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  • lisalogan 07-11-07 | 09:31 AM
  • I was curious what most people or what is suggested to have left over after all of your bills, groceries, everything is figured out of your monthly budget. Just for entertainment, emergencies, etc. Thanks for any advice.
  • Janine Janine's Avatar 07-11-07 | 10:26 AM
  • I budget my entertainment expenses in....but if I were to take them out, I would say we have about $100/mo, but I also don't put my child support into the budget so that gives us some more when it is not needed for school clothes and stuff.
  • Dopey406 Dopey406's Avatar 07-11-07 | 10:41 AM
  • When we do our budget, we list everything we'll need to buy for that two-week period and we take that amount of money out of the bank, divvy it up into deignated envelopes, and that's our money for that budget period.

    Any money that is leftover goes directly toward debt.

    Once we're out of debt, any leftover money will go to building an emergency fund of 6 months' expenses (in the event that DH loses his job, we'd be able to survive without going bankrupt). After our emergency fund is full, we'll move on to fully funding retirement, funding the girls' college funds, and paying off our house early.

    If you have leftover money after you do your budget and you have no debt, you should be saving it for emergencies (job loss, injury, hospitalization, etc.). In our book, Christmas, birthdays, good sales at the furniture store, etc. are NOT emergencies. We budget for those things.

    Determine your prioritiies and what you need--that will determine your budget and how you use the leftovers.

    Isn't it nice to have leftovers??
     
  • skyqueen skyqueen's Avatar 07-11-07 | 11:30 AM
  • I suppose the answer is "some"
     

    you should have a budget that allows for extra - even if it's just $50 a month extra so that over time you can have that slush fund or savings fund to use for true emergencies (or for a new house etc)

    when I rent out my house, I do check what the rent and 'bills' will be against their credit report (credit reports tell you the balances on credit cards etc) and our criteria is that rent and utilities has to be no more than 3 times their income if they have installment payments. This rule is pretty standard for rental companies too.