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Build a Mom-Friendly Budget in ONE CLICK
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Are you a mom who wants a budget that provides exact target amounts for all the areas of your budget? Including children’s clothing, your clothing, craft/hobbies, entertainment/babysitting costs ?? I did too. So I developed one on my website and put sample budgets in the book.
Build a Budget Binder
Consider it pure joy, my brothers, whenever you face trials of many kinds, because you know that the testing of your faith develops perseverance. Perseverance must finish its work so that you may be mature and complete, not lacking anything. James 1:2-4
I once had a boss that lived and died by the good, old three ring binder. We had shelves in our office that sagged down with the weight of his S.O.P. (standard operating procedures) binders. I used to think this was overkill and that he was procedure manual obsessed. Now, I see the wisdom of this method. Obtain a three ring binder (I commandeered an outdated SOP manual) and fill it with clear plastic sleeves. Label these with each month of the year. In front of each clear sleeve, you will insert a target budget sheet.
Two example budgets are featured later in this book and you can build your own custom budget on our website. www.PBandJAHM.com in one easy step. Just enter in your net income and the budget calculator will calculate how much you will have to spend in each category. You can use this one as a guideline or you can move the money around within the categories to make your own.
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Sample Budgets:
The following sample budgets are only based on the runner level of saver. To show any lesser type of saver would be to just show more money spent in every category which would then cause the Allowances category to go into a credit situation. Most Americans do carry an average credit card balance of $7-$10,000. This budget formula is based on percentages that will allow you to pay a small monthly credit card amount which will hopefully be the total balance. If it is not, then you will need to tighten the percentage on a different category (like groceries) in order to pay off the credit card.
Many examples of the three types of savers (crawlers, walkers, and runners) are illustrated within each budget category in the Attack your budget section of this book.
This basic budget formula is one that my husband and I utilized in order to live on one income. We have also used it to pay off debt and tighten our financial belts when needed.
This budget is the one that my husband and I use now that are kids are in elementary school. Therefore, it does not have a category for private school, pre-school, mother’s morning out or any kind of child care costs. These costs can vary widely so, if you need that category, then you will need to shave some costs down either equally from the whole budget or take from the housing category which might include moving. Don’t panic, moving can be cheaper than you think and can be a blessing.
Three other important assumptions:
1) Medical Insurance premiums are pre-deducted. You will need to add a medical insurance and/or out-of-pocket category if you do not have medical or life insurance benefits included in your paycheck.
2) Pre-tax retirement savings (like a 401K) are pre-deducted. There is a 10% line item for savings, but this is meant for giving above and beyond your retirement savings.
3) It also only allows for one car payment and insurance. If you need two cars, then one will need to be paid off or you will need to shave some money off one of the other categories (like possibly housing or allowances) in order to afford two cars payments and insurance.
Here is the formula:
Mortgage = 40%
Total Utilities = 12%
Automotive/Transportation =15.5%
Groceries/Drug Store = 10.5%
Allowances = 12%
Extra for giving = 10%
Total Budget = 100%
To create your own custom budget in ONE CLICK, go to PBandJAHM Budget Calculator
Plug in your net income for the month and hit the TAB button.
1) Sample Budget taken from
PBandJAHM.com Budget Calculator
Annual NET (after taxes) Income of $35,000 ( monthly NET of $2,916)
Net Income:
Budget Categories Percentage Target Amount
Mortgage or Rent
(includes insurance & taxes) 40% $1,166.40
Utilities
Phone Bills Combined
(includes internet and cell) 4.7% $137.05
Power/Electricity 3.7% $107.89
Gas 1.1% $32.08
Waste Management/Trash 0.3% $8.75
Water 1.0% $29.16
Cable/Digital TV 1.2% $34.99
Total Utilities 12% $349.92
Groceries/Drug store
Grocery/Drug store bills 9.5% $277.02
Discount warehouse 1.0% $29.16
Total Groceries 10.5% $306.18
Automobile/Transportation
Car Payment (one vehicle) 14% $408.24
Car Insurance 1.5% $43.73
Total Auto 15.5% $306.18
Allowances
Child Clothing 2.2% $64.15
Adult Clothing 2.2% $64.15
Yard/Gardening 0.6% $17.50
Home Improvement 1.5% $43.74
Entertainment/Babysitting/Eat Out 1.0% $29.16
Drug Store/Super Store 1.5% $43.74
Gifts/crafts/Hobbies 1.5% $43.74
Credit Card debt 1.5% $43.74
Total Allowances 12% $349.92
Extra for giving 10% $291.60
Total Budget 100% $2,916.00
Get your own personal FREE budget at
PBandJAHM Budget Calculator
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* This article is an abreviated excerpt from the book, EnJOY Freedom From Financial Stress- Helping Moms Fight the Joy Thief of Financial Stress. The budget calculator is FREE on either this website www.PBandJAHM.com or the one for the book: EnJOY Freedom From Financial Stress - Re-Claim the joy over financial stress!
