early April.

bf's income: $160-250/wk in tips, plus hourly pay at $2.13/hr I figured a safe conservative estimate would be about $210/wk if he only worked 4 shifts. They usually give between 5 & 7 shifts a week though.

my income: $270/wk base pay and if I sell it can go up about $100 per sale. I'm only counting base pay though.

So our combined income is about $450/wk AFTER taxes.

We are going to be doing a houseshare/weekly renting thing that costs us $275/wk for two bedrooms & private 1/2 bath. We have kitchen access and all utilities are included except phone. We would like to save up and get out of there, but we can't move until we have a car because we both have to work hours that the buses don't run, and this house is a 5 minute walk from both our jobs.

We both have cell phones that cost $50/month for unlimited minutes (boost and virginimobile). I haven't been able to find anything cheaper than that.

We don't ride the bus daily, but when we do, it costs $3.50/person for a day pass.

We don't currently get food stamps, but I can meal plan using WIC foods to eat for around $50/week. I could possibly get it a little lower but ds has food sensitivities so it's hard.

Car insurance when we get a car is going to run us around $100/month according to a recent quote I got so I would like to plan for that.

We're hoping to get income tax returns (if they don't snatch mine up to pay off student loans) and get a car, cash, with that. I'm supposed to get around $2400 or so so if we spend half that on a car we will have a little money left over. The debate is what to do with it: pay the car insurance for a whole year, use it to buy some furniture and things we need for the baby, sock it away for savings?

And what is a realistic weekly spending plan for us on that income?
I was thinking to pay the rent every Saturday and put $50 in savings every week, and then put aside another $50 each week for either car insurance or one of the phones. But that could potentially leave us with only $75 for all our other expenses including groceries, baby items (we still have almost nothing) etc.

Is this doable? Any ideas on how to stretch this money further or cut back somehow? Right now we only have one cell phone on but I don't know what else there is to cut back. And then there is the issue that at some point this baby is going to be born and I will be out of work for a little while (at least 2 weeks). Are we hopelessly screwed? I had really hoped to bring dd into the world in our own home and not a rented/shared arrangement but rents around here are $650 minimum, and then there is the electric bill and the security deposit is usually a month's rent. So it would really cost us about $1500 to move, not counting all the furniture/household items we'd be needing.

I know there are some really frugal families on here and I would love to know if there are any other families of 4 or more living on this much money each month, and how you're doing it.

[confustication]

You're paying over $1000/month for a roomate housing situation? That seems very high to me. It's essentially 60% of your expenses, and that's a situation that would make me feel VERY nervous, particualrly with a pregnant woman who may not be able to work throughout a pregnancy.


If you receive a refund, I would consider looking for a less expensive place to live. Beyond that, I would address the transportation issue. While a car may not be in the cards right now- though you may luck out with some cheap old car that runs well- look at alernatives. Bikes can be great transportation, for example. Personally, I'd aim for an older car on which you'll only have to shell out for liability coverage- so you can keep the rates below $100/month unless there are driving history issues somewhere along the line.

Beyond that- babies don't need many 'things' and what they do need can usually be found pretty inexpensively if you look hard enough. If there are specific concerns there- address them, and save every penny you have left for helping while you are unable to work.

Depending on my income (it fluctuates as I'm largely self-employed) I've had months of living on substantially less than you've described, but we don't have the housing expenses you do.

Also, you really should look into food stamps $50 + WIC seems a pretty tight budget for a family of 4. $100/week might be more realistic going forward.

I think Verizon has a $30/month plan, but I don't know much about it.

I say this with all sorts of understanding as I returned to the office within days of my last child's birth- find a way to take the time you deserve. Two weeks won't be enough. Invest any money you receive in ways that will allow your fixed costs to be reduced so that you can focus on learning to be a mom to more than one child, and to bonding with your new baby.

Shoot for 30% of your income for housing- $600 or so/month. You may be eligible for assistance with energy costs or subsidised housing.

I think the beggest thing would be creating chnges now that will have a significant impact in the future. $270/week- along with trying to figure out childcare would have me considering a return to school so I was better positioned for better paying jobs in the future, and so that I could flex school around being home with my kids. Grants and loans can help out a lot.