My daughter is starting daycare in the next couple months and so I've had to tweak what was once an AMAZING budget. I used to have so much leftover to save for big ticket items and invest but now I'm seeing just enough to get us what we need to feel comfortable. Please tell me where you think I can cut back.
Background: Two income household. Budget is based on monthly take-home pay AFTER 15% 401k contributions, HSA, and Dependent Care FSA.
Monthly Budget: $6,916
Expenses
- Mortgage - $1,813 (with taxes & insurance)
- Daycare - $1,366
- Personal Misc Spending - $800 ($400/pp used for any hobbies, eating out, clothing, gifts, etc. Also used to build up individual savings)
- Gas - $524 (anything leftover goes to household savings)
- Utilities - $400 (average amount, anything leftover goes to household savings)
- Car Payment - $360 (36 month term set to end 1/2025)
- Groceries - $350
- Monthly Auto Insurance for 2 cars & Renewal Costs - $260 (paid semi-annually and recently re-quoted)
- Student Loans - $250
- Phones - $103
- YMCA - $98
- Life Insurance Policies - $89
- Chase Reserve Annul Fee - $50 (set aside monthly)
- -Donations - $40
Savings
- Household Savings - $113 (Repairs, joint expenses, etc)
- Emergency Fund - $100 (Major unforeseen expenses. Currently 2 months saved)
- Babies College Fund - $100
- Christmas - $100
Submitted December 28, 2023 at 08:07PM by Superb-Story-3890 https://ift.tt/QR48Wyj
