Brief background, divorce, bk7 in 2008, graduated with my degree in May of 2008, gainfully employed, with VERY minimal risk of job loss (healthcare). Since the BK, I have not been late on anything, and have funded an emergency fund to the tune of $3500.00. I've been a bit lax on my spending- well, no, savings I guess and I know that on paper I make enough money for this new house, but need to see it and get some input from you guys.

Net pay $3400 Monthly
$560 child support per month

total income $3960.00

Rent $1000
Heat $150
Elec $50
Cable/Internet $60
Cells $190
Ortho $101
Health Insurance $60
Truck payment $335
Truck Insurance $45
Truck Gas $600
Kids stuff $50
Groceries $400
Student Loan $127 3161
credit cards $150 (PIF each month)

total 3318

leaves about $600 for savings, things that come up etc.

By moving, my rent would increase, and my fuel for my truck would go up about 10 gallons a week. Nothing else would change, as I've called the electric company and the fuel company the last family used and they were about the same as mine are now. Fuel less, Electric more, but basically a wash.

Anything you can think of that I'm forgetting? I'm going to go through my current budget and see what might be missing.......

thanks!
Brandy

Renters insurance?
Entertainment?
Eating out?
Vacations?
IRA?
401K?



Is that grocery budget for one adult and a kid? And 1000K for one vehicle a month?

If it was me, I'd never include child support as "income" and put it in the budget. It makes it look like you are better off then you really are. Look at it this way, without CS you are only $80 to the good. What if he loses his job or takes lower paying job and CS decreases? You are one bad event away from disaster.

If it was me, the only way I can really give you an accurate answer, is that I would trim fat like crazy before looking for a more expensive place.

And I'll throw in the usual "change withholdings if you receive large tax refunds" advice.

Good luck!


saladdin

My advice:

I know your truck costs you $335 a month, but I would pick up an inexpensive used Honda Civic (circa 1999 since those are the best looking civics of all time) or some other small, fuel efficient vehicle, and use that for your commute. If you MUST have the truck, then keep it, but the small, fuel efficient car will pay for itself in fuel savings alone. Plus you'll keep the miles off your truck that way.

I figure even at 15 miles per gallon (which is pretty bad fuel economy), you're putting 3000 miles a month on your car... that's a LOT. A small car would cut your fuel costs in half. Plus parts for a small cheap import are cheap. Oil changes, filters, tires, everything for them is cheaper.

Where do you live (state, temp-wise) and how big is the house.

I rent a house that's probably about 1500 square feet (two bedrooms, two baths, kitchen, dining, living room, family rooom and laundry room only, one level) and electricity can get up to $350 a month in the summer (I live in hotter than Hades Texas).

ETA: I didn't see a water bill on there either. We pay for our trash on our water/sewage bill and it's usually around $78ish.

Also, you have an emergency fund, but not other savings. Moving in itself is expensive when you consider, moving truck rental, utility deposits, security deposit, etc. Would you have to dip into your emergency fund? Add to credit cards? If so that should be considered in your budget. I agree too with a previous post that says don't include your child support into your income. No matter how confident you are that you will receive it every month, there may come a time when something happens and you won't. Its better if you just budget on your income. If it was me, I'd probably stay put until I had a bigger buffer. Good luck either way!