Saturday, February 9, 2013

Household Budget Revisited

 Awhile back when this whole debt repayment project began, I posted our average monthly household budget. Since then, of course easing into some things, I’ve been working on reducing it to free up more money for debt repayment. So after having some time to test out feasibility…

Housing Expenses
We make weekly payments (DH gets paid weekly).

Status: Unchanged.
Property Tax
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.

Status: Our property assessment came back AND in January our property taxes went down by $32 per month.
House Insurance
Status: Same.. but working on seeing what insurance company can do to lower our monthly insurance bills.
Water Bill
This bill comes quarterly so this is a monthly average.

Status: Unchanged.
Electricity Bill

Status: Stay tuned for a post on this.. changes are on the horizon.
Natural Gas (furnace, stove, hot water heater)

Status: Same as above.

Insurance (Car Insurance, Life Insurance)
Status: Our new car needed more coverage than the old one, which was a difference of $30/month. We’re working on seeing what our insurance provider can do to reduce these costs.


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.

Status: Unchanged
DH and I each have one. This money is only used for “emergencies” and is therefore not a substantial amount.

Status: We stopped contributing to TFSAs and instead transfer the money to credit card repayment each week. If an emergency arises, we’ll have access to credit to cover it.

Household Expenses

Home Phone, Cable TV, Internet, Cell phone
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

Status: Called customer loyalty department and got them to shave off $40/month since I noticed their fees were increasing.
Cell phone
Note: Cellphone is a smart phone on a pretty good student plan $60/month – yes this is under my name too...
Status: Unchanged.. patiently waiting until September when the contract is up.
Includes all household cleaning supplies, diapers, personal hygiene items, etc.

Status: Expect a post on this soon.
DH travels approx. 120km round trip to work. I travel about 30 km.

Status: Got a new vehicle – now spend only about $20/week in gas. Nearly half of what I was spending before.

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

Status: Unchanged

Debt payments
 Some are interest only payments… sigh…

Status: TFSA redirection.

Total Monthly Budget
Status: So far, we’ve dropped the monthly budget by $243. Hoping that we can make it down to $5800 by the end of the year.  

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