Many of the recent comments have mentioned how I am not paying off debt at this point in my journey. They are right. With little steady income over the four months, not even enough to cover my my typical monthly obligations, not only am I not making regular debt payments, but I’m having to pay many bills late. BUT all of that is about to change if I can just get through March and April, the tides are going to turn.
The financial windfall that having free housing for is going to be HUGE for us. And debt payments (after I catch up with what I am behind on) will resume along with a savings plan. So I am starting to think on that as you could see from my last post on my “plan” for living in a tinier space.
So for the first time in months…I am going to have a real budget and I’ve started putting some thought into it. Here is my first draft with some notes below, would love some feedback and suggestions:
Glamping Budget (May - July, 2016)
You will see that I am planning to take a note from Ashley and try to show my budget with the actual over these few short months.
You will also note that my total is missing a couple of numbers. I am working on those as I figure my minimum obligations as well as set a reasonable goal for savings.
There are some changes to my categories and to my numbers, here is why:
- Cell phone – up significantly. I plan to add a bit more data to our current shared 3GB as we will be out a bit more and I will need it to work, I think. I won’t add it until I’m prompted by going over and it’s something I can add or take away without any long term commitment, but my thought is that it will be higher. (History Buff pays $30 of this every month for his smartphone plan.)
- Car Gas – double the typical amount. We are going from living within 3 miles of absolutely everything we do, to being 20 minutes away. I will also be making at least 2 round trips every day into town based on the anticipated activity schedule (swim in the morning and gymnastics at night.) So again anticipating a significant change due to the move.
- Groceries – we have been living on a REALLY tight grocery budget for more than a year now, and frankly I just need a break from it, so I’m giving myself permission to flex a little bit. This may change back, but for now…I’m going to myself some flexibility. This will also incorporate any eating out.
- Entertainment – new category for us. While I am going to be working my butt off to revamp and relaunch my old business, I think this is going to be a very fun few months for us and want to plan for some fun money. I think giving myself this permission and boundary will keep me from splurging or making rash decisions on fun activities. We’ll see how it goes.
- Clothing – new category for us. In the past, the little one’s dad paid for most all of their clothing and the older ones have been responsible for their own clothing for over a year now. Unfortunately, as I write this, there is still no regular support from the little ones dad, and they will both need almost completely new wardrobes, they refuse to stop growing! So I am anticipating and planning for that. In addition, I have lost a good amount of weight, so will need a few new things as well.
- Savings – need to save for a housing move, emergency fund, etc. This will take precedence over debt payoff I think, but will see when I get a final plan together.
- Debt – as soon as I catch up with payments I am behind, I will update this with the minimum payments needed each month. Extra payments will have to be considered on a month to month basis as I work to add income.
- Life Insurance – no change.
- Auto/Renters Insurance – no change. (History Buff pays for $72 of this for his car insurance. I occasionally gift him by paying 1/2 for a month when I can. I am so proud of him that words cannot express it.)
With no rent/mortgage, no utilities…I am so excited to see what could come over these months. Have I left anything out?
The sorrow and joys of this roller-coaster overwhelm her at times, but she is committed to this course.
Hope plans to dig out of debt using any resource possible including her small business EPOH, her blog and any other resource that comes to mind!