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Our family budget unveiled!

August 19th, 2009 at 01:13 pm

Come September we will be living on a strict budget because it will enable us to make a dent on paying off our mortgage. I read something that inspired me today from one of my favorite websites (moneysavingmom.com). She wants to purchase a home by paying for it without taking a mortgage. She says that she is committed to her goals and works at them with gazelle-like passion to see them to fruition!

I have worked on our household budget and I want to share it with you.
All of our extra income will be going towards savings, retirement and mortgage principal. Just a note: the extra $1,600.00 comes from the money we collect from our rental property which is completely paid off. Suggestions welcomed!

P.S. Remember that I live in NJ and our property taxes are one of the highest in the nation.
OUR FAMILY BUDGET

MORTGAGE $1684.00 (includes $200 towards Principal)
PROPERTY TAXES #1 810.00
PROPERTY TAXES #2 302.00
HEATING OIL 300.00
TRIPLE PLAY 107.00
ELECTRICITY 95.00
WATER 30.00
SEWER BILL 30.00
MISCELLANEOUS 100.00
FOOD 400.00
CAR GAS 100.00
UMBRELLA INSURANCE 40.00
RENTAL HOMEOWNERS INSURANCE 220.00
CAR INSURANCE 232.00
BOILER AND TANK INS. 45.00
2008 GMC TRUCK 397.00
CREDIT CARDS 200.00
TUITION 600.00
SUMMER MONTHS FUND 550.00

TOTAL: $6,242.00
MONTHLY INCOME $7000.00
ADDITIONAL INCOME: $1,600.00


3 Responses to “Our family budget unveiled!”

  1. ceejay74 Says:

    Overall I think it looks great. I do have a couple of questions:
    1. It looks like you're paying off a truck and a credit card, right? Why wouldn't you want to pay those off before you make a dent in the mortgage balance? (Sorry if I missed something in an earlier post.)
    2. What about discretionary spending money for each individual in the household? And what about an entertainment budget? If you don't have at least small outlets for "pleasure spending," I'm afraid you'll start to feel suffocated in this budget. Some folks on this site don't feel they need any, but I know it keeps my family sane!

  2. NJDebbie Says:

    Hi ceejay74,

    No credit card debt and the truck is at 0% for another five years. I did not include our pay raise because we intend to live with the same amount of money as last year and we'll use part of the salary increase for entertainment and pleasure spending. Thank you for your comments.

  3. LuxLiving Says:

    Mind if I ask, what is tripleplay?

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