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ACTUAL AVERAGE EXP. 2019NEW BUDGET 2020
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MonthlyAnnualMonthlyAnnual
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INCOME
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Gross Income10,000.00120,000.0010,000.00120,000.00
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Less Tax & Tax Prep-15.00%-1,500.00-18,000.00-1,500.00-18,000.00* We save on taxes by having a corp and other tax planning. This is still an estimate for 2019.
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Less HOPEFULL Savings-5.00%-500.00-6,000.00-500.00-6,000.00
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NET INCOME8,000.0096,000.008,000.0096,000.00
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CAR EXPENSES
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Car Expenses:Car Payment wInterest - Car1
0.000.000.000.00*We only have one car and its paid off
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Car Expenses:Car Payment wInterest - Car2
0.000.000.000.00*Only have the one car.
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Car Expenses:Gas94.331,132.0095.001,140.00*This will likely be the same.
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Car Expenses:Insurance & Reg186.172,234.00186.002,232.00*Car Insurance is kind of expensive in FL. Staying the same.
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Car Expenses:Parking & Valet5.9271.006.0072.00*This is ramdom, so geing to keep the same.
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Car Expenses:Repairs & Expenses46.25555.0046.00552.00*Most of this gets spent in one or two months. But the average cost is here. Staying the same.
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Car Expenses:Uber25.42305.0025.00300.00*This is ramdom, so geing to keep the same.
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TOTAL Car Expenses358.084,297.00358.004,296.00
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CHILD EXPENSES (ONECHILD)
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Child Expenses:Childcare/School602.507,230.00550.006,600.00*Current school Includes tuition and all extra giving. May trim the extras.
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Child Expenses:Classes & Sitting193.172,318.0030.00360.00*For a portion of 2019 we had a nanny twice a week. We discontinued that.
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Child Expenses:Clothing70.75849.0050.00600.00*Going to get more second hand cloths. They just grow out of new stuff so fast.
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Child Expenses:Diapering25.58307.000.000.00*Looks like diapering is over!
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Child Expenses:Equipment29.67356.0025.00300.00*Things like bike seats, headphones, backpacks. We should need less this year.
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Child Expenses:Toys, Learning & Gifts91.751,101.0050.00600.00*We probably have too much stuff. New toys almost keep us entertained more than him.
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TOTAL Child Expenses1,013.4212,161.00705.008,460.00
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DISCRETIONARY
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Discretionary:Books, Movies, Music33.33400.0033.00396.00*Probably be the same.
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Discretionary:Cash Spending (both combined)
100.831,210.00100.001,200.00
*This is we dont really track, except that we take out cash and spend it. I used to get cash receipts but got tired of it.
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Discretionary:Charity3.0036.00200.002,400.00*We want to try and give more.
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Discretionary:Eating & Going Out1,162.7513,953.00800.009,600.00*We really need to be better here. If we reduce the cocktails this will come down easily.
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Discretionary:Entertainment98.421,181.0060.00720.00*We did some expensive day trips last year, will be less trhis year.
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Discretionary:Gift Giving163.831,966.00100.001,200.00*Gonna trim this down this year. But actual amount includes Christmas, and travel for my mom.
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Discretionary:Travel833.3310,000.00500.006,000.00*We are going to trim down on the travel the year.
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TOTAL Discretionary2,395.5028,746.001,793.0021,516.00
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GENERAL LIVING
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General Living:Bank Charges & Fees32.75393.0032.00384.00*We have many bank accounts due to business and RE.
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General Living:Credit Card Interest76.58919.000.000.00*Credit cards will be back down to zero after RE investment Refi.
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General Living:Groceries (inlcuding Alcohol)1,002.0812,025.001,002.0012,024.00*Includes alcohol and routine household products. We shop mostly walmart online. Probably the same.
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General Living:Life & Umbrella Insurance33.42401.0040.00480.00*Used to have umbrella and life, now only life for me (not my wife). Started in March 2019...10months.
