First time poster, long time lurker blah blah blah. Long story short, is I (31 M)want to fully understand where the money is going. Have a family, wife (32 F) and 2 kids (7 and 2), and want to make sure I am doing the right thing as often as possible for them. The most I have really done in "budgeting" is have we spent less money than we made in the month? Not a refined science, but it kept us from CC debt. So I went through the last few months statements and wanted another few pairs of eyes to see if I am in the right space. All income is 'rounded down' to the nearest 00 and expenses are 'rounded up'. Trying to make for easy math and leave a bit of wiggle.
Also this is for a month.
Income - Myself and my wife.
After tax - 5500
Expenses
Housing/Utilities
Mortgage - 855 - 2.99% - 26 years left
Phone - 215
Electric - 170 (avg month)
Water - 25 (avg month)
Garbage/Sewage - 65
TV/Internet - 150
Netflix/Amazon - 15
Transport
Car 1 - 440 - 4.5% - 42 months left ish.
Insurance - 135 - includes home/term life (wife)
Gas - 200 (avg month)
Food
Groceries - 700 - includes diapers/cleaning supplies/etc
Eat out - 150
Kids
Care - 500
Other - 100 - clothes, toys, school stuff - can fluctuate
Pets - 1 dog, 2 cats
Food - 80
Meds - 50 - flea meds, heart meds, vets. If this isnt spent, its saved for emergency
Personal
Medical - 240 - 0% - 12 months left
Other - 150 - Clothes/haircuts/entertainment
Loans
Student loans - 750 - 5.7% 72 months left
Personal Debt - 250 - 8.5% 60 months left
Savings
IRA - 50 - been putting an extra 50/month to a Roth IRA since I was 18. Kind of left it as a habit
Rainy day fund - 25 - just a small saving for a fun thing.
Back up fund - 50 - contribution to emergency fund
Other Info
Emergency fund 2000 - (probably needs more)
both of put enough in 401k for max employee match - 90000
Should be everything. Let me know if it appears I am missing something egregious or overlooked.
Submitted March 09, 2019 at 07:50AM by rabbitsmashr https://ift.tt/2tZu305
