Eating Out: $75/month (this allows for two less expensive dinners as a family, or one nice date night for me and Mr. B. Any leftover carries over).
Casco: $75/month (Casco’s food costs $55 a month,a nd the other $20 is saved for vet bills when they come up)
Gifts: $100/month (This is our budget for the year – extra carries over every month and this amount must cover our Christmas spending, too. January and February are big birthday months in my family, the summer in B’s family, so we have to plan accordingly).
Clothing: $75 month (for B and me – this carries over, too and becomes a savings account, and we pretty much just split it in half).
House (Decor, maintenance, etc): $50/month – carries over month to month
Personal (Shampoo, toilet paper, etc): $25month – carries over
Spending (aka Allowance – Mr. B and my monthly stipend we can spend however we want – lunches out, dinners with friends, movies, etc): $75 each/month
Diapers, Clothes and Toys: $100/month (Diapers cost us $20 a month at Target, and the rest usually isn’t spent, but allows me to buy a Spring wardrobe for T or new puzzles when I can’t take the old ones anymore).
Church Giving: Based on our income.
Stroller Fund (vacation fund, etc in other years): Any extra cash – checks from credit card rewards, Blogher income, gifts, etc.
Set Expenses (direct bill pay or credit card that is paid off every month)
Mortgage Payment: Less than 20% of our income (our only debt).
Water Bill: $35/month on the average
Electric/Gas: $75/month on the average (higher in hot and cold months, but we budget for the average because we can afford the spillover).
Cell Phones: $100/month
Car Insurance: $110month (paid twice yearly)
Life Insurance: $100/month
Gas (not a set expense, but paid via credit card rather than cash for safety and convenience purposes): $300/month (budgeted, but we go over and under).
Charity: We donate a chunk of Mr. B’s yearly bonus to the charities we choose to support, and B donates a percentage of every paycheck to our Catholic Charities (an organization near and dear to my heart because of my own family history) and the organization he sits on the board of (by donating out of his paycheck, we lower our taxable income, which is great, and also it makes giving a no-brainer instead of something we have to part with after having the money in hand).
This budget allows us to put a good chunk of Mr. B’s income and my entire income into savings. Our first priorities are retirment and college funds: we contribute the max to my ROTH IRA (B does the same with his retirement accounts, but with pre-tax money directly from his paychecks) yearly which breaks down to $416/month, and we put the same into T’s 529 (that will change a little bit with he addition of #2, though we’re not sure how, yet. Leftover money goes to long term (we keep it in a high interst bank account) savings for things like a downpayment on our next house (we have over a year of living expenses stocked away in an emergency fund, but before we had that amount, all extra went into that fund), short term (kept in our local bank) for vacations, etc, and other investments.
So that’s the breakdown. Any other questions? I’m always happy to answer them!