Budget Lookover?

[imamomx2]

Hi Mamas!

I'm looking for a bit of advice. My dh and I are talking about our goals for the future, and I'd like to work toward staying home with my kids. I work part time, but would like to spend a little more time with the kids before they enter school. We are a four person family, with a cat.

I know there are added expenses with me working - we eat out too much, my meal planning is awful, and of course, gas to and from work.

Here's what our budget would look like (please tell me if something looks too good to be true):

Salary: $3200 (After our 401k maxed, and insurance/taxes taken out)

Mortgage/taxes/insurance: $740
Food: $325-350 (this may be lofty goal, but with organization it's possible)
Tithe: $300
Utilities: $250 (a high average)
Gas: $125
Spending: $150
Cell phone: Currently pay $80, could get it down to $50
Cable/internet: $80
Insurance; 150
Home repair: $150
Car Maintenance/Repair: $50
Personal Care: $50
Gifts: $50

This would leave us about $700 extra every month to put into savings or putting it toward our mortgage. We will have all of our debt paid off, and have about $8000 in savings.

Is there something I am forgetting? Does this look like a doable budget? Is $700 enough to survive on (mostly thinking of large fixes - I like a good buffer at the end of each month). I just want to be as prepared as possible.

[sanguine_speed]

[crunchy_mommy]

Do you currently have any savings? If you have a decent amount saved up already, then that plan seems workable, otherwise I think some of the amounts are a little low & don't account for emergencies.

[elizawill]

i think it looks good personally. i would scale your cell back to $50 and put the extra $30 toward savings. if your car repairs are more than what you put aside, or your animal gets sick, etc. .. just pull from savings & then replenish it. that's what it's for. looks good

[orangecanoe]

What does the 'spending' category cover? That's almost half what you are allotting for a food budget. What is your budget for household items, toiletries, etc? The food budget sounds ambitious as does gas unless you are a one car household.

I would suggest playing with figures with something like the budgetsimple.com site or this build a budget link.

[imamomx2]

I don't have a medical expense category because we have an HSA, and so that comes from a different account.

At the point in which I am hoping to stay home, I'm hoping that I'll have about $6- 8000 in the bank. Just "in case" of a car dying, major home repair, other type of emergency.

Yes, the food is a lofty goal, but I do think that $350 - $375 is certainly doable, as I only spend $400 now without any meal planning.

I'm not sure how gas will go. My dh is only a couple miles away from work, so his commute is basically nonexistent. I think $160 is for sure doable, so maybe I was shooting a little low. Gas prices have gone up.

I'm not sure how that changes things. Maybe $500 - $600? Is that a breathable amount extra every month? I'm so accustomed to a lot more than this, and I know others have gotten by on less... I just want to be sure I make a decision, you know?

[crunchy_mommy]

I think I'd be comfortable with $500-$600 extra assuming you are able to build up the ~$8K in savings by then.

The other thing to factor in is that you'll likely want to do things with the kids if you're home with them all day -- even if you find all free activities, gas alone is a factor, unless you're in a very walkable area (I WAH and have no commute yet DS & I spend as much on gas as DH does & he works an hour away!) Also you may want to do things like the zoo, children's museum, parks, music classes, etc. that often have fees. Just another thing to factor in, unless you're a real homebody & plan to spend most days around the house!

[smokeylo]

I'm just starting to do this, too! I do think that with attention to sales and coupons you could get your food budget down.

You do need a category for pets - food, litter, vet visits, and ideally some funds in case of ER. I am learning the hard way how expensive pets can be this year .

Good luck!