Evolving Budget

Originally posted May 24, 2010
After 6 months of being on a budget, some things changed. My couponing/saving skills improved, I wanted to give more to charity, gas prices went up, our co-pay doubled, and my students loans were paid off (in part due to a gift from family and, thinking we were no where near ready to buy a house, we emptied our house savings fund). After we paid ourselves back, we took the money we would have spent on my student loans and applied them to Professor’s student loans, which are currently due to be paid off in April 2013.

As of this past April, our budget is as follows.
Giving
8.5% Charity 40.00
Church 260.00
Savings
19.8% House down payment 600.00
Retirement
Housing
26.6% Rent 985.00
Renter's insurance 13.00
Repairs, maintenance 40.00
Utilities
6.9% Electricity 88.00
Water 41.00
Phone 81.00
Trash 20.00
Cable 15.00
Food
8.1% Groceries, toiletries 200.00
Stockpile for groceries eliminated
Restaurants, take-out 60.00
Pet food, litter 25.00
Transportation
4.9% Gas 58.00
Maintenance, repairs, tires 50.00
Insurance 52.00
License 13.00
Car replacement
Clothing
1.3% Children 16.00
Adult 30.00
Medical
3.9% Doctor office visits 60.00
Portland Parking 4.80
Dentist
Optometrist
Prescriptions 45.00
OTC medications 10.00
Veterinarian 20.00
Personal
4.0% Life insurance 37.70
Baby sitter
Gifts 50.00
Professor's allowance 10.00
my allowance 10.00
Kid's allowance 10.00
Haircuts 25.00
Recreation
3.1% Entertainment--family 10.00
Vacation 100.00
Debt
12.8% Professor's Student Loans 450.00
my Student Loans eliminated
Spent Pay Period Total 3600.50
Income Actual Pay 3763.61

We are still not able to fund certain categories. Our rent has gone up because we went to month-to-month rent when we realized we could be serious about buying a house. Professor no longer gets any overtime, which has lessened extras at the end of the month. We still need to adjust for higher gas costs and the fact that I drive a lot more on the days I have the car; whereas last year, my little man was taking two naps a day and we rarely left the house.

The “Restaurants, take-out category” is also the budget that date nights come from. Once in a blue moon get take out an instead aim for two $30 meals or less per month, and free babysitting from a wonderful friend.

I would love to get the Pet food, litter category down, but the cats have nasty reactions to many, many foods, including Iams. They are not on a diet I need to buy at the vet--yet.