Monthly:
Mortgage Interest $1300
groceries $1200 (yes, too high I probably need a punch in the face)
petrol and transport $300
Dog: $311.65 (yes we have a ridiculously expensive dog that needs ongoing medical care)
Entertainment $725 (this is mostly on kids -swimming lessons x2, one child does piano and the other tennis)
Giving and gifts $150 (includes donations and birthday presents for kids friends)
Health (dr, dentist etc) $50 (we don't always spend the whole amount but it is put aside for this)
Utilities $480
Personal Care $50
Home Maintenance $300 (anything we spend at Bunnings etc again we don't always spend this full amount)
TOTAL $4867
X12 Months = $58404 per year
Yearly:
Emergency fund: $1500
Cars: $4500 (will reduce soon when we sell one car)
Edcuation: $26000
Clothing: $5000 (yes, probably another punch needed)
Christmas: $1500
Insurances: $5000
Private Health Insurance: $3900
House rates/Water rates: $3410
TOTAL: $50810
That is a lot of money. Wow.
OK, so my oberservations are:
Groceries: we're working on ours now too, but depending on the kids ages (growth spurts = extra calories) some mindful shopping should reduce this.
Cars & transport: yeah that seems about right, although again mindful driving would shave a little off here too. And maybe family bike rides to friend's houses?
Dog: awww. I hope it's feeling OK.
Entertainment: +1 Southern Saver. Get the kids out in your own pool more. But also, what else is
really in this category?
Giving and other gifts: how many people do you know, and does everyone require lavish gifts? Try cards and other items made by kids, a single box of their favourite treat etc or your own ideas and see if you can't get this cut in half.
Utilities: ouch. +1 southern star again. Pool covers keep the water a nice temperature, too. Check your sprinkler systems for timing and length of watering too (evening is best as it gives time for the water to soak in). We're having a constant water crises, this should be able to be reduced.
Home maintenance: we don't have any so I can't comment on this.
Yearly:
Emergency fund: this seems low. If hubby got laid off, how long would this last?
Cars: nice work with deciding you don't need the second car!
Education: do what's best for your kids here. Changing at the split between primary and highschool is probably best if they're near that. Schools vary by their suitability from one to the next in a way that can have little to do with whether they're public or private, but kids from public schools have statistically had a lower year 12 mark (TEE etc) while doing better at uni once there due to self-motivated learning skills. Your anxious kid may do better getting more exposure to a wider range of kids, but they also might not- that's really going to be up to way more factors than you have control over.
Clothing: adults with full wardrobes don't cost this much, and neither do kids (get hand me down school uniforms, and if they're the same gender, other clothes can be handed down between them too).
Christmas: seems about right, particularly if you have to travel a bit and have nieces/nephews/large families.
Insurances: explore all options to reduce these :)
Health insurance: I'm of the "whatever feels most reassuring" approach here.
House rates/water rates: not much you can do about these!
Just remember, hubby working more doesn't earn you as much as you earning more! It's less effort for you to earn another $1 than him, given the huge difference in tax rates you're at.
I look forward to your updates!