November 10, 2013

Revised 2014 Budget

I forgot to add in my student loan payments and savings for the girls' educations. We haven't started saving much for them yet.  Just $20 a month until my student loans are payed off.  I only owe $1231 left and then I will finally own my MBA. Woohoo!

2013 has been a spendy year for us and it's time we get back on track with saving.  I've tried to come up with a budget for 2014 to better account for car expenses and vacations.  We love to travel and don't really have any other hobbies that cost much money so we try to take 1 nice family vacation each year, usually during winter to get away from the snow. My goal for 2014 is to save enough money to take another cruise for Spring Break 2015 which will be a pricey vacation since it will be at a peak time.  Plus Mr. Ripples and I will be celebrating our 10 year anniversary October 2014, so I want to have money to go away for the weekend.

We get paid twice a month, here's how the budget is looking.  I've only listed our monthly expenses; any additional income not accounted for below will be split between 3 savings funds: emergency fund, vacation fund, car repair/down payment fund.  My goal for each of these savings funds is to add $4000 in savings for each one in 2014, total of $12,000 saved.  That's gonna be a stretch.

1st pay each month:
  • $100 each for Mr. Ripples and I (personal spending money)
  • $220 Groceries
  • $100 Gas
  • $120 IRA
  • $230 Electric (Usually come in under budget of this)
  • $8 Netflix
  • $110 Condo Fee
  • $55 Water
  • $250 "Extra Money" for gifts, school fees or anything additional that comes up
  • $55 Cable
  • $150 Cell Phones
  • $205 Car Payment #1
  • $187 Car Payment #2
2nd pay each month:
  • $100 each for Mr. Ripples and I spending money
  • $220 Groceries
  • $100 Gas
  • $685 Preschool/Day Care
  • $505 Mortgage
  • $200 Sallie Mae 
  • $20 Big Ripples' Education
  • $20 Little Ripples' Education
Rental Income:
  • $312 Mortgage
  • $110 Condo Fee
  • $55 Water Bill
  • $100 Home Repair Fund
  • $60 Bumper Bowling League
  • $75 Repaying my savings from money withdrawn for down payment
  • $75 Repaying Mr. Ripples savings for money withdrawn for down payment
  • $38 Vacation Fund

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