Budget Review with Debt

General
1

I’m working on a budget for after maternity leave. We have a toddler, an infant, three dogs, and a cat. Our debt includes $20,000 in credit cards and $18,000 for a car. The current plan is to pay $84 more than the minimum each month, with Undebt.it estimating we’ll be debt-free by October 2028 if we don’t make extra payments.

Our savings will be nearly depleted after maternity leave.

Is this plan reasonable? In the past, we’ve struggled to save, often spending money without tracking it. Our family budget covers eating out, activities, and gifts, which I think can also double as a savings account.

Here’s our breakdown:

  • Mortgage: $1,080
  • Debts: $1,095
  • Daycare: $866
  • Insurance: $162
  • Netflix: $22.99
  • Hulu: $16.99
  • Spotify: $12.99
  • Student Loans: $167
  • Internet/Phones: $110
  • Pay Ourselves: $300
  • Savings: $450
  • Memberships: $16
  • Car Wash: $40
  • Gas: $435
  • Utilities: $450
  • Groceries/Household: $1,200
  • Family: $200

Total Expenses: $6,624
Total Income: $6,735
Net: $111

2

Great outline! Consider reducing food costs to $700-800 and put $400-500 toward savings/debt.

3

I can lower it some months, but it includes food, pet supplies, and diapers. Potty training soon!

4

Diapers and wipes will bleed you dry, they go through so many as they grow

5

Oh my gosh I know. I should have saved every box, one of the most expensive items in the house :joy:

6

We did a diaper shower, and she got enough for the whole first year—she was so lucky!

7

Oh my gosh that would be incredible!!! With our first we made it 4 months and I still am so grateful for that.

8

You’re doing your best! Food is a big expense you can control. Consider grocery apps and weekly sales. Check out the r/budgetfood subreddit for recipes and tips. Just don’t cut back too much! You know your finances best.

1 Like
9

Thank you! This is helpful, and it’s good to not hear someone tell me I shouldn’t be spending on ourselves at all.

I will have to check out budget foods, it’s been sometime!

10

Don’t listen to people say that. It’s your life. You should be enjoying it. You work hard and want to enjoy your life. Money and savings help, but love and enjoy each other and your baby! :kissing_heart::heart: