What is a realistic WEEKLY budget for a family of 3?

[brergnat]

DONT FALL INTO THE 0% down trap-if you do a 0% VA loan you will pay a huge funding fee-like 5% of the loan-depending on who your lender is-if you go VA but do even 10% down it will push down your interest rate and reduce your funding fee. Over the life of the loan that will save you alot of money.

We plan to do our VA loan through our bank, USAA. They cover the VA funding fee, which is a savings of about $8k for us. We'd be able to get a mortgage that works for us for about $11k total cash due at purchase.

We will NOT have even 10% down. The area we are likely moving to is the DC area. A home in the area we'd need to live (for the schools) are upwards of $350k...and there is no way we'll have $35k PLUS at that point.

 

[momx2]

I think you got me confused with OP... those are my numbers. I just posted as a point of reference for what my family spends. Also gas is total of $170 for 2 weeks - we fill both cars up for $100 and then dh fills his car up twice for a total of $70 more in gas- each fill up at $35 for his car

Hey mom2val, I almost posted the same as the previous poster. I went through and added your expenses and came up with $520. Now I see that you meant $70 extra in gas for 2 weeks. I thought you meant $70 a fill up for $140. I think that is what the previous poster thought. Now I understand the $450.

 

[StitchBuddy]

We are a family of 3. I found out a long time ago that paying cash kept me from spending more money than I should. All we ever charge is gas and car repairs, but we pay it off each month. We take out $200 each week, $100 for groceries and $100 for entertainment/eating out. I try to never go to Walmart or Target to buy groceries, because guess what?? There are to many tempting thing there to buy. I also try to go without my DD13, because she always adds things I wouldn't normally buy. I also play a game with myself, any money left over after I buy groceries each week goes into my mad money stash. I do however go to Walmart and spend about $100 a month on tp, soap, detergent etc...

 

[lovemygoofy]

We plan to do our VA loan through our bank, USAA. They cover the VA funding fee, which is a savings of about $8k for us. We'd be able to get a mortgage that works for us for about $11k total cash due at purchase.

We will NOT have even 10% down. The area we are likely moving to is the DC area. A home in the area we'd need to live (for the schools) are upwards of $350k...and there is no way we'll have $35k PLUS at that point.

I live in the DC area now. If you are going to Quantico, the housing out that area is more reasonable than downtown DC.

Be very very careful about this VA loan thing if you do buy any house here. I've heard lots of nightmare stories about trying to buy a house through USAA and I don't know that military families who are going to be here temporarily need to buy a house here with the market not doing that well right now. Do alot of research before putting down that kind of cash espsecially if you have no savings you could be putting a whole new spin on the house poor.

 

[sameyeyam]

You already have all the information you need to make a budget. If you've been using your credit card to make most of your purchases all you need to do is look at your statements and there it is in black & white.

Create a simple spreadsheet and make your basic categories. You know what you generally buy at each store, so put each charge that you made into the correct category and you will have a total. If you used your checkbook also, then list those items as well.

OR...you could try listing your actual expenses for 1 month before doing your budget. Then you will know for sure what you spend on each category.

 

[sameyeyam]

We are a family of 3. I found out a long time ago that paying cash kept me from spending more money than I should. All we ever charge is gas and car repairs, but we pay it off each month. We take out $200 each week, $100 for groceries and $100 for entertainment/eating out. I try to never go to Walmart or Target to buy groceries, because guess what?? There are to many tempting thing there to buy. I also try to go without my DD13, because she always adds things I wouldn't normally buy. I also play a game with myself, any money left over after I buy groceries each week goes into my mad money stash. I do however go to Walmart and spend about $100 a month on tp, soap, detergent etc...

Walmart is a great place to grocery shop, they have great prices. Just tell yourself when you go in that you will NOT go beyond the grocery section of the store. I go every Thursday to grocery shop and never step foot in the other part of the store. I just pretend that there is a giant electric force field in the middle of the big aisle next to the tempting stuff...I will be electrocuted and die if I step over it! To date I have not stepped over it and I am still alive and my pocketbook thanks me.

 

[hambirg]

Well. . .a slightly different take on this. If it was me, I would sit down with your total income and start subtracting. Expenses that can't be changed. . .rent, insurance premiums, car payments. . .followed by those that are fairly rigid but have some leeway. . .utilities, cell phone, gas. . .followed by those with even more leeway. . .groceries, clothing, cable. . .figure in an amount you want to save. . .as well as the amounts you should put aside if something comes up. . auto maintenance and repairs, etc. Now what do yo have left? If it's a lot than up your savings, if it's not much than start figuring out where you can cut. . .starting at the bottom of that list. You said you found it unsettling to only have $32 left in your wallet and 3 days to go. I think that's the point of the exercise.

