Monday, October 22, 2012

Our Household Budget


Without further ado... below is our monthly budget. Note there is no "spending" allocation. DH buys coffee in the mornings and this is built into his gas budget so if he conserves gas, he gets more "spending money". He does car pool often so this helps in that department. Same goes for savings in other areas. Usually we decide together where the savings will be spent - sometimes it is a given, like this month, we needed to buy costumes for the boys for Halloween. We also have some cushion built into our budget since DH's income can be variable with overtime and bad weather days. 

Current Monthly Household Budget

Housing Expenses
Amount
Explanation
Mortgage
$1,521
We make weekly payments (DH gets paid weekly).
Property Tax
$442
Our city has quite high property taxes. We also have a fairly large lot by city standards, back onto "ravine", and are in a desirable location.
House Insurance
$77

Water Bill
$30
This bill comes quarterly so this is a monthly average.
Electricity Bill
$125
Average
Natural Gas (furnace, stove, hot water heater)
$125
Average

Insurance (Car Insurance, Life Insurance)
$360
Currently we have a significant life/disability insurance policy. We wanted to have this because we don’t have our mortgage paid off and at the time we got the policy, DH was the sole earner. He also works in a field where injury rates are quite high. We plan on scaling back/eliminating the life insurance once our house is paid off and we have some investments.

Investments


RESPs
$75
For both kids. It is not much but if we stay with this contribution, they would each have enough money for approx. 3 years of tuition at a local university. We’re comfortable knowing we could at least help them with this. We also want them to play some role in contributing to their own education.
TFSAs
$216
DH and I each have one. This money is only used for “emergencies” and is therefore not a substantial amount.

Household Expenses


Home Phone, Cable TV, Internet, Cell phone
$230
Note: Includes long distance package, some specialty tv channels, and a PVR (rent-to-own - $40 more over the term than to purchase flat out). Cellphone is a  smart phone on a pretty good student plan $60/month
Cell phone
$70
Note: Cellphone is a smart phone on a pretty good student plan $60/month – yes this is under my name too...
Groceries
$520
Includes all household cleaning supplies, diapers, personal hygiene items, etc.
Gas
$465
DH travels approx. 120km round trip to work. I travel about 30 km.

Childcare
$600
Family member watches kids (1 f/t, 1 p/t)

Debt payments
$1,540
 Another post. 

Total Monthly Budget
$6,396

5 comments:

Kelsey said...

This is awesome! *high five*

Sarah said...

We are pretty much living the same financial life right now! Our expenses are practically equal across the board...with the exception of my income which fluctuates and has made it hard to set out a steady budget.

Kristy said...

Thanks Kelsey - *high five*

Sarah - it is nice to hear that our expenditures are similar since we both live in the same Region. It can be hard to compare across different Regions, provinces, and countries since expenses differ. Fluctuating incomes can be tricky. We deal with that too.

Martina said...

I am very close to this budget as well. I have a plan to pay off a lot of my consumer debt (credit cards mainly) within the next few months! It felt good last month when i paid one of them off!!! slow and steady and stick to the plan!

indianist said...

We have a plan to live life happy, because now a days the household budget is important. most of the people does't know the planing budget.