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Posts tagged with: making plans

Hope’s Monthly Budget – Fall and Winter, 2017

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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.

Budget

Personal Expenses Business Expenses Summary
Allowance 400 Adobe 30 Total Personal 3634
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
Groceries/Eating Out 600 Misc 100 Income
Gymnastics 350 Total Business 509 1099 3200
Health Ins 305 W-2 3462
Life Ins (annual – Dec) 21 Debt Payments
Rent 650 Car Payment 400 Total Income 6662
Spending 200 CC 100
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
Student Loan 307
Summer Camp/Activities 375
Universal 56 Total Savings Goals 700
Total Personal 3634 Total Debt Payment 1920 Total Extra Income -101.0

Details

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.

Summary

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 Best Laid Plans

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To sum up what’s happened in the last two weeks I offer this quote: “The best laid plans of mice and men often go astray.”

In actuality so much has happened in just the past week that I cannot wrap my mind around putting it out there succinctly.  So today you will be getting a multi-part story broken up into bite size pieces so we are all on the same page on what’s coming next.  And all this while I’m still trying to figure out what comes next.  So here goes…

I went to Texas. I had a great visit with my family, saw all four of my siblings and my nephew.  It was a eleven day stay.  On the morning of the 10th day, my dad and I took the time to talk.

I started with an apology for my financial position, owning all of the decisions which have led me to this place.

I thanked him for his selfless generosity in helping me get into a home four years ago when our lives were in such chaos. (You can read that story here.)

And then I told him my decision to NOT buy the house from him.

And then I told him my plan to live here through Christmas as we have been, and then do everything needed to get the house on the market for the spring.

You can probably tell from the opening of this post, that my plans definitely did not meet with his plans, but before I spell all that out later today stay tuned for the next post going up in a couple of hours that lays out my decision to buy my home.