Thursday, January 3, 2008

Our 2008 Budget

Crystal at Money Saving Mom asked us to post our 2008 budget. That seemed like a good, first-of-the-year post (especially since I spent the greater part of New Year's Day working on it), so here goes ...

Monthly Salary
$1600 ($400 weekly)

Monthly Expenses
cell phone - $7
Internet - $10
van payment - $210 (GOAL: to pay this off early this year)
van insurance - $60
renters insurance - $20
charitable giving (to missionaries) - $50
credit card - $180 (GOAL: to pay this off early this year)
tithe and offerings (10% of gross for tithe, 5% of gross for offerings) - $340

Monthly Spending Categories
savings - $160
food - $125
gas - $125
household expenses - $35
kid expenses (diapers, etc.) - $25
postage - $10
mind enrichment (books, etc.) - $60
family day fund (eating out, thrift store finds, etc.) - $60
my "mad money" fund - $60
my husband's "mad money" fund - $60

There are five months in 2008 when we will receive five paychecks (January, April, July, October, December). During those weeks, I'll take out the tithe and offering and put the rest directly into savings.

We should have the van paid off in October. That money will go to the credit card, and the credit card will be paid off in November (with plenty to spare). After that, all of that money goes into savings since I'm really hoping to pay cash for our next vehicle.

To be fair to everyone else, I should mention that my husband is a pastor and our church provides the following:

all utilities (including unlimited long distance phone service)
garbage pickup
mileage reimbursement for his church visiting
a yearly contribution to my husband's Roth IRA
health insurance

Any questions? Feel free to ask!


Emily said...

That's really nice that you're able to live in a parsonage. We just use the housing allowance that the government allows pre tax. It really does help out a lot, but not having to pay for housing might be nice, too! Best of luck paying off your car and credit card debt this year!

lizzykristine said...

Welcome to blogging! Thanks for sharing your budget.

Bugtheteacher said...

Looks like a good budget thanks for sharing.

Melissa said...

I'm inspired already! :)

I'm looking forward to getting to "know" you better!

Many Blessings,

Mother said...

This is a great idea. Now you can share your inspirational ideas with others who don't have that creative juice in them! Looking forward to checking back often!

Melonie said...

Welcome to the blogosphere! Your first two posts are great! We are a military family so I had a similar explanation on the housing issue. :-)

Best of luck to you on paying off the things you hope to this year!