Today is officially the day of fresh start. I'm damn happy about that. I didn't get to posting my budget yesterday as I had a lobster bearnaise sauce to make. Good excuse, no?
I think this budget is manageable but it's way too tight. You'll immediately see why I need to supplement my income. I had my year end review last month but won't find out about a raise until the end of January. Our budget at work is tight and I'm hoping for 3% but don't even want to plan for it so I've used my favorite Yahoo Paycheck Calculator to see what my net pay will be.
My weekly net pay takes into consideration: 15% of my salary, or $234, going to my 401(k) and $96.15 going to my Flex Spending. The net pay per week come right on the nose to $900. I figure my budget multiplying that by 4 paychecks. The extra paycheck 4 times a year goes go my mortgage payment and the left over $300 will go toward my credit card debt.
- Mortgage - $2,348
- Groceries - $250
- Electric - $125
- Water - $0 (paid in full for the year assuming $80/month)
- Natural Gas - $50
- Cable - $65
- Internet - $50
- Cell Phone - $0 (paid in full for the year assuming $60/month)
- Ann Taylor Card - $50
- Victoria's Secret Card - $50
- Discover Card - $150
- Car Insurance - $150
- Gasoline - $200
- Car Payment - $0 (paid in full for the year assuming $285/month)
- Child Care - $50 (this is the amount left after FSA payment)
Total Expenses - $3,540
Cushion - $60
Yes, folks I will have NO social life this year. You see why I need the supplemental income? I don't care how many online surveys I need to do at this point. I just need the cash. I need to find solid sources of income online. I do, however, see places to cut.
I am farming out my car insurance. It's really high. I had a minor fender bender in April of 2005. That comes of this year so that should drop my rate pretty well to begin with. My ex-husband was in the National Guard so I can get a good rate through them. He pays $50 a month. That's a steal.
I'll be watching the grocery store flyers and cutting coupons and printing them online. I hope to be able to drop my grocery bill to $200. The only other thing I can see is dropping the electric bill below $100. My Victoria's Secret card will be the first one paid off and it's scheduled to go away on February 1 with the additional paycheck I get in that month. I'm hoping to have a new and better card to transfer the Ann Taylor balance to. It occurs to me that need to be top priority in my goals.
Let's hope I can do this and manage my personal finance right. I am open to any and all suggestions or tips you may have. Let them roll!