Household budget time— or, where does the money go?

Note:  ALL expenses will be converted to monthly!  You are in a family of two adults,  3 year old, and a 16 year old child.

Right NOW--  decide what your kids genders and names are. 

Next—what job do you have? (must match income level; ask for help or use http://www.indeed.com/salary)  Income and financial details are on the slip of paper your family received.

Then-- Here is a list of stuff you must budget for:

I.  Food-- you made a menu for seven days, three meals per day.  Now your new family must make a Consensus family menu.  Next, make a grocery list to buy the items required to make those meals.  Itemize your grocery list; use the receipts or sale papers you brought in today for specifics—price, brand, size.  Calculate a weekly grocery total cost, then convert it to monthly.

II.  Also:(in no particular order)

Clothing                      Phone                        toiletries                    

Cable                          education                   shelter                        

Electric                       water/sewer               gas                             

Entertainment            vacation                      insurances                 savings                       garbage removal

Laundry                      health care                 heat
etcetera (what did I forget?)
Taxes(income, property)
 

III.  Fit the expenses above into these categories:

1. food   

2. shelter   

3. clothing   

4. transportation   

5. entertainment   

6. savings

7. miscellaneous expenses

IV.  Details to remember:

1.  Be sure you have accounted for all of your income

2.  Calculate % of total income spent for the general categories listed above

(Total spent/total monthly income; then times 100= %monthly income)

3.  To rent, you need the first month’s rent plus one month security.  Utilities are not always included

4.  To buy, you need 10% down; your interest rate is 6% over 30 years (use your mortgage calculator or ask me for help).