Thursday, August 12, 2010

Black and white, but mostly red

Obviously, finances have been on my mind A LOT lately. I have bouts of being very savvy with our finances then life throws a curve ball and I throw my hands up and live on the irresponsible side. I want to be financially responsible to set a good example for our children. I can't believe I'm going to do this, but I want to remain accountable; SO, to follow is our budget in black and white. First, some background information. We occupy my mother's home. She lives and works just over the state line. Instead of paying rent, we have taken over the utilities for her. This is quite a great arrangement for all parties involved. My mom is able to redirect the money she was spending on utilities as she pleases and I am able to be a stay at home mom! Mom plans to retire in 3 years, so that is our time line for getting our finances in line to buy a home and/or move west. On to our monthly budget.....

Savings~ $41.66 (I am making it a goal to have $500 in savings. I am going to build this over 12 months)
Student Loans~$278.79 (3 out of 4 loans are delinquent once utilities are up to date I will address this issue)
                            #1-AES (private loan) behind $139.79 payments $23.29
                            #2 IDAPP behind $300 payments $50
                            #3 SM-kevin (private loan) current payments $151.90
                             #4 SM-Kristen behind $227.28 payments $53.60

Credit cards (*scowl*)~ $205 (we have 2 cards to our names and they are closed accounts)
                                          #1 balance $4,241.01 payments $150
                                          #2 balance $715.96 payments $55

Gas and Electric~ $91 credit agreement (we got behind and had to make a payment plan to avoid disconnection)
                           + monthly usage which I'm estimating to be about $320
Water~$40
Sewage/Trash/Recycling~$46    behind $191.30
DISH (mom has a contract we must fulfill)~ $75.93
Phone/Internet (again another contract)~$97 behind $80
Train fare~ $193.50 unlimited rides
Cell phone ~$124 behind $125.10 total due $256.34
Insurance~$104
Cat care~$20 (monthly cat litter, cat food every 3 months bought at Costco)
Food/Personal Care~ $300 (currently we receive state funds for groceries ($220) and WIC which help our budget tremendously. I hope to maintain this budgeted amount after the aid is gone.)
Gas~$75 (on gas cards)

Expense grand total:$1774.88
Income is in the middle of changing. But I will say, there isn't much left. Our income is bi-monthly. I hope to update on here to keep accountable with our money. More to come....

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