$5826 monthly net after taxes based on Scott's salary
50% $2913 - budgeted needs - $3405 actual needs ($492over)
20% $1165 - budgeted savings/debt repayment - $1264 actual savings/debt repayment ($99 over)
30% $1747 - budgeted wants based on 30% - targeted budgeted wants $1156 to adjust for $591overages on savings and needs - $1975 actual wants ($819 over)
suggested wants to keep:
$340 rocky
$700 groceries/household upkeep
$100 cell phones (cut house phone from needs)
$110 for cable/internet/tivo,
$25 for cat,
$200 for personal needs and small allowances to cover clothing, hair cuts, shoes, etc,
$500 for kids' activities, recreation, gifts, and holidays
cut WW, YMCA for summer
so joni needs to earn $819 per month after taxes to cover the above - if she doesn't earn enough, we'll cut back on recreation first, gifts/holidays second
$150 in cleaning jobs means $669 to clear from other work - $669 after taxes is approx $825 before taxes or $190 a week- at $7 an hour that's approx 27 hours - at $8 an hour that's approx 24 hours - at $9 an hour that's approx 21 hours
Suggestion - remove $1156 from checking account each month ($533 per pay) - leave remaining amount in to cover bills on "needs" list ONLY - put "wants" money in a separate local account and add to it with whatever joni earns
Suggestion - make a rule that ANY extra money whatsoever - birthdays, rebates, ebay whatever - goes into local account to help cover wants
Suggestion - no money can be promised in advance for future wants - money must be removed at the time the commitment is made (i.e. if we commit to summer camp, the money comes out and is earmarked right away)
Suggestion - if a large, unbudgeted expense occurs, it will come out of our "emergency" fund and then wants will be cut back or earnings increased to bring the fund back up to its original balance (I'm thinking $3,000?)
Monthly expenses:
S/D - savings/debt repayment
W - wants
N - needs
*-Needs that can be reduced
*N-Gasoline - $600-$800? not sure
N-Van payment - $188
N-Mortgage - $1270 (includes taxes and homeowner's insurance)
N-Car insurance - $120
N-Life insurance - $63
N-Health insurance - $314
*N-Electric - $175
*N-Home phone/800# - $63 (figure out what to do about this - cancel and use only cell phones? yes) new # - $0
N-Gas - $100
*N-Sewer/Water - $50
*N-Trash - $25
N-Medical co-pays/prescriptions - $100
N-Long-term medical/contacts/dental - $100
N-Car maintenance - $100
N/W-Rocky - $340
N/W-Groceries - $700
N/W-House upkeep - $100
W-Cable/Internet/Tivo - $110 (figure out what to do about this)
W-YMCA - $40
W-WW - $88 (probably cut altho Scott will probably reach lifetime soon and be free again)
W-Cell phones - $100 (figure out what to do about this)
W-Kids' activities - gymnastics, baseball, scouts, soccer, school - $100
W-Gifts/holidays - $200
W-Cat - $25-$30 not incl medical
W-Recreation - trips, camp, pool membership, family activities - $200
W-Personal - haircuts, clothing - $100
S/D-Retirement - $414 + matching funds
Scott's pay based on 26 pay periods, then converted to monthly
gross - 3298.40 x26/12 = $7146 per month
medicare - 45.72 x26/12 = $99 per month
fed tax 271.23 x26/12 = $588 per month
state tax 96.81 x26/12 = $210 per month
health - 145.14 x26/12 = $314 per month
life insurance for scott - 15.00 x26/12 = $32.50 per month
osd - 195.50 x26/12 = $234 per month
firs - 26.39 x26/12 = $57 per month
psp invest - 164.92 x26/12 = $357 per month
net after taxes and withholdings - 2337.69 x26/12 = $5065
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