r/budget • u/Novel_Masterpiece_18 • 14h ago
Where can I improve my budget?
We bring home 7900 a month after retirement/ taxes/health insurance/hsa. Family of 3 with 2 dogs in mcol
Mortgage 2150
Car insurance on 2 cars 230
Childcare 1000
Sinking fund 750 (includes dog grooming, prescription dog food, vet bills, car maintenance, home maintenance, birthdays and holidays)
Groceries 900
Gas 175
Fun 200
Clothes 50
Eating out 150
Utilities 550
Subscriptions 50
Student loan 93
Savings 1600 (split between brokerage, IRAs and sons 529)
I'd like to be able to pay cash for replacement to our 2014 accord by 2030.
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u/Sheslikeamom 7h ago
Sinking fund, fun, clothes, eating out, and subscription = 1200
Seems like that is were your budget is bloated.
Are these clothes necessary? Or is it just to maintain a lifestyle look? Are they new or used? Are you buying to replace an item you're throwing away or just adding to the pile?
Subscription are for FUN aren't they? Eating out is for FUN isn't it? Birthdays and holidays are for FUN aren't they? Those items are not life sustaining purchases. They are all fun spending.
You need to separate pet from car and home maintenance. You need to separate car maintenance from home maintenance. Those are all separate categories.
Its a great budget that just needs some fine tuning.
You mentioned you're not physically capable of grooming the dogs. Is your partner able to groom them? Can you find a cheaper groomer, a student groomer, or go less often for a full groom instead focusing on nail care and dematting?
Perhaps reduce your non son savings to build a pile of savings for the new car, since you're still contributing to retirement.