I’ve mentioned before that I do my forecasting out a quarter at a time. (It’s just a simple Excel spreadsheet.) I include all my regularly budgeted items, any extras I know about (birthdays, holidays, travel, etc.) and my income based on current contracts with clients.
As I continue to go full speed ahead with debt payoff, I spent some time this weekend creating my forecast through the end of the year. And you will never guess what…
I am finally at a place of stability again…by that I mean, if I maintain all my current on-going contracts, I will make enough to cover all my currently budgeted for expenses for the rest of this year!
That is such a weight off my shoulders, especially as we have been living paycheck to paycheck for so long. Obviously, there are no guarantees, but right now, my financial situation is stable, my income streams are varied and I am very hopeful for the long term.
There are a few caveats to this and one is glaringly obvious, at least to me:
I do not have a car, car payment, fuel costs or car insurance in my budget. (Well, I do have car insurance but it is minimal since Sea Cadet and I are both insured on his car.) That will have to change in the next couple of months somehow.
But for now…I can breathe. And I don’t have to count every single penny, although I am.
Switching to a cash only budget has made a big difference to me. There’s something about seeing the dollars in my purse dwindle that keeps me from spending on things that are wants rather than needs.
There is definitely something about seeing positive numbers in my forecasting and money in the bank that is very motivating. What keeps you motivated?