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My DH and My Budget

August 17th, 2007 at 09:31 am

Response to glblguy...very asute of you to pick up on my lingo because as I was typing that entry I kept thinking how ridiculous it was that I was doing everything pertaining to the budget, and DH had little to no participation. DH does participate in that tries to stay within his personal budget most months. But DH does little to go out of his way to help cut down on other expenses like turning off lights, finishing leftovers, being supportive of my cooking rather than eating out, shirking bottled water, eliminating unnecessary bills. Granted the journey will be more difficult without his 100% support, but a small part of me thinks that when he sees some progress he might get on board more.

I've always wanted to get feedback on my budget and the way I keep track of it. I've read a lot on the internet about different methods, but I had to come up with my own. I definately work to cut down on bills like electricity, phone, etc., but I work extra hard to keep track of spending in other categories. I keep track of just about anything spent by recording it in a 3 ring binder. It is so time consuming, but it's helped. Here's what I have set aside for each category...

DH Personal Budget - $100
DW Personal Budget - $100
Household - $175
Groceries - $350
Gas - $200
Doc Visits/Prescriptions - $90
Recreation - $75
Gift - $30
Yearly Expenses - $132
529's - $50

Here are my rules...Our main vice is eating out, so you'll notice there's no budget for that. To curb this problem, if we want to eat out it has to come out of our personal budgets. If DH insists on eating out, it must come out of his budget or I will agree to split the bill with him. If we are over our personal budgets, that amount is subtracted from the following month. The gift, recreation, and yearly expense categories accumulate each month. The remaining gift balance at the end of the year will be applied to Christmas. Yearly expenses are for things like oil changes, inspections, magazine subscriptions, etc. It is most difficult for us to stay within the household budget and I've already increased it by $25 a few months ago. But remember, we just bought a new house. We're frequently under budget with groceries. We do pretty well with our personal budgets...some months are better than others. Any other purchase that is outside one of these budgets has to be discussed and decided upon prior to spending. Again, that works better some months than others. We do not have cell phones nor cable.

Another small triumph...last night I took some chicken out of the fridge to cook for dinner and although it had not reached expiration, it stunk pretty bad. I had to throw it out. Under any other circumstances, we would have gone to get something to eat. I served leftovers instead!

On another note, we have a teleconference set up with our insurance agent to discuss life insurance. How sad is this? I'm 32, DH is older, we have 2 children, just bought a house and we have no life insurance. I'm nervous because the agent is a fast talker (we just bought home insurance from him and have had auto insurance through him since '95). I know I want coverage to pay off the house and to pay for funeral expenses, but I'm not sure what to get beyond that. Any advice?

4 Responses to “My DH and My Budget”

  1. Ima saver Says:

    Yes, make sure you get term life insurance. Do not agree to whole life insurance which is what the agents make big commissions on. They will tell you it builds up cash value. It does, but not much and it is much more expensive. Do not insure children at all. No one depends on their income.

  2. frugalhousewife Says:

    You mentioned that "the agent is a fast talker". Remember that he is working for you. Don't be afraid to interrupt him and tell him to slow down. If he cannot work with you and explain things at a reasonable, understandable pace, then let him know you will be glad to find someone who can. I'll bet he slows down.

  3. glblguy Says:

    1) Get Term insurance, DO NOT let him talk you into anything else...they are very good at it, but just go with term. They get alot of money selling Whole life insurance policies 2) How much is kinda tough, it really depends...Most "golden rules" I've seen suggest 8-10x. I have 10x, but I also have 6 children and my wife is a stay at home mom, so I would rather be on the high side.

    Do a google search on "Life Insurance Calculators" and you'll find some that will help you. There really isn't a right or wrong, its just what makes you feel secure. I also spread mine over two companies just as a safety precaution.

    Also, if you aren't comfortable making a decision, than just tell him you need to think on it and call him back in a few days.

  4. LuckyRobin Says:

    I also agree with term insurance for you and your DH, with one of you carrying a rider for your children that is enough to cover funeral expenses if one of them dies. I have that on mine and it adds about 3 dollars a month. Mine is through Allstate but I'm sure other companies have this rider, too. The last thing you want to do if the unthinkable happens and a child dies is figure out where to come up with the money for the funeral and burial.

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