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Frugalistas Frugalistas

good budget?

Posted by on Mar. 3, 2013 at 8:26 PM
  • 9 Replies
i was wondering if this is a good budget for a family of 5.

$250 gas
$300 food
$150 stock piling
$725 rent
$200 savings

does that sound reasonable? thanks!
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by on Mar. 3, 2013 at 8:26 PM
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Replies (1-9):
Amanda52007
by on Mar. 3, 2013 at 8:34 PM

Well, it really depends on how much gas you use, what kinds of meals you're planning, and what exactly you're stock piling.

mommy06and09
by on Mar. 3, 2013 at 8:47 PM
the gas and rent are the only two things that are consistent. that amount of gas gets us to work and daycare only. i want to save more or allow more for fun activities with the kids thoughts? i feel like im forgetting things too. utilities are included in rent. my phone is included in stock piling.


Quoting Amanda52007:

Well, it really depends on how much gas you use, what kinds of meals you're planning, and what exactly you're stock piling.


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la_bella_vita
by Bronze Member on Mar. 3, 2013 at 9:11 PM

 Bump!

mybratsmom
by Silver Member on Mar. 3, 2013 at 9:19 PM
You don't have electric, cable, phone, or water. You don't have clothes or "fun" money, or medical budgeted either. Or debt repayment...if you have any (good for you of you don't!!). $150 is a ton for stockpile - what are you stockpiling? Really, that's a ton of money and you need to have your utlities and phone separated (I went back and read). This way you know EXACTLY where you can cut back if you ever need to. Everything should have a name. I have mine; mortgage, food, gas, electric, insurance, water, cable, gym, FUN, truck 1, truck 2, Christmas, clothes, Kids, dogs, school. I know we're going to need clothes in a few weeks for summer, so I just continue to budget for it throughout the year so it doesn't hurt when I do buy them. We budget every month for medical - we have an HSA so whatever we save throughout the year gets rolled into the account at the new year. I also budget for "fun" - a movie, bowling, dinner out.
Good start by the way, but you can get a little deeper so you can really see where your money is going, which is the point of the budget.
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chicken13
by Silver Member on Mar. 4, 2013 at 7:30 AM

First..you have to know where you re pening money in order to make a budget that will work. Write down every penny you spend for a month, then sit down and group them. Don't forget quarterly, or annual bills. 

Once you know what you spend, you can see where you are wasting money.  Make sense?

Amanda52007
by on Mar. 4, 2013 at 7:47 AM

Why would your phone be included in stock piling? That's a monthly bill you have every month. 

What exactly are you stock piling?

The point of a budget is to see where you're wasting money, and to not waste it anymore. You need to get REAL specific with amounts. 

Quoting mommy06and09:

the gas and rent are the only two things that are consistent. that amount of gas gets us to work and daycare only. i want to save more or allow more for fun activities with the kids thoughts? i feel like im forgetting things too. utilities are included in rent. my phone is included in stock piling.


Quoting Amanda52007:

Well, it really depends on how much gas you use, what kinds of meals you're planning, and what exactly you're stock piling.



matreshka
by Platinum Member on Mar. 4, 2013 at 8:15 AM

With our budget we break down every known expense on a monthly basis.  Rent, electric, gas, phone, cable/internet, groceries, household needs, spending money, etc.

erienne06
by on Mar. 4, 2013 at 9:20 AM
Ours is: rent, gas, gas/water bill, electric bill, directTV, cell phone, car/renters insurance, Internet/landline, groceries, debt, and church collection.
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Emelyn_loves_31
by on Mar. 4, 2013 at 9:55 AM
1 mom liked this

For me a "good" budget is one in which I can live below my means and still live.  My budget is broken down into categories, and then each category has specifics underneath it, such as

Fixed Expenses (the same every month)

  • Mortgage
  • Cable/Internet/Phone
  • Life Insurance
  • Retirement
  • Mad Money
  • Vacation Fund
  • Emergency Fund
  • Long Term Care Insurance
  • Replacement Car Fund
  • Gym

Variable Expenses (wiggle room to save more--or put more towards debt payment at the end of the month)

  • Utilities
  • Entertainment
  • Transportation (including gas and public transportation)
  • Medical expenses/medications
  • Groceries/Food

Debt Repayment

  • Student Loans
  • Credit Cards

Infrequent Expenses (I budget monthly, even though I pay these once a year, quarterly, etc.--goes in separate checking account, with a separate spread sheet to keep track of balances.  At the beginning of each year, homeowner's and car reg go back to zero and any unspent in those categories goes to debt payment)

  • Homeowners insurance
  • Car Registration fees
  • Clothing
  • Gifts
  • Charitable giving
  • Personal care/Self care (haircuts, occassional manicure, occassional massage, etc.)
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