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The beatles Case Study

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The beatles:
// UPDATE //

Blog: Frugal living blog

// TABLE OF CONTENTS //

Pages 1-2: Case Study Talk
Pages 3-5:Grocery budget, Recipes, and coworker lunches
Pages 6-9: Rental home roof, couches, and TV's
Pages 9-11: Income talk and The need for a budget
Page 12:Mrs. Beatles grocery win
Pages 13-14: Beatles buys a TV
Page 15: Paying off credit cards
Page 16-17: Should Beatles sell the rental?
Page 18: Beatles sets up a property tax payment plan
Pages 19-21: Rental home #2 is added to the mix
Page 21-22: Mrs. Beatles joins the conversation

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Life Situation: Married, 30, 2 Kids

Gross Salary/Wages: $5128.12 / month

Pre-tax deductions: $634.46 / month

$81.90 - Dental
$87.50 - HSA
$346.70 - Health
$25.64 - 401k
$25.64 - Roth 401k
$67.08 - 401k Repayment on loan


Rental Income, Actual Expenses, and Depreciation:  $595 NET ($1,100 rent - $130 HELOC - $375 taxes)


Adjusted Gross Income: $5088.52 / month


Taxes: $619.93 / month

$116.60 - Federal
$285.95 - Social Security
$66.88 - Medicare
$147.90 - NYS
$2.60 - NY SDI

Expenses:

  ITEMMONTHLY| TOTAL |INTEREST RATEGARBAGE36CALE/INTERNET114WATER50GEICO AUTO135MASSAGE70AUTO LOAN39335916.54%MORTGAGE1761164,7175.125%FUEL200GAS/ELECTRIC150GROCERIES1100EATING OUT600CAMERAS25PARENTS030,KCC119485625.24%CC2134449524.49CC32550523.24%CC42545210.23%CC52069218.49%CC67579724.15CC7 (STORE CARDS)100202025.24Furniture Loan276195025.00TOTAL547246,405
Breakdown of mortgage payment:

Principal and interest   $908.86
Property insurance   $72.42
Mortgage insurance premium (MIP)   $115.44
City tax   $167.57
Other tax   $458.52
Late charges   $38.66
Total    $1,761.47


Assets:

Primary home – Owe $164,717, worth $175k
Rental – Owe $25k HELOC + $9k taxes, worth $70k to $80k
Car – Owe $4,500, worth $15k to $17k
Cash - $850
401k - $5,000

Liabilities:

Income tax - $40k
Property tax on rental - $9k

Bracken_Joy:
What are the interest rates on your loans? You also mentioned in your first thread you owed money to your parents, and to the IRS. List these as well.

swick:
This is a good start, I'm glad you are sticking it out :)

You should include all of your liabilities as well - the 40,000 Tax bill, owed property taxes, everything. You won't be able to get a totally clear picture unless it is all included.

RetiredAt63:
Questions  Mostly from discussion in your other thread

Age of kids - how long before they are in preschool?
Federal tax owed is not showing
Pre-tax deductions mentions everything but taxes, are your taxes being deducted and are they the proper amount?
Cable/internet - how much of that is cable and how much internet?  What would it be if will it be when you cut cable?  Time to make a phone call.

Interest rates?  on mortages?  Credit cards?  This information matters.

Don't be surprised if you get lots of questions/comments, most posters end up revising their initial budget several times because it is easy to overlook things.

The beatles:

--- Quote from: swick on January 07, 2017, 02:41:10 PM ---This is a good start, I'm glad you are sticking it out :)

You should include all of your liabilities as well - the 40,000 Tax bill, owed property taxes, everything. You won't be able to get a totally clear picture unless it is all included.

--- End quote ---

Thanks!

Added those!

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