What is your budget for December?

Through the month, share your efforts to stay on budget or your actual expenses.

Due to a confusing financial situation and stressing about it, we decided to  budget differently. Rather than have a comprehensive budget that includes amounts that are taken directly out of his check, savings for tax payments, budgeted amounts for possible expenses and saving up in some categories, we are setting up a monthly expense list which has to be paid from after deductions and tax savings income.

Work Expenses ( $2,253.32 total)

•      $1,200- Fuel
•      $313.32-Truck note
•      $130-   Insurance
•      $580-   Cell phone and mobile internet
  
•      $30-    Office supplies

Household Expenses ( $1063)

•     $14- Financial fees
•     $60- Auto
•     $450- Food and supplies
•     $245- gas and electric
•     $65- water
•     $110- phone, long distance and DSL
•     $20- garbage
•     $10- Debt, this is the minimum I have to pay
•     $89- Entertainment, TV, subscriptions

Savings or Save to Spend- ($165 total)

$165- Christmas spending 

Total amount that we need after deductions and tax savings is $3,481.32. I think hoping for $3,065 is reasonable so we have to figure out a way to  lower some  expenses or get the cell phone company to work with us on the payment for that unexpected bill.

Brandy:

$1,200- Fuel

OUCH! and yet one more reason why i dont drive!

We spend more on fuel than we do for our whole household!!

I am $650 short of my budget for December. I have notified dh that some side jobs need to come in before the end of December or someone's not getting paid. I trying to sell 2 of my bred milk goats too, that should give me about $300 if they sell. I'll lose my cheese making income but it might get us out of a bind.

Thank God from whom all blessings flow! 

Christmas Shopping is DONE and under budget: $250 for Thanksgiving/Christmas meals and snacks and gifts--had budgeted $300 originally 

We are paying off our truck on 12/307:  $512.83 and it's DONE!   We have paid $2300 since September 1, 2007.  FINALLY--that payment will be history.

We have changed insurance carriers to save over $100 monthly.  BUT we need to pay the monthly premium for December, for December coverage, to the soon to be old carrier, plus pay the start up premium to the new carrier.

Here is the projected budget:

$500 Giving

$550 Rent

$142 Renter's Insurance, total Annual premium, one time expense

$215 December vehicle insurance premium

$284 January premium due by 12/28/07 for new vehicle insurance carrier, then it will only be $178 monthl 

$303 Elec/Gas, Cells, Water/Sewer/Trash, DSL

$300 Food

$ 40 Household/Toiletries

$ 25 Haircuts 

$350 Gasoline

$400 Water Pump for truck, saved amount, repair is looming, just not quite yet

$250 Medical/Health, all time high due to a new med, Chantix, for teen dd--$110 for this month, temporary increase 

$513 Truck pay off

$ 87 Stupid tax/Student Loan--Dh

$123 Stupid tax/Student Loan--myself

 Assuming all of the above we have $53 and change left out of our monthly income.  We will resume our savings/sinking funds in January 2008.  These were put on hold for December due to the one time increase in our insurance expenses and saving the money for the expected truck repair.  We have an emergency fund in place, also. 

rolo:

We are paying off our truck on 12/307:  $512.83 and it's DONE!   We have paid $2300 since September 1, 2007.  FINALLY--that payment will be history.

YAY!! Are you planning to put the freed up funds towards the next debt?

Don't forget to post the good news in Journey to Debt Freedom when you make the last payment on the truck.

NORMALLY, following the debt freedom plan we are on, that would be the next step.  

However, we have the potential storm looming July 30, 2010 when dh's contract with the university is up--won't know until then if his position will become that of a permanent employee OR contract extension OR unemployment.  

Since we know of this potential storm, we will be concentrating on saving up in excess of $18k (6-9 months of expenses--student loans can be deferred in needed)

If our savings goal is accomplished before the contract expires I expect to continue saving in our sinking funds for car repairs and car replacement.

Only after July 30, 2010 will we aggressively pay down the student loan debt.

We will NEVER go through unemployment with NO savings AGAIN.  EVER.