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Forum -> Household Management -> Finances

Need help budgeting

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amother

Sun, Nov 12 2023, 11:31 am

I’m a terrible budgeter and spend too much. I worked out a plan to pay off any debt (BH not paying interest on credit cards, but I can barely pay the bill each month and had to do a balance transfer recently). I have student loans as well. I calculated that after those monthly payments (to pay off student loans and the balance transfer), I have about $750 to spend weekly on food, gas, household items, clothes etc. All other expenses like mortgage, maaser, tuition are accounted for. $750 sounds like a nice amount but it flies and at the end of every week I spent too much. We’re a family of five. I’m really trying to be responsible but I suck at this. Any advice would be greatly appreciated (and please no judgment!) 🙏🏻

wife101

Sun, Nov 12 2023, 12:13 pm

amother OP wrote:

Have you tried using the envelope method - use only cash for the remaining 750 a week?

cupcake123

Sun, Nov 12 2023, 12:16 pm

Where you located? How old are your kids ? If the biggest expense is food maybe we can come up with ideas how to cut that down just till you pay off your loan

amother

Clover

Sun, Nov 12 2023, 12:17 pm

I’m in a similar boat. It’s insane how quickly the dollar flies out. I’m not a big spender at all

amother

Navyblue

Sun, Nov 12 2023, 12:17 pm

A family of 5 spends 750$ a week??!!

amother

Sunflower

Sun, Nov 12 2023, 12:34 pm

First you can look at your set expenses and see if there's any way to lower it. Insurances and phone/internet it's worth calling once a year to see if you can negotiate a better rate.

Next, I agree with the other poster about the cash envelope method. You need to get into a habit of seeing what you're spending instead of just checking up on it after the fact. Pick a day of the week for any online purchases, fill up the cart all week and then review it to see what you actually need from it

amother

Impatiens

Sun, Nov 12 2023, 12:40 pm

amother Navyblue wrote:

A family of 5 spends 750$ a week??!!

Is that more or less than you’d expect?

amother

Navyblue

Sun, Nov 12 2023, 12:46 pm

amother Impatiens wrote:

Is that more or less than you’d expect?

That seems like a lot to me. I’d love to hear more details about what exactly she’s buying that adds up to that each week

#BestBubby

Sun, Nov 12 2023, 12:59 pm

Second pay cash only and maybe take a break from online shopping.

amother

Sun, Nov 12 2023, 1:03 pm

amother Navyblue wrote:

That seems like a lot to me. I’d love to hear more details about what exactly she’s buying that adds up to that each week

Just looking at this past week - food, diapers, paper towels, socks, undershirts, doctor copays… it all adds up.

amother

Sun, Nov 12 2023, 1:08 pm

cupcake123 wrote:

Where you located? How old are your kids ? If the biggest expense is food maybe we can come up with ideas how to cut that down just till you pay off your loan

My kids are teens. I tried cutting down on buying extras I like for shabbos, like flowers, beef jerky, bought salads etc. We probably spend an average of $350 - $400 a week on food. Leaving a decent amount for other expenses but every week there’s something else.

wife101

Sun, Nov 12 2023, 1:31 pm

amother OP wrote:

Just looking at this past week - food, diapers, paper towels, socks, undershirts, doctor copays… it all adds up.

The question is where is the big black hole. These items should still leave you with money left over at the end of the week and all of these items should not need to bought more than once a month.
Can you look at the last 2 months and see where the extra 350-400 a week is going (assuming you are spending 350-400 on groceries)...

amother

Clover

Sun, Nov 12 2023, 1:58 pm

On paper it seems like a lot but I understand you op, so many things come up as the kids get older it’s a nonstop spending spree on things that you/they need. Small things like the barber is 25 a child. Mikvah 35 month. Girl haircuts 40-60. Copay 50 a visit. Shoemaker 15/20 a shoe. School collecting money for some thing 25-50. Eyebrows 20 a person. Sheitel 60. Shoe rips and need new one usually 100+.

amother

Sunflower

Sun, Nov 12 2023, 2:04 pm

amother Clover wrote:

Yes but within almost everything listed, there's places to cut.
Boys haircuts can be done at home.
Girls don't need so frequently or you can find someone newer to do it for cheaper.
Schools collecting money shouldn't be a $50 thing. $5-10 max is perfectly acceptable.
Eyebrows can be plucked at home.
Sheitals can be done at home.
If Drs visits are a weekly thing, include the copays in set expenses not the "extra" $750/week.

amother

Navyblue

Sun, Nov 12 2023, 5:18 pm

amother OP wrote:

your kids are teens but you also are buying diapers? when you said family of 5 did you mean 3 kids?

also are you buying diapers weekly? or once a month from costco ?

amother

Clover

Sun, Nov 12 2023, 5:23 pm

amother Sunflower wrote:

I’m sorry some of these things are not realistic. Boys haircuts? U give them at home?? U must kno how to cut hair. Many boys can’t have a basic shave it just looks bad on them. School collecting money? Ummm shabaton is min 175/200 or money for the plays are min 50. U can’t just say 10 max is fine. Eyebrows again if ur good at it then yes u can pluck at home but u can also ruin ur brows and they shape ur face. Same with sheitel yes technically it can b done at home but do u kno what ur doing? Will u ruin a good one by putting the conditioner in the wrong place too close to the knots? U must not have older kids in the home or not live in the US

amother

Arcticblue

Sun, Nov 12 2023, 5:25 pm

amother OP wrote:

Just looking at this past week - food, diapers, paper towels, socks, undershirts, doctor copays… it all adds up.

It adds up to more than $700? Surprised

amother

Arcticblue

Sun, Nov 12 2023, 5:37 pm

amother Clover wrote:

Boys can get haircuts at home. It's very easy.

If you're spending more than 100 on a pair of shoes that rips and you have to take it to the shoemaker, then buy cheaper shoes because it's obviously not worth the money. Do your own eyebrows. Find a cheaper sheitel macher. 60 is a crazy amount for a regular wash and set.

amother

Sunflower

Sun, Nov 12 2023, 5:59 pm

amother Clover wrote:

Plenty of Americans give their sons haircuts, yes some styles need a bit more skill but paying a barber is certainly not must if you're trying to budget and get out of debt.

A school shabbaton or play are once a year things. With only 3 kids, anything bigger than $10 isn't coming up on a weekly basis. Maybe monthly but even that's a bit of a stretch for the vast majority of schools.

If you have gotten your eyebrows done regularly, you can easily see which hairs are growing out of place and pluck those. It won't be as perfect as a professional but it won't look bad and again, were talking about someone who's actively trying to budget and get out of debt.

Watch a video on YouTube for how to wash and set your own sheital. Plenty of people, even Americans do it. And for the 3rd time, this is a conversation about what someone can do to lower their budget. I'm not saying do your own sheital for your daughters chasuna, it's ok if your weekday sheital isn't professionally styled at the bare minimum until you feel more comfortable financially.

amother

Crimson

Sun, Nov 12 2023, 6:03 pm

can you explain how you did a balance transfer? hubby is terrible with finances and racked up 4k on his cc. someone explained once to me that he can put his balance on a new CC and not have interest for a year?

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