Skip to main content

What I plan on doing with my leftovers

In my last post I asked everyone what they did with money left over at the end of the month when they came under budget. I received a lot of good responses and suggestions. Taking into account those suggestions, my current financial position, and the very near future I have decided to roll the remainder into my savings account and use it for important miscellaneous things that pop up.

Why?

Well I have a set budget that I need to follow every month. Aside from the $50 for miscellaneous stuff I have budgeted, I don't have extra money for things that may and will come up. For instance, my daughter's birthday is October 17. My plan is to take her to Disney for a full day of fun. Her godmother is sponsoring the event (getting us tickets). So all I need to worry about is food, parking, and any souvenirs Sweet Pea might want to take home. I don't think $50 will cut it. That is where the savings account would play its part. Another scenario is Christmas. I could use the bonus money I know I will get from work but that is going to be applied to my cc debt. So again, any money in that savings account could go to Christmas gifts.

My main goal is to get rid of my credit card debt. In order to do so I need to make sure I don't create anymore than I currently have. Those two scenarios are situations where I would be tempted to use my credit card and spend spend spend. Doing this I will be able to avoid that.

Of course this means that I will work hard to come under my budget each month. That way I can guarantee some extra money for my daughter's b-day trip and Christmas.

:-D
Labels:

Comments

Anonymous said…
it was really a breakthrough once i realized that the bulk of my credit card debt wasn't because i was stupid, but because i didn't have a savings to draw from. since then, i've been making sure i have saved money to draw from instead of my credit, and that has been making all the difference. and once you can stop making the balances go up, you can finally start to make them go DOWN!
September 7, 2007 at 3:54 PM
Post a Comment

Popular posts from this blog

Home Purchase Plan - How I faired

Back in January I developed my Home Purchase Plan (HPP for short). I listed exactly what I was looking for in my new home including my needs and wants. I printed up my HPP and carried it will me everywhere. I especially took it with me when I went house hunting with my agent. I had a momentary relapse (I'll explain more on that on another post) but got back on track and stuck to my guns. I ended up with a beautiful house that fits all my needs and wants. HOME PURCHASE PLAN The home I want: Price: $0 -> $190,000 $180,000 Ideal Monthly Mortgage (including taxes, PMI, HOA, & hazard) : $1200 (max $1300) $1310 Location: Surrounding Orlando Area Check Bedrooms: 3+ 4 Bathrooms: 2+ 2 Square footage: 1700 s.f. + 1810 sf Year Built: 2000+ 1998 HOA: $100/month max $150/yr NEEDS: * A-rated school district Check * Quick access to major highways Check * Good daycare Check * Nice
9 comments
Read more

My $100 grocery budget and tips for saving on your grocery bill

I did a post back in October on how I kept my grocery budget under $120. In that post, I had pictures of the grocery shopping I had done earlier in the day for a total of $29.76. I also listed a number of ways I keep my grocery budget so low. Today I did some grocery shopping for meat and some other misc items. Here is what I bought: - 2 packages of chicken breasts - 2 packages of drumsticks - 2 whole hens - 2 packages of chicken wings - 1 bag of roma tomatoes - 1 bag of onions - 1 bag of organic baby carrots - 2 gallons of water (not shown) - 1 bottle of bbq sauce Total = $24.90 One big way to save on groceries each month is to package the food you buy into servings sizes. Your serving size depends on how many people are in your family. I separate out my sizes based on how much food my daughter and I consume in one meal. Take for instance drumsticks: My daughter will eat one drumstick while I will eat two. So I package those in threes. I know some folks are visual so here is wh
18 comments
Read more