Singing the Budgeting Blues

So just what is left that needs to be included in the costs to be budgeted for? A whole lot. Let me just briefly give you a list.

Alcohol: Wine and mashkeh for Shabbos and Yom Tov
Cleaning/laundry/repairs: Either outside the home or the equipment and supplies for inside
Child care expenses: For a working mother or when you are going out without the kids
Computers/printers: Internet connection, paper, printer cartridges, basic equipment
Phones: Land lines and cell phones, equipment and monthly charges
Electronic Equipment: The sky is the limit here
Non-refunded Work Related Expenses: Teacher's supplies are not paid for by schools
Exercise: Equipment, gym membership, specialized clothing
Insurances: Medical, home, life, car
Household Furnishings: Everything that's not a bed or a table and chairs
Appliances/equipment: Microwaves, vacuum cleaners,shabbos clocks etc.
Student Loan Repayment: College isn't free
Tzedaka: Maaser is figured at 10-20 percent of net earnings
Retirement: As in 401k, IRAs, Roth IRAs
Savings: Putting away for a rainy day,saving for future expenses
Medications: Vitamins, aspirins, antacids, bandaids, prescriptions
Doctor Bills: Even with insurance there are co-pays, out of network and not covered charges, such as vision or dental
Mikvah: Not a freebie for women or men
Yom Tov Observances: Lulav and esrog, matzah, menorah, oil etc.
Shul Obligations: Seats for yom tov, dues, "shnudering," dinner, appeals
Gifts: To each other and to outsiders, flowers for shabbos
Repairs: Nothing works right for ever
Reading/listening/viewing material: Books, magazines, newspapers, CDs, DVDs etc.
Vacations:
Credit card bills: paying off balances, adding in interest on principal which raises the total owed
Tuitions: Still in college? Getting specialized training?
Simcha Occasions: Ones you give and ones you go to
Routine Maintenance: Exterminators, painting etc.
Family Obligations: Your sister/brother's wedding/bar mitzvah/sheva brochos etc.

Not a complete list by any means but still fairly comprehensive. And these are items that need to be budgeted for or someone is going to find themselves in real financial trouble.

Learning how to budget and work with the money you have available may put you in the position of having to say "Either A or B, but not both." It may also put you in the position of having to say "Neither A nor B." Unfortunately, many young couples, and lots of older ones too, say "All of the above" with no idea of how that will be paid for.

Budgeting means that instant gratification just might not be possible. But budgeting is the only sane way to get what we need without going bankrupt doing it. Living on extended credit is a sure recipe for disaster.

So how much do the items above cost? No definite figure because it depends on each couple's desires and spending each year. But it would not be out of the ordinary to add another $10,000--$30,000 a year, certainly for a young couple just starting out and who need to provide everything for their new home. (Note: this does not include school tuition and camps for children. That expense is yet to come.) That would put our young couple at $70,000 to $90,000 a year. And whatever the figure, it's coming from after tax dollars.

Well, there you have it: a pretty comprehensive look at what it costs to live when you get married and for the first few years. Obviously the figure can be reduced if you rent in cheaper areas, don't have a car and don't play the game of "Keeping up with the Schwartzes."