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Wisdom & Treasure: Budgeting
Wisdom & Treasure: Debt
Wisdom & Treasure: How To Spend Only $300/Month On Groceries
Wisdom & Treasure: Giving Generously During Tough Times
Wisdom & Treasure: Coveting (Wishing for what other people have)
First things first - transparency.
I am going to share with you all (with my hubby's permission) our budget. Why am I going to do this? We live on a tight budget and I figure it may help out someone out there to see that "it" can be done. Plus, if you happen to make pretty good money, but you live on a budget like ours, think of all the money you can save/give/pay off debt! So, without further adieu, I present our family budget:
We are a family of four (including two toddlers and a preggo!) and we live on $2,074 a month (this does not include any overtime/side jobs, etc. which go directly into savings). Here is the breakdown of our monthly budget:
Giving - $200
Mortgage - $748.70
Landline Phone - $60 (we keep our landline because with it we get Internet)
Cell - $60
Electric and Water - $140
Insurance (vehicle and life) - $95.82
School Loan Payment - $105.78
Groceries - $300 (this includes diapers)
Gas - $160
Entertainment - $5 (Redbox baby!)
Medical (towards co-pays) - $8
Toiletry - $10
Gifts - $5 (during Christmas we use some of our savings)
Savings - $175.70
*We only have one vehicle and a motorcycle, both of which are paid for (we had a very fortunate situation with our vehicles. My dad used to own a car dealership, so we got our van, used, for free. My husband rides a motorcycle and I had got that for him in my "spoiled" days as a wedding present.)
*The only debt we have, other than our mortgage, is school loans, which are about $11,000. As you saw above, we have a fixed payment we pay every month.
*We only use credit cards in an emergency or for an expensive purchase that we know we can pay for fully when the bill comes. For example, when my mom got sick, I had to use the credit card in order to go and take care of her in Florida. We paid it off with our savings.
*We do not have cable.
*We only have one cell phone that we share.
*We cut off our oil and have decided to use electric space heaters throughout the house to save money. And warm sweaters! We will only use our oil in the dead of winter, but will keep it around 55 degrees and continue to use the space heaters. We also put in a water heater to save money.
*My husband is very blessed to have a job with a school district where we have health, eye, and dental insurance. We have not always had this, and we had to pay a little over $200/month for health insurance.
*We have no pets (unless you count children). :)
*We are due for another vehicle now that my husband needs the van more with winter and the side jobs he is doing. We are waiting until we can find a used vehicle that we can pay cash for. Since we don't have the money right now, we will just have to wait and be patient.
I hope this is helpful to someone! Tomorrow I will share some secrets that I've learned when it comes to debt and getting out of it.
On Thursday, I will put up a Mr. Linky so everyone can share their budgets/savings tips/giving organizations they like, etc. This way we can all benefit from learning from each other.
One more thing - if you have a good idea for a name for this series, please share! I'm no good at creative names! Thanks! :)