I have been playing with the budget for after I go part-time and it’s going to be tight, very tight. Here’s the numbers I have now:
Income for 80 hours work: $2,430.32
Minus Medicare/SS/federal and state taxes $ 681.69
Minus medical/life insurances $ 117.39
Minus 401K $ 75.00
Minus credit union (for irregular large expenses like house & car insurance, house taxes and replenishment of the emergency fund $ 300.00
College savings $ 400.00
This leaves $856.24 per pay, times 26 pays per year $22,262.24 divided by 12 months $1,855.19 plus $500 per month in child support and approximately $280 per month in mileage reimbursement from my employer. So $2,635.19 to spend per month.
Looking back at past expenses, I have cobbled together a budget, but it’s still $216.71 over income. Here’s what it looks like:
Mortgage (9 years left on 15 year loan at 4%) $627.32
Auto loan (21 months left at 1.25%) $386.97
Home repair and decorating $100.00
Utilities (water, sewer, gas, electric, trash, internet) $280.00
Cell phones (four, family plan) $117.00
Gas for automobile (most of these miles are for work) $161.00
Car maintenance $ 33.62
MD/Rx/DDS $60.00
Groceries $300.00
Fawn expenses (clothes, wine, entertainment) $ 50.00
School and activities fees $140.00
Chores (what I pay the kids to work around the house) $100.00
Kid’s clothing $100.00
Cats $ 15.00
Christmas $40.00
Music lessons $250.00
Household (TP, printer ink, shampoo, etc) $ 70.00
Gifts $ 20.00
Vacation (really just driving to see the big kid and DIL) $ 30.00
Gym membership (ends 8/12) $33.99
Things improve greatly when the car is paid off. It is going to be hard work, but it’s for a good cause.