Our 2010 Budget Plan

>> February 03, 2010

I mentioned last week that we had finally been granted a loan modification, which is such a relief. I had been holding out on creating a super tight, accountable budget until we had it settled. Not that we were out spending wildly, we were making a good effort.

Anyway, so I don't plan on listing all details of our budget here, but I have set up a notebook to detail out our regular bills (utilities,loans), etc plus a spreadsheet to list gas, medical, grocery and household costs.

We have money taken out for medical reimbursement pre-tax from each of Peter's checks, so our medical costs don't really get budgeted. I just want to track them better and make sure I request our reimbursements in a more timely manner, just for the purpose of paying off our credit cards.

I have a set budget for my gas costs, although with gas prices so high, I am not sure how well I will be able to make that budget. Particularly with our new explorer, which will have a much higher gas cost than my little car did. We may need to adjust it, but we don't have a lot of room in our budget, so I will be working on keeping this cost low.

Peter is reimbursed for mileage from work, which is technically for gas and maintenance. We are are gonna track his gas costs, vs. mileage reimbursement so we can see how we are doing. I am pretty sure we get more $ reimbursed vs. gas paid out, but again it is technically for auto maintenance as well.

Household and grocery costs are where I will concentrate my biggest efforts on a daily basis. I have allotted $160 a money for grocery and only $75 for household costs. The biggest challenge will definitely be the household costs, which is really a catch all for anything we need to spend outside of gas, medical, regular bills and grocery. Anything from haircuts, oil changes, dog food, and toilet paper.

We basically have no "regular" money left after our budget is allotted. However, I didn't include actual bonus money (peter gets a little each quarter), my tutoring income, tax refunds or rebates into our incoming funds. All of these are variable and not consistent, so I don't want to count this as regular budget money. We are hoping to save all of this money towards some goals, however I anticipate we will be utilizing some of these "bonus" funds towards car repairs, and other household costs that come up and surpass our $75 monthly allotment. However, the less we spend, the more we can save each month, so hopefully its an incentive!!

I don't plan on listing every grocery transaction in my spreadsheet, I tend to blog most of my shopping on here, but basically my plan is just have $40 cash for each week (taking the full $160 out at the beginning of the month in case great deals come up though). Any additional debits/charges for grocery or household will need to be accounted for in our spreadsheet. In addition, of course to each medical and fuel cost so we can actually track those better.

Anyway, so those are my current budget thoughts....

3 comments:

Precious February 3, 2010 at 11:07 PM  

Hi KC,

I am rooting for you. I know that you can save some of that grocery money because you do so well with your shopping.

I could stick to that $75. a month for our household costs with the things that you have listed. DH's haircut is $15.00 a month and I spend $10.00 a month for mine(average going every 2 months. Cat food and litter add another $15.00 a month unless I can get a great deal. Oil changes run us about $108. a year so $9.00 a month. So I would have a little wiggle room for other things.

Anyhow, I wish you lots of luck. :-)

kc February 4, 2010 at 8:45 AM  

Hi Precious,

Thanks for the encouragement. Hopefully we can do well. I do think we can do ok with $75 for the regular things listed, but that part of the budget is more of a catch all to include auto maitenance and home maintenance and things of that nature, which I know as things come up will make us go over the $75. However, with our "extra" money, we should be able to cover it and just save less. I think with a $75 budget allottment, it will be easier to say, well... do we REALLY need to do this right now, because it slows down on our savings or should we wait or what. At least that is my hope. Does that make sense?

:-)

Precious February 4, 2010 at 4:59 PM  

Yes, it makes sense! :-)

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