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General Living:Mobile Phone (Family Plan)174.582,095.0090.001,080.00*Swicthed from At&t unlimited data to Spectrum Mobile unlimited data.
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TOTAL General Expenses1,319.4215,833.001,164.0013,968.00
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HEALTH CARE
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Health Expenses:Health Expenses (Joe)55.58667.0055.00660.00*I dont go to the doctor much. same.
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Health Expenses:Health Expenses (Kristin)193.502,322.00100.001,200.00*Kristin visits dermotologists, allergists and a chiropractor. now thats she's gone alot, it will come down.
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Health Expenses:Health Expenses (Child)40.58487.0040.00480.00*We go to a doctor we really like for him that is not covered by our insurance. oh well. same.
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Health Expenses:Dental Insurance28.42341.0028.00336.00*Might be a waste of money, but keeping for now.
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Health Expenses:Health Insurance470.585,647.00470.005,640.00*We end up getting a ACA subsidy because after our bsuiness expenses, our AGI is under 80K. Same.
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TOTAL Health Expenses788.679,464.00470.005,640.00
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HOUSING EXPENSES
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Housing Expenses:Household Purchases & Expenses
313.503,762.00100.001,200.00
*This includes "stuff for the house", home projects and repairs. Not all mandatory. It was high because we moved in.
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Housing Expenses:Housing Payment (RENT or PITI)
951.0011,412.00951.0011,412.00
*Only taxes & Ins. With proceeds from other last house and other RE sales, we (luckily) own our house outright.
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Housing Expenses:Lawn & Garden114.001,368.00114.001,368.00*Grass cuttiing, fertilizer, tree trimming. Same.
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Housing Expenses:Pest Control104.001,248.00104.001,248.00*There are a lot of bugs, mosquitos and termites in FL! Reglular treaments help a lot. Same.
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Housing Expenses:TV, Internet, Alarm95.921,151.0096.001,152.00*We don't have regular cable now, and no alarm currently. We do buy and rent programs. Same.
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Housing Expenses:Utilities (Power, Water, Gas)
357.754,293.00357.004,284.00*You use a lot of AC in FL! Same.
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TOTAL Housing Expenses1,936.1723,234.001,622.0019,464.00
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PERSONAL
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Personal:Clothing, Grooming: Person 137.75453.0038.00456.00*My wardrobe is pretty simple, and I go to a barber. Same.
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Personal:Work Related and/or Bus. Expense 1
268.003,216.00500.006,000.00
*I have a consulting business and blog, but my expenses are pretty low. I may do more marketing though.
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Personal:Clothing, Grooming: Person 2293.423,521.00200.002,400.00
*The hair appointments are the killer. She did the color herself for a while, but has gone back. Hopefully we can trim.
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Personal:Work Related and/or Bus. Expense 1
0.000.000.000.00
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TOTAL Clothing, Grooming:599.177,190.00738.008,856.00
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OVERALL TOTAL EXPENSE8,410.42100,925.006,850.0082,200.00
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NET-410.42-4,925.001,150.0013,800.00
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MONTHLY NET +/--410.42-4,925.001,150.0013,800.00
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SAVINGS TOTAL FROM ABOVE500.006,000.00500.006,000.00
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ANNUAL NET WORTH CHANGE89.581,075.001,650.0019,800.00
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OTHER POSSIBLE CATEGORIES
*If you have not tracked your expenses at all today, you'll want to use a principle and interest payment for budgeting.
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(I explain this a bit more in my free course and walk-through video)
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GENERAL:
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Renters Insurance
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Aging Parent Care
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Gym Memberships
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Club Memberships
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Expensive Toys
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OTHER UNSECURED DEBT PAYMENTS:
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Student Loans (Principle & Interest)
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Credit Card Payments (Principle & Interest)
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Personal Loan Payments (Principle & Interest)
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