Please critique my new budget

[mommymustachian]

Hey guys,

Could you please help me with my monthly budgeting? :)

Some background on me:
Newly separated/soon-to-be divorced, mother of two toddlers, living in NYC.
Just moved into my own place. My cousin is renting a room in the apartment for at least 6 months. In exchange for a very low rent, she helps with the kids and it's nice having her support through the divorce.

The move and divorce have depleted my EF vastly so building it back up. And critiques/advice would be greatly appreciated.

Net Income after 401k+health ins.+commuter benefits:  $3800 / month (doesn't include annual bonus of 10k which is paid bi-annually and will go directly into my EF)


Bills
Rent: $1635 ($2135 - $500 from subletting a room to my cousin. She may start paying $600 as of next month)
Cell phone:  $63
Cable/Internet: TBD (still shopping around for a good deal, cousin will pay half)
Kids' health insurance: $60 (Ex pays other half)
Daycare: $630 (Ex pays other half)
Utilities: $0 (included in the rent)

Everyday stuff
Food/Groceries: $200
Diapers/pull-ups/wipes: $50
Laundry: $10

Fun/non-essentials:
Clothing: $50
Restaurants/bars: $50
Personal care: $50

Savings
Betterment: $500
EF: $500

Total expenses: $3798

[onlykelsey]

Since you're counting your 401(k) contributions and $1K in savings as part of your budget, it seems like you're pretty optimized.  What's the plan for after your cousin moves out?

Do you have life or renters' insurance?  They may be worth looking in to, and/or including in your budget if you already have it.  I also don't see a line item for your medical care or theirs (beyond insurance premiums for them).  Don't you at least have a metrocard expense, as well?

[mommymustachian]

Thanks for your comments. The $3800 takes into account my health insurance premiums and commuter benefits card which I contribute pre-tax dollars to for my metrocard. The kids insurance has $0 copays.

I don't have life insurance, I'm hoping my company will soon start offering it but if not I'll look into policies myself. I really am clueless about renters insurance. I'll do some research.

After my cousin moves out I'll likely sublet the room for the market price (about $1350).

[Scandium]

Cell phone is at least 2x what you should need. What kind of plan is it?

[mommymustachian]

Metropcs unlimited everything. I looked into Ting but it just confused me.

[RWD]

Your budget looks fairly reasonable to me.

Take a look at I.P. Daley's Communications Guide if you want to optimize your cell phone bill:
http://www.techmeshugana.com/theguide/