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Forum
-> Household Management
-> Finances
amother
OP
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Fri, May 14 2021, 2:32 am
How can I figure out reasonable budget amounts?
We are coming from hand-to-mouth and hopefully getting to a better place. So we are "behind" in normal expenses. Meaning that in the past we only ever replaced things when there was no other choice. So we handed down shoes from kid to kid and only got new if there were actual holes in the sole or the top was separating from the bottom. Clothes could be fraying but we'd keep them unless they were actually ripped. So a lot of our stuff is in pretty bad shape.
Now as our finances are improving, we are trying to make a target budget. Both for one-off expenses and for ongoing.
So for example we don't really have luggage, when we travel to visit family it is in a combination of reusable grocery bags and ripped suitcases and freebie event bags and garbage bags. I would like to get decent duffle bags and/or suitcases, but I have no idea what is reasonable to spend. Is $50 per person excessive? Overly conservative?
How much do (non-wealthy) people usually spend on wardrobes per child? Shoes? Coats? Is there some ballpark figure I could work with?
Is it okay to replace furniture in kids' rooms? How much is normal for that?
Thank you for any insight!
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amother
Mistyrose
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Fri, May 14 2021, 2:53 am
I'm so glad that things are looking up for you, and hope your situation continues to improve.
Spend on what you need, but don't pay attention to what's "normal." Try to get shoes and coats as inexpensively as possible, spending more for quality on the things you plan to hand down. I would say that items that you use infrequently, like suitcases, are best borrowed until you have the money for them.
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TravelHearter
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Fri, May 14 2021, 3:27 am
I think at this point write down a list of the things you want to replace and prioritize them. Additionally, write down how much apprx each type of thing costs. Start replacing slowly but surely- not all at once. Buy new clothing for your kids for the next season. Or one new thing each. Or new shoes. Work from there. Furniture is a big expense so you can do it very slowly (one bed at a time etc). Luggage wise, wait until there is a sale unless you’re traveling soon. Start out with a new suitcase or two, etc. Or, you can buy all of a certain category and move on to the next category a while late.
In terms of making a budget, see how much you can spare for this a month. Either use that every month according to your prioritized list, or save/use a bunch of month’s worth for big expenses like furniture.
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amother
Papaya
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Fri, May 14 2021, 9:33 am
The first thing to do when you make a budget is to sit down and determine exactly how much money you have to spend. Then you make a list of all of the non-discretionary expenses you have - these are the items that are not within your control - e.g. rent, utilities, etc.
What is left over is the amount you have to spend. I didn't include food as non-discretionary because the cost of food is within your control and there are specific ways to save money on a food budget.
Then every home is going to have expenses that crop up unexpectedly - repairs, medical and dental expenses that aren't covered by insurance etc.
Then make a list of expenses that are reasonable and not lavish and prioritize them. Separate them into long, medium and short range spending.
Even within categories, there are higher priority items as well as ways to save money. For example, most people would prioritize good shoes for their children because it impacts the health and comfort of the child. But you don't have to spend $100 or more for good shoes as there are places that sell shoes for less money - just an example.
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amother
OP
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Fri, May 14 2021, 11:10 am
Of course we wouldn't buy everything at once, we will work with our discretionary income.
But I want to know what is normal and reasonable, and what is considered high-end. So $100 shoes are high-end, what is considered a normal amount to spend?
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amother
Indigo
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Fri, May 14 2021, 11:15 am
amother [ OP ] wrote: | Of course we wouldn't buy everything at once, we will work with our discretionary income.
But I want to know what is normal and reasonable, and what is considered high-end. So $100 shoes are high-end, what is considered a normal amount to spend? |
Where do u live OP?
Dh is a student and I bring in the income. I make just under 100k for a family of 5.. needless to say, we aren’t rich. I priority for me is 1. Quality 2. Kids fitting in socially. I try to shop in lower end frum stores or on sale. Shoes need to be leather and coats need to be down. If I shop frum I can assume they will fit in with peers. This obviously varies on location.
$40-50 on proper leather shoes is a good price. U can get Atlanta’s, Venetinis etc for those prices 50% off ...
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southernbubby
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Fri, May 14 2021, 11:23 am
The rolling duffels at Amazing Savings are approximately $25 for the 36 inch which is very large and the price goes down as the size goes down.
There are some great deals when frum clothing goes on sale and for shoes, little kids probably do okay with shoes from Target or Carter's. I know a family who is friends with my kids who found very reasonable kids shoes on Amazon.
When you have to budget, expect to spend more time looking for bargains.
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