Realistic Budget - need some help
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
Is this realistic? We haven't lived in the US for a few years so we have no clue on true costs for some things. Anything I'm missing?
Some details, 1800-2000 sq ft SFH in the Vienna area, public schools for 2 elementary aged kids, no cable, 2 cars (Honda Accord like). We already have a large emergency fund, but will continue to add to it. Mortgage, insurance, taxes - 3400/mo Childcare - 1000/mo Food - 800/mo Car payments and insurance - 1000/mo Utilities - 300/mo Vacations – two nice vacations/year, all inclusive - 1000/mo College savings - 1000/mo Wedding funds - 400/mo Clothing - 300/mo Activities/sports - 600/mo Gifts to others - 125/mo Gifts within family - 175/mo House repairs/maintenance - 200/mo Emergency fund - 200/mo Internet and cell phones - 150/mo |
Anonymous
| Holy cow, I would be happy with that budget! (Especially the 1000/month vacation money!) But it is way over my monthly income that is for sure. Never even crossed my mind to sock away wedding funds... |
Anonymous
| That is a HUGE amount to spend - hope you have a high HHI! $300/mo on gifts? Every month? $1000/mo for insurance and car payments for basic cars? |
Anonymous
| Sounds like you're very comfortable - not sure what advice you are looking for. The only thing I would say is maybe up it to $1,000 for food? We are a family of four and we have budgeted $800 but usually spend around $1,000. |
Anonymous
| If you work full time and need full time camps during the summer, you will need to increase your child care budget. Also, 300 dollars for utilities seems low, especially for a house of that size. |
Anonymous
|
you say "wedding funds" $400 per month. since you used the plural, I assume this is not one fund for your belated wedding. are these funds for your kids future weddings? are you saving $4800 a year for weddings of kids in elementary school?
anyway, two kids in Public el. school, we spend $700 in aftercare. food $800 for a family of 4 may be tight (it depends where you shop, but lately food has been expensive) utilities $300 seems a little low, at least for us, we have electric AC and gas heating, plus gas stove - March April and September October are less expensive months, but I think we spend still a little more that on average house repairs, it depends on the house and what you need. our fournace broke and we have to buy a new one for about $7000. plus the house is old so there is always something to do. |
Anonymous
|
I tried to over estimate on everything, but obviously I was low in a couple areas. Thanks for the input. Summer camps hadn't even crossed my mind, but they will be needed so I'll up childcare.
Yes, we are saving for weddings for our two children. This is primarily because we paid for half of our own and would like our kids not to have to. Obviously it is something that could easily be cut. My family has always been big into gifts, so yes, we need to save that much. Any other input? Thanks! |
Anonymous
|
My budget is a lot like yours, and it looks like you've got the basics. Here's a few others you might need to factor in:
Camp set me back $2700+ this summer for one child. What about eating out/delivery? If you're including that in food, you need to up that amount. Gasoline - depending on how far you go everyday that could add another $500+/mo. Household stuff (e.g., Target shopping) runs me about $250/mo. Our Internet and cell phone (AT&T and FIOS) is usually over $200 mo. What about retirement savings? (Or do you do that pre-tax?) Will you have a gardener? Housecleaner? Dry cleaning? (DH spends $150/mo. just on shirts.) |
Anonymous
| Another comment on the food $800 is average for just groceries for a family of 4 but realistically should add another $400 for take out/eating out. We also spend about $140 a month just on dry cleaning. Oh yah - don't forget to add in gas/commuting costs! |
Anonymous
+1 I don't see any charitable contributions line-item. |
Anonymous
| A little more for food and house repair/needs |
Anonymous
| Cleaner? |
Anonymous
| I would probably be putting more per month into your emergency funds ($500-$1000). Owning a house and having two kids means that large unexpected expenses put up when you least expect them (healthcare can vary wildly year to year). Other than what others have said this budget looks good. |
Anonymous
|
Health care expenses? Braces? Dental? Vision?
Retirement? Home maintenance/repair? Housekeeping? Toiletries? Also, why do you spend so much on cars and weddings? Pay off your cars and don't save for weddings. |