Tuesday, January 13, 2009

Two Week Budget

Ok, so here goes! I had a hard time figuring out how to do this. My husband has always done all of our checking on the quicken. He is very anal about balancing it to the penny and therefore when checks do not clear they get shoved down the line...kind of hard to explain. It is not that they are not covered, but it is simply difficult to look at the quicken and really see what bills were paid with this weeks check..vrs. ones we have accounted for from the last paycheck that have simply not cleared the bank.

Also, my husband has auto draft on quite a few of our bills. So for now I am showing the money we "see" and the bills we are paying out of it...you will catch on in minute. Also I rounded bills up a dollar and income down a dollar.

Income That WE SEE: $1,200

Gas- $190 (this is not on a budget system...in the summer it runs around 25.00 and this months was an "estimate" I am hoping it will be much less next month)
Cable/Internet- $62
Cell Phone (This is the last month! Our contract is up end of Jan!)$83.00
Water- $81
Medical bills- $18.00
My money-$300.00
Husbands money- $100.00
Kids Allowances- $50.00

Total expenses: $906

Kohls: $204.00---THIS IS GONE! Yippee! One credit card down and one to go!
My student Loan---$78.00----will this ever end!

Total Spent: $1188
Left over: $12.00Our emergency fund is at $471.

Now we also are paying a mortgage and two car payments out of each paycheck. This money is withdrawn automatically at our credit union. So we don't see this debt. But here are those numbers

Mortgage: Bi-Weekly we pay $557---a month that is $1114
Car Payment 1: we pay Bi-weekly $98.00 a month we pay $196
Car Payment 2: we pay Bi-weekly we pay $164.00 a month we pay $328.00

When we reach the milestone that we are snowballing money to these accounts I will show them, but until then I am just not going to mess with them.

As for our children's allowances....our two older boys get $20.00 every two weeks and our younger son gets $5.00 every two weeks. However, our children pay for their trips and activities out of their own money. For example. Our oldest has been putting away about $10.00 of his money every few weeks for a couple of months. He knows he will be going on a ski trip with the scouts so he must pay for it. His goal is to have $100.00 for the trip. He currently has $80.00. Our 11 year old is a real saver. I love how he is already making envelopes for different categories....mocking me and my envelopes.

Also, out of my $300.00 I buy food, gas for the van, and any extras I may need or want. This week I had to pick up my niece a birthday present. My budget for gifts is always $10.00.

My husband gets $100.00. He buys gas for his car and anything else he needs or wants. He eats out some at work, but he sticks to his cash for those expenses. He also takes lunch to work quite a bit as well.

Well that is it! I am mostly stoked to know that our Kohls credit card is gone! Feel free to ask questions, make suggestions, or whatever!

At the end of January I will put up our actual debt amounts.


  1. Thank you for adding me, and I can understand the feeling about the Kohl's card! That's how I feel about just now paying off a Target card (only $65 owed, but still), a Macy's card (about $55 owed) and a Sam's Club card ($450 owed). My husband had to sell some musical equipment to get that one paid and while it hurt to make that decision, we are that determined to start from the bottom and pay these !@#$ things off!

  2. Hey D&D, it looks like you guys are well on your way to debt freedom...one thing I keep saying I've got to do is set up an allowance system for the kids. My oldest is actually old enough to get a job, but with school and sports, I'm not sure how practical that is. The upside to our new budget is that I can actually set aside allowance money and put them to work (properly) around the house!

  3. Way to go with paying off the Kohl's card! It looks like you have a system that works for you.

  4. Congrats on getting rid of Kohls!!!!

  5. That is fantastic! I love seeing debts PIF!!!!

  6. Well done on getting rid of a credit card balance :)