No. of Recommendations: 2
Phew. This was difficult and I'm not even sure if it covers all of it.

My husband and I try to live off of one salary. He pays the mortgage, contributes some to our household account, and then the rest of his salary goes to savings. I pay everything else.
He has one credit card, that he uses for gas, and a few business expenses - which ultimately get reimbursed.

This was the paradigm pre-debt, and has remained.

With the bit my husband contributes, and my take home, we have 11.6k that goes towards expenses. I also work a second job, income which I have not included here. I can work as often as I can. I try to work at least two shifts and have worked as many as 4 shifts, but also as little as 0. What I am able to work depends on if my availability matches their needs. With my husbands work schedule and the 3 small kids, 4 was really pushing it. I've been averaging two and its been do-able. Two shifts/month is workable based on a time and energy standpoint. That nets me $1600/month, taking into acct taxes as it is 1099 income.

But as I stated before this budget is based on the 11.6k, w2 income+ hubby contributions.

car lease 439 ends 3/2017
car payment 527.22 ends 6/2015
student loan 380.28 21,800 left, 2.99% interest rate.
gas 150
nanny 2560 *does not include overtime
school 792
groceries 724

house:
landscaping 219
maintenance 100
gas 196.425
electric 126.19
water 31.5
sewer 25.44
insurance 104.41
house cleaners 238

car insurance 114.25
car maintenance 50

life insurance 115 paid annually ( 1 mill each)
clothing 250
travel 350
gifts 163.5
doctors: 44


7700.21 total

Debt paydown:
lending club 523, 33 payments remaining for original loan of 16k
chase 250 ish, 2% of balance of 12000
chase 105 ish, 2% of balance of 4000
bofA 103 ish, 2% of balance of 4000
bofA 117 ish, 2% of balance of 5908
cap one 112ish, 2% of blance 3666
amex * this is a tricky one, asked for a card member agreement to see how my payments are determined, which i have not yet received. Its a pseudo charge/credit card with pay now and pay later features. So far in 2014, I was asked to pay 1600 in the month of january despite having made no purchases, and then 4000 in feb, also with having made no purchases, and then march was 1100. We will see what they ask for in April. Balance is 23,500.

Assuming Amex will ask me to pay 1k/month, that adds up to roughly 2k in minimum payments. That leaves me 2.5k to pay additional plus whatever additional money I make with moonlighting. In addition to tweaking the budget, I could temporarily stop contributing to my retirement acct ($416 comes out of my paycheck every 2 weeks). I work for the county so a portion of my salary (10%) goes towards my pension ( i don't even see it). It is fully vested - It's mine to keep if I leave the job. The county kicks in 14% - but I don't believe I get any of that unless I stick around for another 27 years or so on the job. My husband contributes fully to his retirement account as well. He is able to contribute to a 403b and 457.
Print the post  

Announcements

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.
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.