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!
New House Budget - Realistic?
August 22nd, 2009 at 02:45 am
August 22nd, 2009 at 04:54 pm 1250956477
August 23rd, 2009 at 05:36 am 1251002182
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.
September 4th, 2009 at 09:23 pm 1252095788
Jerry