Deep breathe... we can do this... Deep breathe
We refinanced the house on a lower interest rate and got rid of the PMI. A PMI is Private Mortgage insurance that you pay for so if something bad happens the mortgage gets paid off . You have to have 20 -22 % equity in your home before dropping this unless like us you have an FHA loan and then you have to pay off the loan.
Refinancing dropped the payment from $1600 to $1000. House ins. and property taxes increased by $50 a month. Bill now $1450.02 including ins and taxes, was $2000.Still a good deal with the refinance. We decided to pay $2000 so extra is going on the principal.
With monitoring we are making our propane last until winter fill(Which is late Sept) instead of getting a summer fill. Means more grilling and using canning stove (which is on a grill propane tank also). On the other side, to get a fill we have to be at 30% . I called the manager at the company we get our propane and he crunched numbers and called back. IF we can use only 1% a week and get to Dec we will have dropped another tank of fuel compared to last year. That's a savings of of almost $600. So every Sunday I go out and check the gauge. So far even with canning in the house, we are not using more than 1% and with good possibility get clear into Dec.
Third we paid off the following:
Cement for the basement ramp.
Hubby's life insurance loan.
My life insurance loan.
Hubby's hearing aids.
J is not willing to give a bill for the rest of the ramp until the ramp is up to his standard. BUT that might be mid to late Aug as he is finishing one home and trying to get hay and oats in. UPDATE, he is now laying foundation for his brother in law's barn that burned down Saturday afternoon. No one hurt. No animals hurt. First two crops of hay GONE up in fire.
We went line by line of the budget... then waited 3 days and went back over line by line. We agreed it starts September 1st. First mortgage payment is due then.
Hubby mentioned there was no budget for clothes. I said nope, what we have starting September first is what we have for the until end of 2022. He went shopping by himself for jeans. He even tried them on at the store. Glad I was sitting down when he came in and showed me. He knew I had said the price for them was between $35 to $50 as he wears work jeans that are heavier material than regular jeans. He also wears carpenter style jeans which always runs a bit higher. He got 4 pairs. I just pitched 2 pairs that weren't any good for even rags( I sent the zippers to a friend) last week and have mended 2 more pairs three times this week. He also got them at $29 as they were on clearance. He is still looking for a carhart coat and hood as this spring it got tossed. He is one to wear rags if you don't keep on him and it's not a good image for business. I still need pants for winter. If I don't find any then I will be wearing sweat pants that need rolled at (maybe 2 rolls)waist band at home. I will wear thermal underwear under long dresses and dress slacks when going out if needed.
What ever we don't spend due to not needing it etc. Gets set aside in a savings acct (mine) for when it's needed later.
I deleted the misc. line completely. Hubby called it piddling money. When he earns extra (not business related) he can spend that. I get what ever I earn also.
Office supplies $25.
Paper goods $10
Personal items is $25.
Food processing is down to $25. I am stocked for enough jars, vacuum bags, freezer bags, canning lids, clear jel, pectin, etc.
Garden: $75. We will need some compost for sure. I need to check seeds for starting plants this winter.
Truck maintenance , Not work truck, the business pays that. $100.
Home maintenance NOT big projects (that comes from savings) $25. We usually use the Menards rebates from buying the big project stuff for home maintenance but I do have to order humidifiers filters from Amazon.
Fuel for Truck $200. That is 2 tank fulls.
Dogs $150... that is an average. This month will be higher due to Wilbur being sick, April was higher due to Rascal's shots. Dec will be higher due to Charlotte and Wilbur shots. Jan is all 3 get dog tags.
Amazon $12 (ending Sam's club membership)
My cell phone $55. Business pays Hubby's
Microsoft 365 $12.
Health insurance $900
Health: out of pocket/deductible $500 (any not used goes to saving for when surgery etc. happens)
OTC meds/ first aid etc $25
Family life ins . $111.
Vehicle ins $93 (farm ins and property taxes in escrow as required by mortgage)
Internet/ land line $90. We save $20/ month having the land line. They are the only company in this area.
Trash service $17 No recycling. We have to take recycling to the township hall once a month.
Water softener (hard well water) $65 salt delivered (and put in if we want. )
Electric $150 average.
Daughter 4 $2242. (Ends Dec 31st)
Mortgage. $1450.02. We decide to pay $2000 (what we were paying) to help get it paid off. We will look at paying more after we run this budget a few months.
When Daughter 4 goes off our budget, that money is planned to go over on the mortgage unless we need to replace the truck.
Groceries ... we set it at $500 even with how we eat cheese. I don't see it being that high with the way the garden is coming in. I updated my pantry inventory so I know exactly what I need to go a year.
Eating out is our entertainment. Set at $250.