How much left over?

[spearmint]

Just curious to see how much everyone has left over at the end of the month while in Chapter 13.

[optimistic1]

In actuality, you are not supposed to have anything "left", because that would be considered disposable income, upon which that should be dedicated to the plan. It is up to you on what you do with the money that you claim as expenses.

For instance.

I could claim $600 a month for food. But, if I really wanted to, I could buy all of it at the local food bank for $300 a month, and then the extra $300 is mine to keep.

I could claim $200 in gas expenses, but after my plan is confirmed, I could just take the bus and spend the extra $200 for whatever.

Do you follow?

[pcn]

I had the same question, but as optimistic1 aludes above, it will be hard to get anyone to admit they have anything left over. Seems strange, since people are willing to give other "borderline" advice on other topics.You may get lucky and get some PM's with real world info.

[HHM]

In the "real world" of chapter 13's, depending on your income, you should "at least" be able to generate about $100-$200 left over at the end of the month. Assuming, you can make the appropriate changes in lifestyle.

It really depends on the tightness of your chapter 13. IF you make $50,000 a year and filing a chapter 13 to save a home and your chapter 13 payment is barely $300 per month, you probably can't save much. But if you make $100,000 a year and make some life style changes, you can probably save $800+ per month.

[bcvw]

I've found that I can squirrel away $800 a month. This is because I have a set budget for each category on the Means Test and then break that down into subcategories for the different utilities, insurance, maintenance, food, etc. I use Quicken and track the expenditures throughout the month. On the first of each month, I generate a report for the previous month to see how we did. Each category has an envelope and if we didn't spend all allotted for the month, that money is pulled from the bank and put into the envelope. If we spent more (for instance, a car repair may have cost more than the monthly allotment), it is noted on the envelope and replaced in the following months or cash is pulled from the envelope and put into cashflow in the checking account. Basically each envelope shows a monthly running total.

In the two months since we filed, I now have $1600 in cash in those envelopes. I have them in a fireproof safe.

It's amazing how easy budgeting is once you are forced to do it.

[pcn]

Thanks, that's more in line with what I was thinking based on our numbers - looking at what would go away vs. the projected payment amount. Most of that savings will be "used up" in the various entries for expenses, which really isnt that far off. It's suprising what you skimp on and bypass when making monthly payments has been your main focus for so long.

[woeisme]

We always have some left over at the end of the month, but it seems like just when we get a fair amount saved up, a big expense hits and wipes us back down to near break-even. Like we might usually have $300-400 left each month, but just when it gets up over a thousand or more, bam, water pump on the car go kaput. Or some other big expense, like medical, house repair/appliance, etc. Holding my breath at the moment, since we have about $2000 in our safe, just waiting for the next big whammie. But I think that's how it should be in a CH 13. We don't have big bucks for luxuries, but our budget is such that with careful attention to spending, we are able to save for those unexpected expenses that always happen, sooner or later.