shanendoah
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Joined: Dec 18, 2010 19:44:48 GMT -5
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Post by shanendoah on Dec 19, 2017 17:49:38 GMT -5
We are 2 days away from my birthday, and only 12 days away from a new year. This next year should be a better year both emotionally and financially. And since I have very little to do today, I decided to some planning. I use my excel check register to plan cash flow as well as track what is actually in my account. I have a number of debts on 0% cards where that promotional rate runs out in November, and so I need to get those cards paid off.
This is a very basic version of my monthly budget for the next year:
January - April
Take home income: 6,188
Mortgage: (2,239)
Remainder: 3,949
Legal Expenses/0% cards: (1,995)
W/D: (45) *0% through May 2020
Orthodontist: (123) *0% through October 2018
Remainder: 1,786
Other monthly bills: (750)
To Savings: (100)
Remainder: 936
Rent: 300
Total: $1,236
May - October
Take home income: 6,188 *possible raise in Sept, but not counting that right now
Mortgage: (2,239)
Remainder: 3,949
Legal Expenses/0% cards: (1,830)
W/D: (45) *0% through May 2020
Orthodontist: (123) *0% through October 2018
Remainder: 1,951
Other monthly bills: (750)
To Savings: (100)
Remainder: 1,101
Rent: 300
Total: $1,401
November
Take home income: 6,188 *possible raise in Sept, but not counting that right now
Mortgage: (2,239)
Remainder: 3,949
Legal Expenses/0% cards: (600)
W/D: (45) *0% through May 2020
Remainder: 3,304
Other monthly bills: (750)
To Savings: (100)
Remainder: 2,454
Rent: 300
Total: $2,754
December
Take home income: 6,188 *possible raise in Sept, but not counting that right now
Mortgage: (2,239)
Remainder: 3,949
W/D: (45) *0% through May 2020
Remainder: 3,904
Other monthly bills: (750)
To Savings: (100)
Remainder: 3,054
Rent: 300
Total: $3,354
I am going to have 4 very tight months, as bills don't include groceries, gas, medical deductible/copays, etc. I enter January with $3,757 in the bank, but I have a $1,615 statement balance due on a credit card on the 4th. And that same card will have a $1,330+ statement balance for February (assuming I don't put much more on it between now and Jan 7). Now, $725 of that was work that had to be done on the car, so I am okay dipping into savings to pay for it, but still, 4 very tight months.
I'll get a little breathing room May - October, but not much. However, if I can just make it to November (just in time to buy holiday gifts), then everything opens up tremendously.
I also expect to sell my second car in January for $2,500. I am thinking I'll put half of that into savings and throw half at credit card debt, which should also loosen things up. It will also reduce my car insurance bill. But I don't want to count on any of that until it actually happens.
Emotionally, life will improve tremendously in June. But it might also get more expensive. (I expect to have a couple weeks at the start of June where I don't care about how much I spend.)
But this is my new basic budget, which will get everything paid off before the promotional APRs end.
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