I’ve debated whether or not I should share the numbers for our 2016 one income budget, but I’ve decided I’m going to. If it helps someone else see how our family of (almost) 7 lives on one income, then why not? We have raised our family on one income since the beginning.
This budget includes almost all of our income and expenses. The only thing not included is the small (very small) income I make here on the blog. My blog income helps pay for kids’ activities and extras like that. I will soon share with you how I plan to take this blog to the next level so that the income made from it can be used to make a greater impact both in our personal finances and in how we give back to others.
Our One Income Budget for a Family of 7
This budget only includes my husband’s net income. All of our insurances, taxes, and his retirement are taken out before we get his checks.
Rent – 1159 (includes all utilities)
Internet – 55
Netflix – 8
Cell Phones – 182.00
Car Payment – 597
Student Loan – 79
Car Insurance – 140
Debt Pay-Off – 220
Groceries/Household Items – 700
Gas – 100
Miscellaneous fund – 150 (This is the “extra” fund. If we eat out, it comes from here. I can pull from here for various other items we may need. A bill that may pop up, etc.)
Savings – 14 (Measly, I know, but it is what is left when doing a zero based budget.)
There’s not a ton of wiggle room in this budget. The car payment is pretty huge for our income, so paying it off will be a priority once our credit card debt is gone. My student loan is rather small, so I may pay it off before we attack the car.
I do plan to divide our miscellaneous fund into more specific categories. We need a medical category, clothing (I don’t spend a ton on kids’ clothes. We take any hand me downs given to us and I do consignment twice a year), birthdays (we keep these simple), Christmas, and fun money.
Resources for Building a Budget
The Total Money Makeover – This book started it all for us. It’s the whole reason we downsized. We will not be following Dave’s advice 100%, so we aren’t “gazelle” in becoming debt-free, but this book is an awesome resource to help get anyone in the right mindset to change their finances.
The Budget Mama’s 21 Days to a Better Budget – Probably one of my favorite budget blogs. Jessi is real. In fact, she inspired me to post our budget because she posts her budget every year. Right now I’m reading through the free eBook she offers to newsletter subscribers. If you need help with budgeting, check her out.
Just a Girl and Her Blog Budget Binder – This is a free printable for subscribers that I am using to track our spending.
You may also be interested in:
I will start sharing my blogging goals here with you on the blog, as well as the income I generate from the blog. I’m excited to see what 2016 has in store! Do you live on a budget? What are your big goals for 2016?