Another day, another dollar
Payday is upon me again. Money from my employer is like fresh bacon landing on my plate. I already know the plans for hot bacon. But do I have a plan for my money? I guess this is why I need a budget.
In the last two weeks I have jotted down expenses that are incoming. Nearly all my expenses are known. Saving money is my biggest goal today. I am currently running a very lean list of expenses so that I can complete Baby Step 3 as soon as possible.
Taking my foot off the gas a bit
| I have saved about $2,000 in my emergency fund. I have about $2,000 more to save before I reach my saving goal. | |
Spring break is fast approaching and we used Rapid Reward points to book confirmed travel to Austin in April. The trip total cost for transport and shelter will be about $1,300 total. The cost will be shared equally between my wife and myself. So I would like to set aside at least $650 although we may use about $400 that we have in PayPal (selling on ebay) so I may only need $450 for expenses.
Budget detail February 5th
| Income: $930 after tax, deductions and 8% retirement savings (take home). I have now(3/19/15) removed retirement savings until we buy a home in late 2015. $301 pending assignment | Expenses: $300 1/2 of half months rent $100 savings $96 energy bill $42 license renewal $40 health & wellness $20 domain service $17 shirt & shipping $14 water bill ------------------------- $629 in Expenses |
To save or not to save
$301 pending assignment. I am totally breaking all the rules of the zero budget. While I would like to predict the next two weeks I really don't know whats going to happen. So I am basically going to try to save as much of the $301 that I can.
If I am able to grow the $301 to more than I will be spending in Austin in April then I will put it toward the emergency fund after the trip. I am going to exercise discipline not to use the extra money to justify extra spending. That would be irresponsible.
The Bi-Weekly Money Bacon budget
This has been the February 5th budget. I will revisit the budget topic again on February 20th which is my next payday. I think I will again have surplus money after bills and rent on Feb 20th. If I save $350 in the next check then I will be able to resume saving in the emergency fund.
I prefer to keep the future trip money away from ever being deposited in the emergency fund. The advantage of the separation is that by never making a withdrawal from savings I am able to make a mental barricade that keeps me from using savings for a daily save-all when I need money.
