I haven't quite decided yet what I'm going to do about the tithe yet (posted about yesterday). But, I do think that I need to get refocused on living within my means, and below as much as possible.
So, I think what I'm going to do is each time I get a paycheck, or some other kind of income, I am going to post here exactly how that money is going to be used.
Two things which I'm going to change is the use of my debit card and my credit card.
My debit card I get charged a $6 fee if I don't have at least six transactions during the month. This is because I don't have a direct deposit going into it. So I have been making sure to get those six transactions each month ... but I think I've ended up spending a good bit more than I would otherwise. So, the $6 fee may be a less expensive way to go.
I've been putting pretty much everything on my credit card (except the 6 purchases a month for the debit). This made sense when I was paying my rent on it, and so was accumulating a good number of points each month. Without that, the points grow *slowly* and it doesn't seem as worth it.
I also think that I *do* spend more on groceries, etc. when I am using my card. I always pay it off each month of course, but I do think I'm a bit freer with spending.
So ... I have decided that I'm going to stop using my debit card completely.
I will use my credit card only for online purchases, school tuition/books, gas, toll tag, car and renter's insurance, car repairs/inspection, cell phone and prescriptions.
Everything else will be paid for with cash.
School tuition/taxes/textbooks/car repairs all come out of savings.
Paycheck (Taxable Income) Budget:
10% Tithe/Giving/To Be Determined
10% Savings
10% Tax Savings
$290 rent
$120 groceries and miscellaneous
- to be taken out each week in $40 cash - remaining change each week put in children's offering at church
$5 - iTunes - songs, apps, etc.
$40 Tolls
$90 Gas
$40 Car Insurance Savings (paid every 6 mos)
$17 Renters Insurance Savings (paid every year)
$6 Netflix
$6 Bank Charge
$80 - Phone ($30/mo pd by dad as a gift)
Would like to add back in (maybe will restart in May after paying 2009 taxes):
$50 month IRA contribution
Total: 30% + $694 + $50 (IRA)
----
My last two paychecks gave me a total of $1108.
30% of that would be $332.40.
$1108 - 332.40 = 775.60
So ... that would work for the last two paychecks.
The "excess" money would go straight to savings - at least till May (after 2009 taxes paid).
"Extra" (Non-Taxable) Money Budget:
10% Giving/Tithing/TBD
40% Fun/whatever
50% Savings
My next paycheck will be short 12 hours due to Thanksgiving (off Thursday and Friday, but working on Wednesday which is my normal day off) - so, $87.
My Dec. 15 paycheck should be fairly normal, but my Dec. 30 paycheck will only have 3 or 4 days on it due to my vacation - which means it will be *really* low.
Upcoming bills:
(Nov. 25)
Car insurance 6 month premium: $213
(January 25)
Renter's Insurance: ~$200 (1 year prem.)
April 15
Fed. Taxes - estimating $1500
Two wants:
YNAB 3 - coming out sometime before the end of the year. $35
Extra iPhone charger - $50
*would be most useful in CA on vacation - not really sure about otherwise - maybe I should talk to my brother and see if he might be able to use something like that, and we could split the cost - I'd use it while in CA, then give it to him to use.
---
November 15 paycheck:
$479
$47.90 -- Tithing/Giving/TBD
$47.90 -- Savings
$47.90 -- Tax Savings
$40 - Cash Miscellaneous/Groceries
Remainder of $315.30 forwarded for December bills.
*Credit card is already paid off for the December 7 due date. So next payment won't be due till around January 7.
---
I am going to try to be more accountable to myself here regarding spending.
Other than refilling a prescription, gas, getting my car inspected this week, and a few groceries on Friday, I don't know of any other necessary spending.
Budget Thoughts - Reigning in and Getting Frugal
November 23rd, 2009 at 12:27 am
November 23rd, 2009 at 01:24 am 1258939475
The rest looks pretty good. I hope it works out!
November 23rd, 2009 at 02:28 am 1258943333
Thanks!
November 23rd, 2009 at 04:25 am 1258950324
November 23rd, 2009 at 04:31 am 1258950703
November 23rd, 2009 at 01:11 pm 1258981882
November 23rd, 2009 at 01:30 pm 1258983012
I hadn't even thought of that! I will check onto it today.
Homebody,
you'd probably know by now if it wasn't, but good idea to check
Lux,
If I remember correctly I already have the lowest possible amount of coverage. But it wouldn't be a bad idea to double check that.
November 23rd, 2009 at 04:19 pm 1258993174
November 23rd, 2009 at 05:00 pm 1258995612
Mrjube,
I checked online about student accounts - they have them for high-school and for first five years of college. So I doubt i'd qualify, but I have to go by anyway today, so I'll ask.
November 23rd, 2009 at 08:17 pm 1259007448
That's ludicrous! And totally unacceptable. In fact, my credit union PAYS me to use their debit card, but I certainly don't get penalized if I choose not to.
Oh yeah, definitely time to switch banks.
November 23rd, 2009 at 08:34 pm 1259008485
for the sake of your computer, I'm glad you weren't drinking.
It was a good account when I had DD. I'm really not sure why I didn't switch out when I found out about the fee.
November 23rd, 2009 at 10:28 pm 1259015326
November 24th, 2009 at 12:18 am 1259021915
November 24th, 2009 at 12:27 am 1259022435
From the responses I've gotten when saying that I have no DD available, they just tell me I have the options of making the transactions. So, I don't think that would do any good.
whitestripe,
That is pretty much what I was trying to use it for. But then I started adding deli trips to it ...