House Budget Help

It may be a tad early, but Jordan and I have come up with a budget for when we are homeowners.  I'd like to share it with you in draft version - I'm hoping that any home owners who read this blog can share with us any insights on what we might be missing.

So, what do you think?

In theory, our incomes will be 5-6% higher and our vehicle insurance will be lower in a years time - but that's not a guarantee.


  1. Hi Jessie. I like your budget. I would like to recommend you increase your house maintenance budget by at least another $100.00. As a home owner there is always something. Last month it was our sewer line and it costs us $2300.00. You also left out your house insurance and that is a lot more than tenants insurance. You and Jordan are on certainly going in the right direction.

  2. 2nd the house insurance. Ours costs about $800, I think. I can't think of anything you are missing right now.

  3. Don't forgot vehicle maintenance. Oil changes, tires, the occassional servicing. Also, since you have a horse you going to need something saved for vet bills.

  4. No medical expenses? Cell phones include in utilities?

  5. Personally, I think the $800 allowances you give yourselves could be cut back to allow for more money put into house and car maintenance. And unless you have tons of family and friends to buy gifts for, you probably don't need $100/month saved towards gifts... $50/month would allow for more flexibility in case of unexpected expenses. Don't forget, once you own a home you'll want to do some gardening (expensive!) and other outdoor maintenance like driveway, lawncare, etc... I know you have your house maintenance fund but that can't be used for day-to-day household expenses, you never know when you'll need a new appliance or a big repair - that account needs to be grown to a decent size (a few thousand) and not depleted regularly to buy a new lamp or chair - instead, you'll want it sitting ready to replace a furnace or A/C, a stove or fridge, a leaky roof or a drafty window... stuff like that. Perhaps a separate fund could cover day-to-day household expenses like when you see a nice painting you want or a new set of towels or bedding. $100/month is just not enough to give yourself a good, solid house maintenance fund. Overall, I think you're on the right track though, and I applaud you for putting it together and asking for opinions! You'll do great because you are planning it out! Good for you.


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