In my basement, there is fiberglass batts insulating the bond between the TJI floor joists. There are gaps around the fiberglass and I can feel cold air leaking into the basement.

My first choice is too remove fiberglass batts and have the bond spray foamed, but money is kinda tight right now.

My second choice is to buy 2" rigid foam sheets (Home Depot or Lowes), cut pieces to fit between the joists, and seal around the pieces with "good stuff" spray foam in a can. The 2" rigid foam will give me R-10 and seal the cavity pretty good, plus I could put the fiberglass batts back in place and fill the gaps with small pieces of fiberglass for a little more R value. I'm thinking I can do this for around $150 or so since my basement isn't very big.  At a later date, I may add an additional 2" rigid foam to the cavities. Anything wrong with this idea?

My third choice it to caulk all around the bond & joists, put the fiberglass batts back in and add fiberglass to fill any gaps. This would be the cheapest route for now and seal the air leaks for the most part... at a later date when I have the money, pay someone to spray foam the bond...

Any thoughts, ideas, suggestions?

Thanks,
Jere

In either case (installed now or later) the foam should be covered by a code approved barrier (gyp board). insulating it yourself with eps or xps will work well, and do a lot to seal up your basement.

I just had a similar situation 14" deep floor trusses with batt insulation at the bond. Horrible way to insulate the bond.  For $650 I had 230' of bond sprayed with closed cell foam. Spay foam is really the only way to get a good seal at the bond.

Jere
"The 2" rigid foam will give me R-10 "
The issue here is not the R value, it is air infiltration. Since money is tight, buy a $40 spray foam gun and some $15 screw on cans of foam. The fiberglass will work fine for insulating if you can stop the air infiltration.

Thanks for the replies!