What categories do you have in your budget?

[Mickey'snewestfan]

I'm trying to really cut back on my expenditures for a few months to pay off some debt, and save up for a downpayment on a new car, and I'm trying to figure out exactly what a "barebones" budget would look like for us. We're a 2 person family (mom and teenage son).

Can you look at the following list and tell me what categories you have in your budget that I'm missing.

Here's what I have that I feel is a "neccessity"

Rent
Electricity
Phone
Internet
Public transportation
People food
Toiletries/Cleaning products
School lunch
Debt payments
Laundry
Prescription drugs
Contribution towards gas for the friend I carpool to work with

The following 2 things are my "luxuries" that I'm not planning on giving up

Hulu
Dog food

I figure I'll need a "miscellaneous" category for irregular or unexpected expenses. For example, in the past few months I've paid for a field trip, bought a birthday gift for my son's grandmother, taken my son to the Dr., and bought special cleaning supplies when my kid had a nosebleed all over the carpet.

Some things you might notice are missing, and why

Car payment/insurance/gas -- don't have a car right now
Water, gas -- included in my rent
Allowance for my son -- he has a job
Cable -- don't have it
Renter's insurance -- paid for the year in a lump sum
Clothes -- if it's just a few months, I can do without

So, what am I missing?

 

[gjl]

Removed

 

[scrapquitler]

Renters 's insurance!

I would not live in an apartment without it. Renters insurance is inexpensive (like $200 a year for a basic policy). I think it is vital because if something happens, your landlords insurance covers the property, but not YOUR personal possessions.

 

[scrapquitler]

Renters 's insurance!

I would not live in an apartment without it. Renters insurance is inexpensive (like $200 a year for a basic policy). I think it is vital because if something happens, your landlords insurance covers the property, but not YOUR personal possessions.

Oops....I see you mentioned renters insurance further down in the post, I missed that the first time.

 

[lucigo]

I have found its easier to control the budget if I separate eating out from groceries. I recently found mint.com and its really an eye opener!

 

[pocomom]

I'm trying to really cut back on my expenditures for a few months to pay off some debt, and save up for a downpayment on a new car, and I'm trying to figure out exactly what a "barebones" budget would look like for us. We're a 2 person family (mom and teenage son).

Can you look at the following list and tell me what categories you have in your budget that I'm missing.

Here's what I have that I feel is a "neccessity"

Rent
Electricity
Phone
Internet
Public transportation
People food
Toiletries/Cleaning products
School lunch
Debt payments
Laundry
Prescription drugs
Contribution towards gas for the friend I carpool to work with

The following 2 things are my "luxuries" that I'm not planning on giving up

Hulu
Dog food

I figure I'll need a "miscellaneous" category for irregular or unexpected expenses. For example, in the past few months I've paid for a field trip, bought a birthday gift for my son's grandmother, taken my son to the Dr., and bought special cleaning supplies when my kid had a nosebleed all over the carpet.

Some things you might notice are missing, and why

Car payment/insurance/gas -- don't have a car right now
Water, gas -- included in my rent
Allowance for my son -- he has a job
Cable -- don't have it
Renter's insurance -- paid for the year in a lump sum
Clothes -- if it's just a few months, I can do without

So, what am I missing?

Your catagories look pretty good to me! If you want to reduce discretionary spending in addition to trying to reduce your grocery bill, you can cut back on cleaning supplies. Vinegar, baking soda are all very cheap and great household cleaners. We have 5-6 "ingredients" we use for everything from laundry soap, dishwasher soap, all purpose cleaner and glass cleaners. Huge savings for my big family, but still may help your smaller family!

 

[hsmamato2]

Part 1
there are various ways to make a budget,the simplest is to write in the notebook, your total income per week,per month,etc. (line for each of these)
then starting with the highest/most important,list your fixed expenses underneath in descending order.
example....
Income weekly-xxx.xx
= income monthly-xxxx.xx
Rent-xxx.xx
Elec.-xx.xx
gas-xx.xx
phone-xx.xx
internet-xx.xx
****Notice the 1st stuff is unmovable, you don't have choice,pay it or you don't have pkace to live,etc. NOW the other stuff goes in...
DEBT PAYMENTS- XX.XX (should be at TOP of this list)
then,per OP list,everything else.

People food
Toiletries/Cleaning products
School lunch
Debt payments
Laundry
Prescription drugs

SO....at top, you have income.
in the middle you have expenses ranging in order of importance from 'do I need this to live? down to ,'I want this'-
WIth your calculator, put in your income- subtract your list one by one(remember, this is order of importance here) when you get the bottom of your list,you have nothing left to subtract. (anything 'extra' goes straight to your debt)
this is a SEPARATE page in your budget book from daily expenses. You wilol quickly see what you can and can't afford.

 

[hsmamato2]

Part 2-
On a different page in notebook, create categories for daily spending.
Remember, your FIXED expenses never change, so just note the amount you are starting with for the month.based onyour income and list.
create categories that mean something to you-
groceries
drugstore
extra income
dogfood
hulu
and then put in your numbers-
I personally keep a list of
groceries
eating out/entertainment
gasoline
drugstore/walmart/target etc
vacation saving

So the daily/weekly upkeep of budget checking is for these '2nd list' items.
(also forgot to note, in 1st page,'savings' is also a fixed category for us)

 

[gshumaker]

Here's what I have that I feel is a "neccessity"

Rent
Electricity
Phone
Internet
Public transportation
People food
Toiletries/Cleaning products
School lunch
Debt payments
Laundry
Prescription drugs
Contribution towards gas for the friend I carpool to work with

So, what am I missing?

Even on your necessities you can save...

Electricity - there are ways to save (ie use CFLs or LED lights vice old std bulbs)

Phone - if you have a cell phone - do you need a home phone? (you do not say which you are using) -- if not under contract switch to a non-contract cell phone carrier (ie StaightTalk) for savings off of a tradtional carrier - get rid of the traditional home line for one from Ooma ($4-$5/month) or StraightTalk ($15/month)

Internet - cut back on your speed for some savings

People food - eat in more than out

School lunch - brown bag vice buying

Prescription drugs - go generic if you can


Good Luck!!!