Our 2016 One Income Budget
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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.
Income: $3404
Expenses:
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?
Wow, that is amazing. Thanks for opening up and sharing your budget so willingly. It inspires me to see that a one-income budget is truly possible. Wishing you blessings for 2016!
Thank you, Marva!
Good for you for trying to pay down your debt. Thanks for sharing something so personal with us.
Thank you for stopping by, Leslie!
I finally (after almost 4 years) got my husband to agree to set and to stick to a budget. It has been an uphill battle (to put it lightly). We’ll be sitting down and working on our numbers later this week for the new year. Thank you for being so brave to share your figures. (I’m green with envy over how low your student loan payment is – mine is almost $300, even though the actual loan amount is relatively small). (Found you through the Small Victories Link up)
I think getting our spouses to agree and on the same page financially is one of the hardest things to do in marriage! My husband and I have butted heads and continue to butt heads. We’re opposites in most everything, especially money. 🙂 I was very fortunate my college education was completely covered with scholarships and grants. I took out a $5000 loan for “extra” money. Not so fun paying on that “extra” money five years later! Good luck with your budget!
Thanks for sharing your budget, I’m impressed you can manage your budget so well for a family of 7! I need to work on our 2016 budget this week too. Thanks for sharing with Small Victories Sunday Linkup. Pinned to our linkup board.
It’s a balancing act, for sure! Luckily my kids are still so young!
You go, Mama!!
Thanks, Lydia!
Thank you for sharing. It is heartening to see another family living on one income and how it works for them. I love Jessi’s blog too and her ebook is what jump started my budgeting last year. Since doing a zero dollar budget and category funds life has become less stressful. Many blessings to you in 2016, wish you and your family the best in all. Oh, btw found this post on Pinterest in my top recommendations. 🙂
Wow. Thanks for letting me know how you found me! A zero dollar budget does create so much less stress. We are determined to make it all work for 2016! Thanks for stopping by and leaving a comment!
What is a zero dollar budget? I’m sorry if this is a dumb question. My husband and I are newly weds and I’m finishing up my senior year of college and we just moved into our first apartment and are living off of his income. Do you have a print off that you could send me so we can start our budget and meal plan.s and such. He and I are so new to this and would really like some help from people other then his mom and dad lol? Thank you and I love reading your blog your so helpful and encouraging!!
Julie
Hi Julie!
There are no stupid questions! So, a zero based budget is basically telling every single dollar you make where to go. It’s strategically planning your groceries, gas, bills, and savings. So, let’s say you’ve made a budget and you have $100 left over. Don’t just let that $100 float around to wherever. Add it to your savings account or if you have a $1000 emergency fund and have debt, use that $100 to begin your debt snowball. If you join my email list, you will get access to The Homemaker’s Resource Library which includes all of the printables on my site. I have big plans to expand and add more printables in 2017!
It can be done:) You are a great example for so many. One little note as far as which to pay off first – usually interest paid on student loans is a tax deduction, and you have the option of a hardship deferral if something were to happen, neither of those apply to the car loan. You are such an inspiration, thank you for sharing.
PS – found you through Our Simple Homestead Blog Hop
You may want to check out the Republic Wireless phone plan. My husband and I had pay-as-you-go phones for years. He still does but I bought a RW phone. It was about $150 but my monthly bill is only $12.83. That includes only texting and calling. It is still very, very cheap if you get internet. They have four or five plans. We canceled our home phone and have been saving about $700 a year.
I will look into it. I know our cell bill is high, but we use it for everything! If nothing else we need to at least go over it and see if there’s anything we can cut. Thanks, Chris!
Several personal finance blogs have reviews. I think budgetsaresexy.com does.
Thanks, I will check that out!
Thanks for sharing your budget plan for the year!
I found you at raisinghomemakers.com
Lexie Robinson
http://www.thegenesisfeminist.com
Thanks for stopping by!
Thank you for sharing this! My only new resolution for 2016 is to do a zero based budget. We’re going down to 1 income kind of unexpectedly so it’s going to be tight but doable. We have savings, but I’m hoping that we won’t need to use it before we’re back to both incomes (or 1.5). Dropping by from Small Victories.
Good luck with putting together your budget, Angela!
It’s great that you have opened up and been so honest about your budget. I think people are hungry for this type of info because they want to know how they are doing. Many of us just want to know if we are on the right track at all with our own family spending. I will have to check out your links, they look really helpful, too!
I think you are right, Jamie! Thanks for stopping by!
You are doing awesome! I had to laugh at the amount going into savings…because of your zero based budget. I do a zero based budget, which has been life changing, as well and sometimes there isn’t much at the end of the month to put into savings.
Thanks, Charissa! I have to laugh at the savings amount, too!
So, does zero-based budgeting mean you put all leftover money into savings. That’s what we do. (I love seeing other people’s budgets).
Zero-based budgeting means you give every dollar you earn a place to go. So yes, for us what is left goes to savings.
Thank you.
We appreciate you being so candid on your budget. Thank you. And thank you for linking up with Small Victories.
Do you guys pay for health insurance?
Hi, Tessa! Yes, we pay for health insurance. This is our income after deductions. There’s quite a bit of money taken out of his pay check before we see it.
wow, that was revealing but it actually made me feel better about our own situation. We don’t regularly put anything in medical or clothes either and our income is nearly the same except instead of paying off debt (thankfully done) we are saving for a house … which I find takes just as long as paying the debt lol! Thank you and how sweet your blog is.