$500 Challenge

Well I finally sat down and did a budget for the up coming year. I even factored in the increased cost of insurances and rates etc... We can certainly manage to keep under $500 but there is not alot left after the bills.... This does not however include our mortgage, not sure anyone at the moment could include the mortgage and all the bills and keep it to $500 a week...

I have broken down the budget weekly as my hubby is paid weekly.. all the figures are calculated weekly.

Car Insurance 1 12.50
Car Insurance 2 6.25
Car Rego 1 15.00
Car Rego 2 18.75
Boat Rego 2.00
Trailer Rego 2.00
House Insurance 17.00
Health Insurance 55.00
Council Rates 52.00
Electricity 34.00
Gas 4.25
Internet 20.00
Phone 10.00
Mobile 4.00
Groceries 125.00
Petrol 50.00
Train Fare 60.00

Total $488.00

The above figures does not account for entertainment which looks like it will be a cheap meal out once a month if we are lucky. If we didn't have 2 cars and a boat I could save even more money. This is a good way of working out exactly what we need in our lives and what we can live without.

I am going to stick to this budget for 6 months and may continue with it.