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A New Year....New Decade.....and a new chance to create a family budget.
We are starting this year with more debt than we have ever had in our married life due to 4 months of unemployment and 3 months of medical bills last year, but I am determined to get things back on track. So, here is our 2010 budget:
Mortgage: $2300.00 (This includes our mortgage and escrow account. We are no longer paying extra on the mortgage since we will be spending the year paying off debt)
Unemployment debt: $500.00 (We owe the person that helped us out $6000.00. So, we should be finished paying them at the end of the year.)
Medical debts: $500.00 (We owe around $6000.00 in medical debt. So, we should be finished paying them at the end of the year.)
Utilities: $800.00 (This includes water, garbage collection, electricity, gas, telephone, internet, cable, cell phones, tivo, security system, and life insurance premiums)
Car Payment: $550.00 (We plan to pay off my car in February. YIPPEEE. That money will then be put into savings to begin building a fund for a new car probably in early 2011 (if mine holds out that long))
Groceries: $300.00 (This includes groceries and all household supplies)
Gasoline: $200.00 (This includes gas for both cars plus our toll fees)
Mini-Accounts (These accounts I will deposit the following amounts in each month, and the leftover from each month will grow to cover larger expenses in these categories):
Kids: $500.00 a month (This account will pay for class tuitions, any school expenses, allowances, their birthday party, clothes,.....basically anything kid related)
Minor Emergency Account: $200.00 a month (this covers medical, auto, and emergency household expenses)
Slush Fund: $300.00 a month (this will cover recreation, eating out, household "wants", and gifts)
Health Insurance, tithe, some savings, and charity are all taken out before I begin the month.
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