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amother




OP


Post  Thu, May 09 2019, 7:16 pm
I just read thru the other thread about budgeting a certain salary...
I’m terrible at math and budgeting unfortunately, and so is my husband. Would love some advice.

How would you budget a net income of aprox. 85,000?
Again this is net, after taxes. Also to preserve some anonymity I’ve already deducted tuition.
Smaller size family, large out of town community. Cleaning help a big priority.
Mortgage aprox 26,000 a year. I know there’s so much more it depends on, just looking for very general.

Would also love tips on saving. Is there a way to have a direct deposit into some type of savings /retirement fund that is untouchable? Unfortunately whenever we amass savings we end up using it. We are not into fancy or expensive clothes, restaurants etc. No major vacations either. OTOH horrible at being frugal as well.

No judgement please. Thank you!
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amother




Purple


Post  Thu, May 09 2019, 7:42 pm
Why don't you tell us what you've been spending in each category, and people can weigh in on where you might be able to reallocate spending or put more in savings? There's no point in completely reworking your budget if it mostly is working for now.
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amother




OP


Post  Thu, May 09 2019, 9:04 pm
amother [ Purple ] wrote:
Why don't you tell us what you've been spending in each category, and people can weigh in on where you might be able to reallocate spending or put more in savings? There's no point in completely reworking your budget if it mostly is working for now.


My budget is so outdated and not really realistic...
Almost all our money seems to go to bills, and food, with smaller amounts for cleaning lady, clothes, and cc /gemach payments.
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amother




Mustard


Post  Thu, May 09 2019, 9:19 pm
have you tried tracking what you spend to get a more realistic budget? you mentioned credit card/gemach payments, I have a feeling thats whats getting you... Did you used to earn less or went through something that hit you financially? Is there anyway to refinance or take out an interest free loan to pay off credit card debt, that can feel like a bottomless hole
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amother




OP


Post  Thu, May 09 2019, 9:27 pm
amother [ Mustard ] wrote:
have you tried tracking what you spend to get a more realistic budget. 85,000 AFTER tuition doesn't sound bad but you mentioned credit card/gemach payments, I have a feeling thats whats getting you...


Gemach & CC payments are relatively small in overall budget. On pen and paper it always seems like we should be doing well. In reality we live paycheck to paycheck.
I haven’t ever tried tracking, is there any simple way to do that? App or something?
We use a mix of debit card / cash / and credit card so hard to track.
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amother




Mustard


Post  Thu, May 09 2019, 9:34 pm
have you tried mint?
I don't know about well... Do you have to pay for health insurance, co pays...?
I find that it's a cycle. If you have a cushion you can weather stuff but if you live paycheck to paycheck then anything can throw you off putting you in even a worse situation.
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amother




Cerise


Post  Thu, May 09 2019, 9:58 pm
$26K - mortgage
$6K - utilities
$25K - food/household
$7K - conveniences (takeout, cleaning help)
$2.5K - miscellaneous (gifts, splurges)
$10K - vehicle
$8.5K - savings (10%) and debt repayment
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amother




OP


Post  Thu, May 09 2019, 10:15 pm
amother [ Cerise ] wrote:
$26K - mortgage
$6K - utilities
$25K - food/household
$7K - conveniences (takeout, cleaning help)
$2.5K - miscellaneous (gifts, splurges)
$10K - vehicle
$8.5K - savings (10%)


What about clothes /shoes?
I also need to fit in doctor & dental co-pays.
Plus YT expenses always throw us totally off.
And camp!!
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doodlesmom




 
 
 


Post  Thu, May 09 2019, 10:22 pm
Charity
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amother




Cerise


Post  Thu, May 09 2019, 10:27 pm
amother [ OP ] wrote:
What about clothes /shoes?
I also need to fit in doctor & dental co-pays.
Plus YT expenses always throw us totally off.
And camp!!

Then you just have to shave everything down Smile

$26K mortgage (this you probably can't do much about)
$5K utilities (if you're careful with heat/electricity you can probably get things down)
$5K camp (don't know how many kids, but can probably negotiate for this)
$25K food and household (if you're careful this can include Yom Tov)
$6K conveniences
$2.5K misc (gifts, trips, splurges)
$2K clothing (mostly used)
$2.5K health/dental
$5K vehicle (assuming you own?)
$6K savings & debt repayment

It's tight, but doable.
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amother




Seashell


Post  Thu, May 09 2019, 10:55 pm
amother [ OP ] wrote:
I just read thru the other thread about budgeting a certain salary...
I’m terrible at math and budgeting unfortunately, and so is my husband. Would love some advice.

How would you budget a net income of aprox. 85,000?
Again this is net, after taxes. Also to preserve some anonymity I’ve already deducted tuition.
Smaller size family, large out of town community. Cleaning help a big priority.
Mortgage aprox 26,000 a year. I know there’s so much more it depends on, just looking for very general.

Would also love tips on saving. Is there a way to have a direct deposit into some type of savings /retirement fund that is untouchable? Unfortunately whenever we amass savings we end up using it. We are not into fancy or expensive clothes, restaurants etc. No major vacations either. OTOH horrible at being frugal as well.

No judgement please. Thank you!


We do automated savings. It’s like the money doesn’t exist.
- 401 k (if your employer will match yes free money) or retirement plan. Get advise to save taxes.
- every month a set amount of money is invested in mutual funds for each of our kids.
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baby12x




 
 
 


Post  Fri, May 10 2019, 1:13 am
Have automatic deposits into a savings account and retirement account as soon as you get paid.
Take the amount of money you make: subtract your fixed expenses (maaser, savings, mortgage, bills). Then the rest is for those "other categories". Divide as necessary.

https://adimesaved.com/basic-g.....al-finance
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amother




Mustard


Post  Fri, May 10 2019, 7:25 am
make sure to account for home repairs like hvac breaking... there are a lot of expenses that come with home ownership that often aren't expected.

and as a previous poster said. tzedakah. We have 10 percent of salary go in to a different automatically. Any other money we maaser ourselves. Maaser is definitely one of our "big ticket" expenses.
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PinkandYellow




 
 
 


Post  Wed, May 15 2019, 1:03 pm
Use Dave Ramsey's zero dollar budget, either the excel spreadsheet (try to find it on google) or his new website every dollar .com. Either way, you budget by allocating your entire income before each month starts, assigning a 'job' to each dollar. You can see where your money is going and how you can juggle and cut down to get the results you want.
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