No. of Recommendations: 3
I find your grocery budget to be really high. I'm feeding a family of 3 adults now for less than half of what you are spending, and we eat really well. Do you cook from scratch, or buy a lot of prepared foods? That would make a difference. What about where you are shopping? Are you shopping at the least expensive grocery store in your area? I can make about a 30% decrease in my grocery budget by shopping at the least expensive grocery store in my area vs. one of the chains, so that alone could give you some significant savings. I cannot imagine spending that much money on a family of 5, particularly where you have 3 small children.

As far as the rest of your budget, why do you have a category for shopping? Shopping is not a category. The things you are buying belong in categories such as household, groceries, auto maintenance if you're buying things like oil and filters, etc., but shopping by itself is not a category. Perhaps if you stop thinking of it as its own activity and focus on what you are buying and if you need those things, that will help.

What could your kids possibly be doing for activities that cost $80 per month? You have one still in diapers, so it must be the other 2, so is there a way you can find a less expensive alternate to those activities?

Are these all your expenses? If not, you might try tracking everything in writing for a month to see if you have any leaks. That could help you understand if there are other places you might be able to cut.

I don't see how all your daycare costs can go away in a year or so if you still have one in diapers. Won't that child need daycare? I would also suggest that you take the diaper and daycare money when those expenses stop and put them towards college savings.

I don't see any savings categories. Do you have an efund? Are you contributing to a 401k? And when you buy that car for cash, I would suggest keeping that car payment and putting it into savings for the next vehicle.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.