 

[tinker&belle]

I think you got me confused with OP... those are my numbers. I just posted as a point of reference for what my family spends. Also gas is total of $170 for 2 weeks - we fill both cars up for $100 and then dh fills his car up twice for a total of $70 more in gas- each fill up at $35 for his car

Sorry...I saw the numbers and thought it was the OP, sorry...

 

[figment3258]

For us we are a family of 4 and my MIL lives with us. So I budget 110$ for groceries, 90$ for gas for the two of us and 50$ for extra's So thats 250$ a week.

 

[Waseller77]

For our family of 4 (6 year old and 4 year old), our weekly budget is $150 for gas, groceries, dining out, etc. After seeing the different amounts people spend, it obviously can fluctuate quite a bit depending on your gas prices/length of commute, grocery prices, etc.

 

[brergnat]

For our family of 4 (6 year old and 4 year old), our weekly budget is $150 for gas, groceries, dining out, etc. After seeing the different amounts people spend, it obviously can fluctuate quite a bit depending on your gas prices/length of commute, grocery prices, etc.

Wow! Living in Maine is MUCH cheaper than living in Orange County, California!

I supposed I do live in a VERY high cost of living place...

 

[brergnat]

I live in the DC area now. If you are going to Quantico, the housing out that area is more reasonable than downtown DC.

Be very very careful about this VA loan thing if you do buy any house here. I've heard lots of nightmare stories about trying to buy a house through USAA and I don't know that military families who are going to be here temporarily need to buy a house here with the market not doing that well right now. Do alot of research before putting down that kind of cash espsecially if you have no savings you could be putting a whole new spin on the house poor.

We have young kids who require special education services. We would live in western PWC, for the school system there. We are still waiting on orders, and won't even know for sure where we are going until January, but since Quantico is the most likely destination, that's where we are doing our research.

Trust me, we are REALLY going to examine every possible angle, and do what is the most financially sound thing to do. We have been renters our entire military career so far (12 years), and would love to own a house, BUT we would be just as happy to rent a HOUSE (we've been in an apartment all this time, and it's getting old). Right now, all the "rent vs. buy" calculators out there are pointing in favor of buying, even over a period of only 5 years. IF we buy, we would not sell the house when we have to move again, we'd rent it out and hold onto it. DH only has 8 years left in the military, and when he's retired, the majority of "new careers" are found in the D.C. area. So, we'd like to have a home in that area should we need to return there for a job opportunity down the road.

Since we get a tax free housing allowance every month, it just doesn't make much sense to NOT own a home, considering that we can easily afford it in most places outside of Orange County, CA (where we currently live, and where houses average about $700,000, and where we can NOT afford to buy). DH's husband passed away earlier this year and we rec'd an inheritance that allowed us to pay off ALL our debt, so this is why we are where we are, and able to FINALLY put money into savings. DH is also being promoted in Jan, and the promotion is a HUGE one, so will bring us even more extra money each month. We won't be "house poor" by any means. We can easily purchase a home, pay the property tax and insurance, and still be UNDER our monthly housing allowance over there, even with a 0% down VA loan.

By the time next June rolls around (when we'd be moving), I estimate we'll have almost $30,000 in savings, IF we can manage to wrangle our spending down to a reasonable level.

 

[bettymae1121]

I'm like the OP, everything goes on the card to earn miles!

But I set a budget and stick to it, so I don't "swipe" unless it's something we truely need and have budgeted for. It took a while to really get the disapline needed but now I don't really think twice about it. I can walk through a mall and not spend a dime more than what I went in for, or just go window shoping with my friends and am not tempted to buy anything. This way we get the best of both worlds, a budget we stick to but miles for what we do spend money on.

OP, in your shoes I'd do a budget like others are sugesting (looking at past CC statements and your checkbook ledger are excellent ways to start) and once your budget is in place (and it may take a few months for you to "tweek" it so it works smoothly) you can see if it's really just "temptation" that's making you overspend or if it's just that your "needs" expenses are just higher than you thought and you just don't has as much descretionary income as you think you do. If it turns out it really is just thoughtless spending, you can either try the cash system if you think that will work best for you, or just grit your teeth and really anylize every purchase before you make it and charge it to a CC (do we really need it? is there a cheaper way to get this? etc.).

Cutting spending is a lot like starting a diet. At first it's REALLY hard to walk past that bakery window without buyng a cupcake (or two or three ), but after awhile the temptation becomes much less and eventually you don't even really think about it anymore.

 

[Waseller77]

Wow! Living in Maine is MUCH cheaper than living in Orange County, California!

