Layout:
Home > New House Budget - Realistic?

New House Budget - Realistic?

August 22nd, 2009 at 02:45 am

Income
$2650 (me)
$2000 (fiance)
$550 (renter)
$400+ (part-time jobs)
Total - $5600

Expenses
$1314 (mortgage)
$250 (prop. taxes)
$36 (HOA dues)
$40 (home ins.)
$300 (car ins.)
$245.03 (car payment)
$150 (ROTH me)
$150 (ROTH fiance)
$175 (fuel)
$250 (utilities)
$250 (dog food, groceries, paper)
$200 (vet, clothes, car repairs)
$100 (my allowance)
$100 (fiance allowance)
$40 (co-pays)
$75 (fiance loan)
$19 (netflix)
$50 (float, household items)
$1855.97 (savings)

Fiance's car loan is at 5.99% with a balance of $12070. His personal loan is at 10.99% with a balance of 3.7K. We will be making payments of about $200 to the principal of the car loan/mo. until Jan. 2010. So his balance should be around 11K by the end of the year. We will then be sending as much as we can to the car loan each month. We also intend to send 7K of the 8K first time homebuyer's credit to his car loan. We expect to have this paid off in March of 2010 to free up that $250/mo. We should be able to pay off his personal loan by June 2010. And then we will start maxing our ROTHs in July! We should have 10K in retirement accounts by the end of 2010 and over 20K in savings! We will be looking for a renter in January 2010 to rent out our extra bedroom. We will also be getting part time jobs to help supplement our savings and just to break up our weeks. Fiance spends so many hours on video games and I work a VERY stressful accounting job so it would be good for both of us to have something enjoyable and to be able to feel un-responsible for a few hours of each week!

So even if we don't find a renter or even get part-time jobs, We will still have about 1K surplus every month. We will also begin making wedding plans after we move into our home. We will be getting married in August or September of 2010. we will be going CHEAP. i actually asked fiance if he wouldn't mind going to the courthouse LOL. our families will both be contributing towards our wedding which I expect to cost us nothing. We will probably end up paying for the majority of the honeymoon but that's okay with me! We are trying to figure out where to go ... Neither of us have taken a vacation in five or more years which is unheard of for our group of peers. So we are thinking about splurging a bit (barring unforeseen circumstances) and going somewhere like Paris, Fiji, etc. There is so much to do over this next year!

3 Responses to “New House Budget - Realistic?”

  1. NJDebbie Says:
    1250956477

    You are definitely on the right track! Keep up the good job.

  2. CouponAddict Says:
    1251002182

    Do you have disability insurance? My only concern would be is what would happen if one of you lost your job and could not work...disability or employment downturn and you cant rent out the house to a renter due to whatever reason (having it trashed by prior tenant).

    Sorry I dont mean to be negative, When I bought my house I planned for being able to afford it on only my income as I knew DH was planning on attending school. I had not planned on the employment market being what it was and then needing both of us to work fulltime (new jobs), to cover my old salery.

    I guess in my case if I would have had a years mortgage/utilites payments as a Emergency fund it would be better than it is. Do you have a plan for household expenses like (new curtains, new furnature, new appliances, house repairs) I ask because I did not see it above.

  3. Jerry Says:
    1252095788

    We went cheap on our wedding, too, compared to many of our friends... but we also were creative and had a lot of help, and that would lead to a memorable and beautiful occasion. It isn't all about the money that you spend... if you have creativity and talk about it you will have insurance that you can create a wonderful wedding for a lot less money. Good luck to you!
    Jerry

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]