This is my current monthly budget. A debt update is coming up next. I think most of this is self-explanatory, but I’ve added a few notes below.
|Personal Expenses||Business Expenses||Summary|
|Auto – Gas/Main||250||Cell Phones||286||Total Business||509|
|Auto/Rent Ins||315||Dropbox (annual – Oct)||8||Total Debt Payment||1920|
|Clothing (bi-annual)||150||Internet||77||Total Monthly Costs||6063|
|Electric||150||Microsoft (annual – Jan)||8|
|Life Ins (annual – Dec)||21||Debt Payments|
|Rent||650||Car Payment||400||Total Income||6662|
|Water/Gas/Trash||75||Computer Equipment||85||Savings Goals|
|Spanish||160||Other||500||Emergency Savings Goal||700|
|Amazon Prime (annual)||8||Self Lender (Christmas)||97||Couch|
|Universal||56||Total Savings Goals||700|
|Total Personal||3634||Total Debt Payment||1920||Total Extra Income||-101.0|
Monthly Expenses – These are our day to day living expenses. Many have some flex money built in, specifically gymnastics which typically runs $240 per month. I added the extra money to cover the competition costs that must be paid during competition season (Nov-Apr.) I don’t know how much they will be with our new gym, last year I paid $600 in meet fees. Spanish is new. I’ve hired a online tutor to work Princess and Gymnast 1 hour a week, this was our first week.
Business Expenses – I’ve added my regular business expenses including our cell phones, internet and so on because I thought my budget would look funny with out these important expenses. (These are associated with my contract work.)
Debt Payments – I have another post on this category coming this week. I am grateful that a lot of this debt is chosen – summer camps and activities, Universal and a Self Lender loan (a chosen debt in an attempt to help repair my credit) versus stupid decisions or debt hoisted upon me by other’s decisions.
Income – I continue to work three jobs regularly, and have recently picked up a couple of new smaller contracts so we will see how they work out. The kids are starting to ask when I will cut down on my work hours. But I am not there yet.
Savings Goals – My emergency savings is still my #1 goal. But I am starting to think of other “things” I would like, specifically a couch. I’ve put it on the budget as a holding place, but I am not actively pursuing it at this time. In my head, I’m thinking next summer for a couch.
I am in the negative as far as this budget goes. Reality is that I spend quite a bit less than this on a regular basis, but there are certainly months where it is more. I feel like this is a true representation of where my money goes on a monthly basis.
My FSA, vision and dental insurance and 401K deductions all come out of W-2 income. I have consulted with an accountant and for this year, I am in a good place tax wise due to the Adoption Tax Credit. I will have to adjust my tax rate for next year.
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!