I supposed I do live in a VERY high cost of living place...

Yes, I bet it is much cheaper. We spend about $1400/month in daycare/pre-school, so saving has been a necessity! I follow a blog, www.couponingtodisney.com and I think she spends about $150/week as well. She has some great money-saving tips on her website!

 

[lovemygoofy]

We have young kids who require special education services. We would live in western PWC, for the school system there. We are still waiting on orders, and won't even know for sure where we are going until January, but since Quantico is the most likely destination, that's where we are doing our research.

Trust me, we are REALLY going to examine every possible angle, and do what is the most financially sound thing to do. We have been renters our entire military career so far (12 years), and would love to own a house, BUT we would be just as happy to rent a HOUSE (we've been in an apartment all this time, and it's getting old). Right now, all the "rent vs. buy" calculators out there are pointing in favor of buying, even over a period of only 5 years. IF we buy, we would not sell the house when we have to move again, we'd rent it out and hold onto it. DH only has 8 years left in the military, and when he's retired, the majority of "new careers" are found in the D.C. area. So, we'd like to have a home in that area should we need to return there for a job opportunity down the road.

Since we get a tax free housing allowance every month, it just doesn't make much sense to NOT own a home, considering that we can easily afford it in most places outside of Orange County, CA (where we currently live, and where houses average about $700,000, and where we can NOT afford to buy). DH's husband passed away earlier this year and we rec'd an inheritance that allowed us to pay off ALL our debt, so this is why we are where we are, and able to FINALLY put money into savings. DH is also being promoted in Jan, and the promotion is a HUGE one, so will bring us even more extra money each month. We won't be "house poor" by any means. We can easily purchase a home, pay the property tax and insurance, and still be UNDER our monthly housing allowance over there, even with a 0% down VA loan.

By the time next June rolls around (when we'd be moving), I estimate we'll have almost $30,000 in savings, IF we can manage to wrangle our spending down to a reasonable level.

I totally understand what you are saying. We are 13 years in and still haven't purchased a home anywhere but that's because I don't want to worry with the maintenance when my husband is gone, which is all the time.

We live down in Alexandria and pay $2,500 a month for our 4bdr 4bath house with a small yard. It will be a little less expensive up near Quantico, which I hear great things about their school.

I'm sorry if I came off with an attitude that wasn't my intention. I just keep hearing horror stories hear about people that have bought houses and can't unload them or even charge enough rent to cover the mortgage. Both Quantico and Ft. Belvoir offer some great financial home buying classes for this area if you have time to look into one before you buy here.

If I can be of any help about this area, just let me know.

PS after your husband is promoted a good savings tip for us is to put 90% of the increased amount of salary into a savings account and leave us with the 10% for a bit of extra enjoyment money.

 

[brergnat]

I totally understand what you are saying. We are 13 years in and still haven't purchased a home anywhere but that's because I don't want to worry with the maintenance when my husband is gone, which is all the time.

We live down in Alexandria and pay $2,500 a month for our 4bdr 4bath house with a small yard. It will be a little less expensive up near Quantico, which I hear great things about their school.

I'm sorry if I came off with an attitude that wasn't my intention. I just keep hearing horror stories hear about people that have bought houses and can't unload them or even charge enough rent to cover the mortgage. Both Quantico and Ft. Belvoir offer some great financial home buying classes for this area if you have time to look into one before you buy here.

If I can be of any help about this area, just let me know.

PS after your husband is promoted a good savings tip for us is to put 90% of the increased amount of salary into a savings account and leave us with the 10% for a bit of extra enjoyment money.

Thanks for your input! DH is the one pushing to buy the house. I've always been the one handling the finances (for the same reason as you...he's always gone!), so I am the one saying "hold on a sec...we have to really see what's financially best."

The other thing we realized is that his promotion is going to push us into the next tax bracket, and our tax liability increase will be HUGE. So, owning a house has the benefit of deducting the interest tax which would be to our advantage, and could potentially save us thousands of dollars per year over renting...

So, it's something we really have to think very strongly about. The bottom line is, even if we own a home, and for whatever reason couldn't sell it or couldn't get the full mortgage payment as rent, we'd STILL probably be able to afford to pay two housing payments, five years from now. I expect to be back at work at that point at least part time, and even if I didn't work, we'd be able to swing it if it came down to that.

We are not looking to own a home for investment purposes. We know that's not a reality. A lot of the reason we want to buy a house is so we can get a dog. It's something we've been wanting for years, but it's VERY difficult to find a rental apartment or home that will allow dogs, which is understandable. I just hate being subject to someone else's rules...I'm over it!