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Adding it all up

August 11th, 2019 at 12:03 pm

The last few blog posts have been about how expensive life is or how expensive kids are. Comment was made that I could post my budget and get some suggestions for where I could trim the fat. I should but I'm afraid.

I don't think of myself as a frugal budget-er. Between my husband and I will bring home a good bit of money. And, we save for retirement and for a rainy day. And, yes, there is extravagance in our every day living budget. To give you high level idea of what scares me...

Here are four of the largest categories….
Food 1291 (groceries, eating out)
Housing 4221 (PITI, utilties, HOA, etc.)
Transportation 1092 (pymt, ins., maintenance)
Misc 1342 (cats, gifts, Netflix, etc.)
TOTAL 7,946

That's an ugly total. It represents about 85% of the monthly budget. But it is for a family of four with two kids in sports, tutoring, and a whole lot of other things.

The good news is that income covers the above, the remainder of the budget, a small amount of rainy day saving and about $18,000 for retirement. My financial advisor says I have sufficient funds to retire in 2021 so we are good there.

Yes, cable could go. Yes, netflix & amazon prime could go. Yes, we could not eat out....but I want all those things. I just wish things didn’t cost so much. We are fortunate that we don’t carry any credit card debt. We have two debts - the home mortgage and a car note (.9% financing so funds to purchase the car out right are in a 2% MMDA).

I discuss finances with the hubby and he’s good with my suggestions. He says I’ve done a good job based on savings. I wish we could save more but that will take courage and a backbone. I'm not there yet. My goal is each day to make better decisions.

Please be kind when commenting...