Ever since late April I have been doing terribly on saving. I've been managing to spend pretty much everything I earn - and other than in May when my cat died - the majority of what I've spent has been on a lump sum of junk. My savings haven't taken a hit (other than in May with Monkey) because I was a month ahead in my checking account, and so every month I've kind of "dipped" into the next months monies + just avoided sending off any money to savings.
This has got to stop! Since I am single and have no one to answer to but myself - and have no one to help me out financially (at least no one that I'd willingly ask for help) than myself - I'm the one that has to get a handle on it.
So ... I have decided to post my budget here in full - including the total amounts I have in savings/other non-retirement accounts. Then I will post here at least 3 - 4 x a week and give a detailed accounting for where I spent every single penny. I won't list balances of my retirement accounts because I don't feel that that is really part of what is needed.
My hope is that by giving myself a public accountability partner that I will be able to cut down my spending on the unneccesary items and the junk. This will help both my bottomline and my waistline.
So . . .
I get paid once a week.
From my weekly paycheck I have money withheld pretax:
4% to my 401k plan
$9.32 to my medical account (I have a debit card to pay co-pays/prescriptions, etc)
Post tax:
~$16 -- life insurance, disability, ?
Net pay: $428/week.
Monthly Net: $1712
Fixed:
*Rent: $650
Car Ins: ~$38 (Liability Only)
Renters Ins: $25
Netflix: $10
Cable: $18 (went up from $13!)
Phone (Landline/DSL/Cell): ~$80
Charity: $122
Roth IRA: $75
*Car Fund: $100 (Replacement/Repair)
Emerg. Fund: $170
*Utilities are included in Rent
*I have a 97 Honda Civic ~94k miles -Paid for
Balance: ~$424
Not fixed - Clothing, Gas, Groceries, etc.
I have 3 checking accounts -
One I use for almost everything (ING)
The second one I pay my car insurance and fund my Roth from (At a Credit Union I've had an account with for over 10 years).
The third one I pay my Renter's Insurance from - it is a local account where I can cash checks if need be.
The total amount in my 3 checking accounts as of today: 1369.81
I have two savings accounts -
HSBC (Emergency Fund/Car Fund) and
ING (Slush/Short term savings)
I also have my Charity account at ING
The total amount as of today: 7410.17
I have two credit cards which I pay off in full each month. One I don't ever use, and the other one is a MyPoints Visa which I use for pretty much everything (including paying my rent.)
The balance between my two cards as of today: $81.25
Looking forward I know my gas expenses are going to be increasing quite a bit, and I am going to have to start paying tolls as well. Right now I walk to work everyday and can generally make it on one tank of gas per month. As of Aug. 6 my company will be moving to a new location -- meaning at least a 20 - 30 minute one way commute, plus tolls. I will be having a coworker carpooling with me who doesn't drive - we'll be sitting down soon to work out how we'll split expenses.
There are also a number of things that I am really wanting. One is a digital camera. Another is a Fluidity bar (fluidity.com). I also know that if I actually get back into losing weight instead of being on a rollercoaster of 10 lbs up and down, that I'll be needing to replace most of my clothing. Also, I probably will be wanting to take a trip out to CA soon to visit my brother and his wife, as well as a possibility of making a trip to SC to visit a possible "friend".
---
So, instead of waiting for a new month to roll around and start holding myself accountable, I am starting today.
If anyone has actually read this far and is willing to do so, I would appreciate getting an "Ahem" note/comment whatever if you notice I haven't updated in more than a few days.
In need of a reset and accountability
July 21st, 2007 at 10:18 pm
July 22nd, 2007 at 12:15 am 1185063306
July 22nd, 2007 at 12:33 am 1185064434
If you are single, why do you have the life insurance? Just curious ...
July 22nd, 2007 at 12:35 am 1185064544
July 22nd, 2007 at 02:59 am 1185073195
SCFR - That is a good question. The main reason I have life insurance was in case something happened to me before my cat -- so whomever would take care of him would have more than enough money to take care of him. Now that he's dead . . . I probably do need to rethink that.
Sheila - I like using YNAB (you need a budget) usually, but have gotten really lax the past few months. I've somehow managed to keep to the principle of spending last month's money this month .. but like in June when I had 5 paychecks, instead of banking that 5th one, it got eaten up in spending... Argh! I told myself this month that I was going to spend minimally .. but still ended up spending way more than I should have. So . . now I'm trying this.
Thanks everyone for the comments!
July 22nd, 2007 at 02:57 pm 1185116258