Proposed budget question

[jwmc1]

I would appreciate any thoughts regarding my proposed budget. I am visiting with attorneys this week...thanks

Property tax: $325
Homeowner's insurance: 65
Electricity: 192
Natural gas: 150
Water: 75
Sewer: 30
Cell phone/pager: 190
Cable/satellite television: 80
Internet: 25
Home Maintenance: 150
Food: 850
Household items (non-food items): 100
Hygiene supplies: 50
Clothing: 200
Dry cleaning: 125
Laundromat, detergent, softener, etc.: 40
Prescriptions and "OTC" medications: 75
Recreation & entertainment: 125
Presents for holidays, birthdays, etc.: 100
Charitable contributions: 20
Life insurance: 73
Auto Insurance: 299
Gasoline: 450
Tires: 25
Auto repairs: 50
Vehicle maintenance: 50
Vehicle tax & registration: 30
Cosmetics: 25
Haircuts: 125
School lunches: 75
Work lunches: 125
Pet food/supplies: 100
Total living expenses $4,394

[HHM]

Where is your housing expense: mortgage/rent?
How many people in your household?
In what state do you reside?
What sort of pets do you have?

[jwmc1]

Where is your housing expense: mortgage/rent?
How many people in your household?
In what state do you reside?
What sort of pets do you have?

Sorry...
I didn't put the mortgage in because I was just trying to show other expenses. The mortgage payment is about $1,056 a month
There are 5 people in my household
I live in Michigan
I have a dog (chocolate lab)

[LimpDisc]

You actually spend $100/month on Pet food/supplies? Seems high for only one dog.

[jwmc1]

I was including potential vet and other costs

[HHM]

Actually, with the additional information, that budget looks good.

Go to the IRS website to see how you compare to the "standard expenses"

http://www.irs.gov/individuals/article/0,,id=96543,00.html

Nothing particularly stands out, in fact, it might be a little tight.

[UpsideDownMI]

What district are you in? I am in eastern michigan and also have a family of 5. As HHM said, check the IRS guidelines. If your expenses are over in any category you will have to provide proof of expense. The pet expense seems very high. I have 1 dog and listed $35. Dry cleaning and hair cuts seem high also.

[jwmc1]

What district are you in? I am in eastern michigan and also have a family of 5. As HHM said, check the IRS guidelines. If your expenses are over in any category you will have to provide proof of expense. The pet expense seems very high. I have 1 dog and listed $35. Dry cleaning and hair cuts seem high also.

I can trim back the pet amount, I easily spend that much on drycleaning...I have to wear a suit everyday. I figured $25 per person for haircuts...$25 each.

I am in the Eastern District

[UpsideDownMI]

As long as you are within the irs guidelines you should be fine. If not, be prepared to provide proof. I made sure that my expenses were all within these guidelines before I filed and I did not have to provide any receipts at my 341.

In the eastern district, the clock on the length of your plan does not start until your plan is confirmed. The last thing you want is objections based on expenses, which will lead to your confirmation date being pushed back.

[jwmc1]

As long as you are within the irs guidelines you should be fine. If not, be prepared to provide proof. I made sure that my expenses were all within these guidelines before I filed and I did not have to provide any receipts at my 341.

In the eastern district, the clock on the length of your plan does not start until your plan is confirmed. The last thing you want is objections based on expenses, which will lead to your confirmation date being pushed back.

Thanks for this info, I appreciate it.

[HakunaMatata]

While your pet expense may seem high to some, I was shocked to discover the costs associated with dog ownership! For years, I maintained spreadsheets of basic expenses/bills. The BK process highlighted the costly nature of having furry monsters. I have two labs and the average monthly cost is $250/month (food, vet visits, and meds). Thankfully, my dogs are worth it (even if I have to starve myself!).

[debtinohio]

I googled "average yearly cost of having a dog" and divided it by 12. It was $1000-1200 yearly so around $100 a month, I put this on my budget but I did not submit it yet so I don't know if it will fly or not. The thing is, your budget should allow for savings, maybe you spend $50 a month for 6 of those months and save the remaining for the $400 surgery your pet needs in month 7 or something.

[debtinohio]

School Supplies/School Fees?

[jwmc1]

School Supplies/School Fees?

Thanks...that's a good point

[ccfriend]

I am also in Eastern District! I went through the Bay City court.