"Forget the mistake. And remember the lesson"
|all about me|
"Work hard and be proud of what you see"
"Stop wishing, start doing"
|Monthy budget planning|
To figure out the budget for our family we can use my monthly paycheck. To do this you'll need just a few calculations:
- Your total income
- Tax amount
- Social Security & Health Insurance (both of these are together), and
- Your final net income
Here is my worked out calculations and my tax link:
Proposed budget spending:
Here is an example of a budget if I used the lowest rate of expenditure:
Here is an example of my budget if I used the highest rate of expenditure:
"Keep your eyes on the stars, and your feet on the ground" -Teddy Roosevelt
Here below is the link to the house that Tom and I have chosen to be our perfect home in Lake Magdalene, Tampa, Florida. It is a four bedroom, 2 bathroom house with 2,473 sqft. It has a pool and a garage! Plenty of entertaining room, good amount of front and outdoor space for our two dogs to run around on, and plenty living space for our family!
Why we choose the house?
- The neighborhood has a central location within the suburbs. And this includes the amenities it offers which is the park, lake access, and party house (where we can through birthday parties, etc.)
- The house has a pool in the back which allows us to be able to go swimming when ever were want!
- The neighboring schools are really nice, but the charter schools that are near are very well rated! We would love to send our children there!
- Lastly, since we are still located in Tampa that means that the ocean isn't that far away. Only a half an hour or hour away to get to a relaxing beach location.
- For one we will have to constantly take care of the landscaping or we will have to pay a company to do monthly lawn mows or landscaping fixes throughout the year.
- The BUGS! Yikes, since we know how to handle bugs (at least a little) we might want to be prepared to treat for the bugs since we do live in a humid environment.
- Lastly, we might want to renovate the house a little bit, but for now it has enough renovations to make living there too easy!
To understand a little bit more about the house you can view the pdf and see the house information before we look at the overall monthly costs!
House Paperwork (the fun stuff):
Now that we have the house we will need to finish the loan amount and find out what our monthly payment will be so that we can see if we can afford this house payment. Below is all of my calculations:
Finally, we can look at utilities:
Our total estimated monthly cost is going to be $4,398.31 or just $2,199.155 for just me.
With both of our salaries I believe this isn't a far stretch for us!
"This moment is more precious than you think"
When it comes to getting around everywhere here in Tampa, Tom and I like to just use one car. Us two have chosen to limit it to one car at the moment since both of us like to carpool with our coworkers when work or take turns driving each other to work with our crazy schedules and it just works!
For our car we choose and have just recently upgraded to the 2016 Nissan Rogue to get us around and our crazy children (and dogs). You can click the link below to see our car and its facts.
- Front and rear airbags
- Dual moonroof
- Premium sound system
- Leather seats
- 360 camera view (this includes rear-view camera and the surrounding cameras)
- Bucket seats and seating for five individuals
- Safety features: Child locks, Traction control, Stability control, and Blind spot indicator.
What we like about this car?
- This SUV has seating for five which allows plenty of room for our two kids and room for our two dogs in the back hatch area.
- It has very good gas mileage! Up to 28 for city driving and 33 mpg for highway driving which in the long run is very beneficial to us.
- Numerous safety features are set throughout the vehicle. Blind spot detection and front impact dectection is just a few to list to protect everyone in the car.
- A very cool sound system and moon roof are just the cherry topping to buying this car off of the lot.
- The back end of the vehicle has comprised visibility which leaves room for an accident.
- The 3rd row option is too small for any person wanting to sit in the back.
- It scored poorly on government safety compared to the fact that IIHS named it a top safety pick.
With a car and any mode of transportation it requires you to make payment to afford the mode of transportation. Here is the calculations I have completed to see how much it will cost monthly for this.
Maintenance, Repairs, and additional costs calculations:
Car loan paperwork:
"One Day or Day One You Decide"
Here I have set an example weekly food outlook for our family! Both Tom and I take lunches to work and that is where you see all the lunch ides and then I have calculated how much each week costs and what the monthly cost is. We like to make sure both of the kids and us are eating healthy and that we are only eating out at the most, 2 days of the week at most!
"Life is better at the beach"
Tom and I like to make things simple when calculating our clothing expenses for each month. Besides buying clothes we are mostly using hand-me-downs. Most of the children clothing was donated to me by friends and family. To figure this out I used average prices that you can expect at Target since most of our shopping is done there and our local supermarket. You can find the link to target below. We also do have more room in our budget for extra expenses within this criteria.
"The best is yet to come"
We all understand how many random things we collect over time during the year so to make this part easy I have just set aside 3% of our monthly budget for this part.
"Don't call it a dream, call it a plan"
|Children & pets|
Here is just another expense we have to calculate into our monthly budget. Below are our calculations to find out how much our blessings cost!
"The true sign of intelligence is not knowledge, but imagination"
|All other expenses|
Of course the expenses seem to be never ending, but we do have to include the best of the expenses which include medical, credit, student, and retirement costs that will all factor in.
"No matter what happens in your life, always face it with a smile"
OH NO! We have encountered a little hiccup and our motor went out on our washer. Here is how we will fix this into our budget.
The cost to fix this:
Using this resource I found that this bump will cost around $175- 250 dollars even before tax. Given that this does include the diagnosis we can expect the entire to be $270 dollars to fix this.
How will we fit this into our budget?
Using the knowledge of my budget we can fit this in by omitting some recreational spending and some other expenditure budget to fit this in.
Here is the link to where I found the solution for our issue:
"Not everything is fun, unless you have that mindset"
Finally before we do the FINAL calculations, Tom and I wanted to include some of our "typical" leisure activities and one celebration we will have in this month. Below you view the table and click the links to see what needs to all go into making sure we have room for this in our budget or we if have to dip into our budget.