This question is for the folks that have a budget. If you wind up coming under your budget for each category you have set, what do you do with the remaining money? Does it roll over into next month for bills? Do you use it at your discretion?
As I worked on my budget last night, I told myself that even though I have a specific amount budgeted out for each category, I would work on always coming under my budget. But then I had to ask myself, "What will I do with the left over money?".
After some careful thought, I have come up with 2 scenarios. I can either transfer the remaining money to my savings account (the one I had for my home purchase) and then apply it to my cc debt every time the balance reaches $100. Or I can transfer the remainder to my savings account and use it for a vacation (my sister suggested this).
All this depends on how well I do keeping under my budget each month. So none of the scenarios is guaranteed.
Has anyone run into this situation? If so, what do you do with that remaining amount? Do you treat is as "found money"?
As I worked on my budget last night, I told myself that even though I have a specific amount budgeted out for each category, I would work on always coming under my budget. But then I had to ask myself, "What will I do with the left over money?".
After some careful thought, I have come up with 2 scenarios. I can either transfer the remaining money to my savings account (the one I had for my home purchase) and then apply it to my cc debt every time the balance reaches $100. Or I can transfer the remainder to my savings account and use it for a vacation (my sister suggested this).
All this depends on how well I do keeping under my budget each month. So none of the scenarios is guaranteed.
Has anyone run into this situation? If so, what do you do with that remaining amount? Do you treat is as "found money"?
Comments
Of course, like you, my rollover will probably be maybe $20-30/month but who knows.
I feel like if you're contributing to your EF and anything else you need to budget for, then definitely put it towards your debt. :)
Thanks for your comments and suggestions
@ D.C
Girl you silly. I been thinking about all the options also. I am not even sure if I will be able to come under budget, just wondering what I should do if I run into that situation. I think I will do a post about what I have decided to do.
However, I am earning interest on my checking account now, and I'm just going to allow the money to compound in my check account as a little pillow (in case I overdraw...which I hope not to do). When it gets to be a substantial amount, I will transfer the money to my EF.