I make between $3,00 and $3,200 a month. My spouse earns between $2500 and $3000 a month.
Our debt is $2,200. Water - 200, Phone - 275, Electric - about 200, Hospital bill payment - 107
Balances on credit cards:
Citi - 2725 - 20% APR Chase 3367 - 27 percent Discover - APR 3323 - 26% 2169 APR Amex - 27% APR
How much should I budget for necessities, groceries, and other expenses?
The monthly total of $5500 is obtained by adding the low end of both monthly incomes. After deducting the mortgage and utilities, you have $2518 left over for other balances like credit cards. I would set aside about $1000 each month for groceries (I’m not sure what the prices are in your area), leaving you with $1518 to spend on other items. You will have $718 left over after paying $200 each month on your credit cards. I would save $300–$500 and spend the remaining $218–$418 on other small costs (such as eating out or getting my hair done). Although it might not seem manageable until you pay off a few credit cards, it is!
Look into a zero interest balance transfer credit card. Most will have zero interest for at least a year.
@Rogan So you know how much they usually approve people for? Like could I transfer all of them to it
@Faith Even for two, $1000 on groceries is a bit much. Spend $500 on groceries and use the remaining $1,000 to pay off credit card debt, in my opinion.
Thanks for breaking down the budget so clearly! Your approach makes it easier to see how the numbers add up. Setting aside $1000 for groceries and managing the rest for savings and small costs seems like a solid plan. I agree that it might take a little time to adjust, especially with credit card payments, but having a detailed breakdown like this really helps in planning. I appreciate the practical advice!
Hello, please accept your income. Subtract fixed costs such as rent, heating, and lighting. What remains after that is for food and clothing. The remaining funds can be spent on automobiles, beer, or savings, depending on personal interests.