What Our 2015 One Income Family Budget Looks Like (2024)
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By Jessi Fearon66 Comments
I have been promising for a long time now to update my Our One Income Budget for Our Family of Four post and I am finally doing it! Now, it is important to note that several changes have occurred since last year when I originally shared that post. My hubs’ income has changed and so have our expenses.
There were also a lot of mistakes to that original budget, mistakes that caused our budget to not work and fail many times. Thank God, for our Emergency Fund or things could have been really bad. For example, I did not include our debt payoff plan or my hubs’ cigarettes in our original budget.
The original post also caused a lot of confusion because I do not include things like healthinsurance, retirement or taxes. It is important to note my retirement account is funded by my dog walking money and is outside our budget (which only includes my hubs income) and my hubs’ retirement account comes out of his paycheck every week. Same goes for our health insurance and taxes, that all comes out of his check before we even see it, therefore, I do not include it in our budget. I like to keep things simple. Our Christmas fund right now is being funded by my Swagbucks* earnings so is not included in our budget as paying off my student loans is top priority this year.
It is also important to note that this is our usual budget and sometimes it has to change based on life changes as the year progresses. Oh and in the original post, our dog was still alive and Collin was still on formula which is why the grocery budget was higher.
Many of you have also wondered how my hubs and I manage the budget together and truthfully, sometimes we do not. However, we have been finding balance between love and money by using a Google Doc’s spreadsheet to update our budget and to add any notes that may be relevant. I still like to keep my Budget and Bill Pay Binder with the printables from my Build a Budget that Works book at my desk as a physical reference and place to keep track of what bills have been paid. I have even started using Erin Condren’s Monthly Budget Book, which is pocket size to keep with me to help hold myself accountable. (You can get $10 off your first purchase from EC when you use my referral link here to sign up to receive her emails. You will get an email with the code to use on your purchase and it will end up making the Budget Book free!)
Okay, now on to the budget. P.S. If you are new here, these are real numbers not made up numbers. My tagline does not lie; this is real life on a budget folks.
INCOME:
$3,201.00
NOTES
Mortgage:
$740.00
Student Loans:
$289.00
This is the minimum payment for the loans.
Auto Insurance:
$101.00
Netflix:
$8.00
Fuel:
$50.00
This is only for my car as my hubs’ gas is paid for by his company.
Groceries
$690.00
Auto account
$360.00
This is the auto fund/new car fund. This post has detailson how we use a different savings account for our car maintenance needs.
Pat’s cigs
$120.00
Diapers/Wipes
$85.00
Tithe
$ –
We decided to temporarily stop giving to the Church until we have more of our debt paid for. We are working on giving from our time and talents for now.
Internet
$44.00
Cell Phone
$80.00
Power
$140.00
Gas (winter Heating)
$60.00
Water
$35.00
Clothing
$ –
I’ve been scoring this for free for the whole family. Thispost has the details.
Hair
$25.00
Emergency Fund
$100.00
Retirement
$-
Trash
$17.00
Cooks Pest Control
$22.00
This for the termite protection on our home.
Debt Payoff Plan
$220.00
Slush Fund
$15.00
This account is our first line of defense for any budgeting mistakes before having to go to the emergency fund.
Balance
$0.00
If you have ever wondered what a zero-based budget looks like, the above is one.
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Becoming a single-income family can introduce a need for careful spending, but it also frees up valuable time for managing the household, spending time with your children or taking care of family members. It also can remove the expense and mental burden of finding and paying for quality childcare and other assistance.
It splits your income three ways: 50% toward needs, such as groceries, housing, basic utilities, transportation, insurance, child care and minimum loan payments. 30% toward wants, such as travel, gifts and meals out. 20% toward saving, for an emergency fund or for retirement, and debt paydown beyond minimums.
On a $60,000 salary, which roughly translates to $50,000 after taxes (depending on your location and tax rates), 60% would be about $30,000 per year, or $2,500 per month. Savings (20%): This portion should be allocated towards your savings, investments, emergency funds, or debt repayment.
The rule is to split your after-tax income into three categories of spending: 50% on needs, 30% on wants, and 20% on savings. 1. This intuitive and straightforward rule can help you draw up a reasonable budget that you can stick to over time in order to meet your financial goals.
The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.
The harsh truth is that $1,000 per month is very hard to live on, even if you lower your costs to the bare minimum. With inflation causing the prices of goods and services to increase every year, $1,000 a month will become harder and harder to live on going forward.
The survey analyzed the annual living expenses for single people in all 50 states, along with data from the U.S. Bureau of Labor Statistics. You need to make at least $80,013 per year to have a "living wage" in California, the survey found.
What is a family budget? A family budget is a game plan for your family's money. Your plan identifies where and how your money comes and goes by focusing on income and expenses. Importantly, it also reflects your family's goals and values by how you spend and save.
No, it is not a livable wage. There was just a study done that determined it takes a minimum of $100k to live and meet basic needs in San Jose. Anything less than that is considered a serious struggle. I personally would not even consider anything under 85k because even the surrounding areas are very expensive to live.
Here's an idea of the ideal rent for different salaries based on the 30% rule: If you make $30,000 a year, you can afford to spend $750 a month on rent. If you make $40,000 a year, you can afford to spend $1,000 a month on rent. If you make $50,000 a year, you can afford to spend $1,250 a month on rent.
Be sure to factor in how much you'll save by cutting out work-related expenses such as commuting, dry cleaning and lunches, as well as other expenses you'll no longer have—such as child care. Beyond your day-to-day needs, it's also important to factor your savings plan into your budget.
The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month. Housing tends to consume the highest portion of monthly income, with the average annual spending on housing at $1,885 per month per person.
50/30/20 rule: One popular rule of thumb for building a budget is the 50/30/20 budget rule, which states that you should allocate 50 percent of your income toward needs, 30 percent toward wants and 20 percent for savings. How you allocate spending within these categories is up to you.
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Introduction: My name is Roderick King, I am a cute, splendid, excited, perfect, gentle, funny, vivacious person who loves writing and wants to share my knowledge and understanding with you.
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