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Jul 17, 2024    |       41 comments

Hope’s Planned Spending – August, 2024

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I am working on creating a traditional budget. However, the forecast I use, really works for me so I thought I would share next month’s forecast so you can see what I do.

Here is my planned spending and income for August, 2024.

DatePayee/CategoryAnticipated Amount
08-01-2024Groceries / Hygiene / Dogs / Gas-590
08-01-2024Income7925
08-02-2024Auto Insurance-1460
08-02-2024Credit One 2-50
08-02-2024Personal Loan 2-500
08-02-2024Pest Control-80
08-03-2024Mortgage ($200 principal only)-1215
08-03-2024TX to Savings-790
08-03-2024Investments-350
08-03-2024TX to TRV SAV 1387-500
08-03-2024Taxes, SS, Medicare (30%)-2550
08-04-2024Amazon CC-60
08-04-2024City Utilities - varies-150
08-07-2024Auto - Maintenance-100
08-09-2024Electric - varies-250
08-10-2024Income - varies440
08-14-2024Verizon-350
08-15-2024House (estimated)-350
08-20-2024Kids Payments1215
08-20-2024Frontier CC-130
08-26-2024Windstream-71

Notes:

I’ve just copied and pasted this from my spreadsheet that actually goes out through December of 2025. So it’s organized by date I expect it to come out of my primary account whether via transfer to another account or to the recipient.

  • Income: I am a contractor so my income does vary, sometimes wildly, and sometimes very little. You will see two line items for income…one my primary contract and the other encompasses all my “other” contracts plus my fast food job income.
  • Kids Pay: Three of the five kids are on shared phone plan and a shared auto insurance plan. One of them pays rent to me ($250). So this total is a lump sum of what the 3 of them contribute to the bills that are listed in this spreadsheet.
  • House: I do not typically have a substantial house line item, but I am planning to power wash the house, deck and picnic table next month. And then reseal the deck probably will have to touch up house paint. It’s time and I want to make sure it is properly maintained to extend it’s life. Thus this is an estimated number for the supplies and help for that work. (Beginning in 2025, I have ideas to start saving for another large house improvement/investment item, but more on that later.)
  • Mortgage: I am continuing to pay an extra $200 toward my principal every month. I read somewhere that is you make an extra one or two payments per year, it’s knocks years off your mortgage. That’s how that started. (That was after BAD dissuaded me from trying to pay ahead on my mortgage monthly payments.)
  • Savings: I have a primary savings account (the newly establish 10% of income goes there.) Then I have a travel savings account. This will cover our Thanksgiving trip. It will be there when we all need to get to Texas when my mom passes. And I’m hoping to do some sort of family trip or something next May when Princess graduates since we are all planning to be here for that.

Any questions? Constructive criticism? 

This is how I have planned and tracked my income and spending for YEARS. It works for me.

My failure is in my self control. And that I am working on diligently. Like, very diligently. And yes, I know only time will tell that.

 

Jul 15, 2024    |       16 comments

Hope’s Debt Update – July, 2024

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It’s funny. I’ve been preaching to my teams at work for years about slowing down and being more deliberate in your actions. Focus on what you are doing and do it right, the first time. It truly does make a difference especially when you’ve got a constant flow of work to do and inputs coming at you.

But I have failed to take my own advice especially when it comes to my finances.

New Job Excitement

When I got my new contract and regular income again, I just dove in. And it was great, I began paying things left and right. It was so refreshing to not be constantly stressed and borrowing from Peter to pay Paul.

Alas, that excitement is not sustainable. And when you rush and don’t focus, you make mistakes or miss things.

Now, I’m focused. I’m slowing down. And I am determined to make more thoughtful decisions, set more realistic goals. So I’ve reordered my debt payoff. I’ve made sure it’s obtainable. And rebalanced my budget to include regular and substantial savings, more taxes to pay, and giving myself a bit more buffer in my month because I was getting into trouble at the end of the month when something unexpected popped up.

July Debt Numbers

Debt DescriptionOctober, 2023 TotalInterest RateMinimum PaymentCurrent TotalPayoff Date (Est)
Personal Loan #2$2,5000%$500 (beg April)$500August, 2024
CC - Wander$1,63029.24%$75$1,402October, 2024
CC - Amazon$1,49729.99%$48$1,445November, 2024
Dad - New Furnace$2,6000%$0$2,600
January, 2025
CC - Frontier$3,85729.99%$130$3,588February, 2025
CC - USAA$5,00019.15%$135$3,517
Car Loan$19,58112.69%Gymnast Pays$15,002 (not counted in total)
Student Loans$22,1212.875%In Deferrment$22,659
CC - Apple**$500Paid off every month$0
CC - AMEX$89429.24%$0$0Mar, 2024
CC - Sams$1,10629.99%$0$0April, 2024
Personal Loan #1$2,5000%$0$0July, 2024
Total$61,186$888$35,711

Go Faster

I’ve seen the comments indicating that I could go faster since I could roll the now completed debt payments into other debts and you are right. However, a couple of things…

  1. I am saving and investing more every month now. All my part time W2 income goes into savings. And I’ve added 10% automatic savings deposits from my large and steady part time contract gig. And I’ve increased my investing from $35 per week to $70 per week. (See Stash post.) Half of that weekly investment is going into a ROTH IRA that’s auto-invested.
  2. My income has increased thus my taxes have increased and I’m being overly cautious on that front. When I started this contract job, I was make $6K per month, now it’s up to $8K per month. And we are in talks for another substantial increase by the end of Q3. Taxes are substantial. I’m currently putting aside and paying almost $2,500 per month towards self employment taxes, social security, Medicare, state and federal taxes. And with the anticipation that my income will greatly increase, I want to be very cautious of not getting behind and would prefer to have a buffer.
  3. (added initial published) We are planning to go to Texas for Thanksgiving. The girls and I are driving. Therefore, have a budget line for that. That is the main reason there is no “payoff” in November.

I believe this plan is achievable even with any bumps in the road over the next 6 or so months.

One Note

I did remove Gymnast’ car from my overall debt total. I realize that it’s still legally mine. But we are quickly approaching a year that he has been paying it. Well, 9 months maybe. And he’s really targeting trying to pay it off quickly. And making wise choices to that end. Every once in a while, he laments the burden of the debt, but with consistent feedback that the car is his to sell should he want to get out from under the debt, he always reverts and talks about how much he loves his car. Thankfully, his cost of living with my sister is quite low so he’s able to focus on it. (He does pay her rent, etc.) And is covering all his own other expenses as well. I’m so proud of him.

 

 

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