2008 Budget Challenge

Crystal over at Money Saving Mom has posted a Challenge to get into Financial Shape for 2008. She first asks us to post our budget. The following is what I budget for monthly; however alot of times the bills come in a little less.

Monthly Household Bills
Tithing 10% gross
ATT 80
Cable/Internet 60
Power 170
Child Support 210
Child Care 180
Water 60
Garbage 20
Auto Insurance 100
House Insurance 40
Mortgage 625
Car Payment 310
Scholastics 20
Food/Gas 400

Total: $2,275


Credit Card Payments
CitiBank 75
Geico 15
Visa 15
Wamu 28
Nelnet 50 (Student Loan)
Discover 15
Capital One 15
Mastercard 27

Total: $240

While we do have eight active CC debt (Yikes) Most of them are only a few hundred dollars. And the bottom two are at 0%. We are currently snowballing on the Citibank because this has the highest interest rate. After that we will knock out some of the other cards. Any extra money is going to our CC debt and within 4-5 months I expect to only owe on two cards.

Some major steps we are taking is a two month spending freeze on anything not necessary. We are also looking to trade in our vehicle for another that would cut our payments in half. We foolishly got a vehicle that was too expensive and more that I wanted for monthly payments. We can afford it - but it is more than I wanted to. We told the salesman what price range we were looking at - he showed us a van that he was sure was in that price range. We liked it alot and said ok. When the papers were drawn up it was a few thousand more than he told us. Because we wanted it so badly we agreed and walked out. It only took a few weeks for me to kick myself in the hiney. I will not be fooled again. (I hope)

We are hoping to get things set to where one day I might be able to stay home. I keep working out plans but the main thing that kills it is that we would lose the insurance that I have through my work and my husbands workplace it too outragous to even consider. Hopefully an option will present itself when the time is right.