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Home > Budget Thoughts - Reigning in and Getting Frugal

Budget Thoughts - Reigning in and Getting Frugal

November 23rd, 2009 at 12:27 am

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.

13 Responses to “Budget Thoughts - Reigning in and Getting Frugal”

  1. monkeymama Says:
    1258939475

    My only thought is to bank somewhere that has no fee. $6 charge is probably better than making purchases to reach your limit, but $0 charges would be even better (easy enough to find). I don't know your banking situation.

    The rest looks pretty good. I hope it works out!

  2. frugaltexan75 Says:
    1258943333

    It's a Chase account. I do have an account with Compass Bank - I don't think I have any fees on that one ... I'll have to figure out how to get online access to that one and switch over to it. It'd just be so much easier if I had direct deposit .... oh well.

    Thanks!

  3. mjrube94 Says:
    1258950324

    Can you change your Chase account to student checking? They usually don't have fees...

  4. homebody Says:
    1258950703

    I sure hope my Chase is not charging me as I was completely free at WAMU. mmmmm.... maybe I should read the stuff I should have read before now!

  5. LuxLiving Says:
    1258981882

    Have you readjusted your renters insurance since you downsized from an entire apartment to just the one room?

  6. frugaltexan Says:
    1258983012

    Mrjube,

    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.

  7. monkeymama Says:
    1258993174

    FWIW, I don't have DD - never have had an issue with a credit union - no hoops to jump through for free checking. Free ACH transfers - Free online bill pay - I do it all my banking online. Except deposits, which I either mail in or hand deliver.

  8. frugaltexan Says:
    1258995612

    If dearly love to be part of a credit union again. Until my dad moved to CA I kept an account at the local crdit union - but closed it - because driving 70 - 80 minutes to do banking doesn't make a lot of sense. I haven't found one near me yet that I'd qualify for - although I haven't checked since I moved. Hmm ... Something to check into.

    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.

  9. Broken Arrow Says:
    1259007448

    I would have spit my drink... if I had one in hand Big Grin when I saw that you were being charged for NOT making debit transactions.

    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.

  10. frugaltexan Says:
    1259008485

    BA,

    for the sake of your computer, I'm glad you weren't drinking. Big Grin
    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.

  11. debtfreeme Says:
    1259015326

    if your bank requires a direct deposit or they charge you fees write a letter and have the boss sign it that the company does not offer DD. It is a way to get around the fees. It works with some banks.

  12. whitestripe Says:
    1259021915

    if you really want to stay with that bank, could you just use your debit card for grocery purchases and fuel? they are probably the ones i would least overspend on, if it were me.

  13. frugaltexan75 Says:
    1259022435

    debtfreeme,

    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 ...

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