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Sunday, November 2, 2008

November Budget

MG! Is that an updated budget on DDD?! The one she promised us MONTHS ago??


(you know that is exactly what was running through your head)

LOL!


It's been a minute since you have seen one of these but alas they are back. It is back to the grind for me. No more free for all months with no spending limits or boundaries. It is time for me to reign it in and get cracking. I applied a
major dent to my credit card debt and am on a roll. As long as a follow the plans that I have laid out I should WILL be debt free by the beginning of February. Once I cross that milestone off my list I can then focus on house hunting and my Home Fund.

One major key to my success is keeping to a solid budget. Especially when things have changed since the last time you established one and you have more wiggle room when it comes to $$$. So here is what I have laid out for November:



CATEGORIES

SUB-CATEGORIES

BUDGET

INCOME




Income

$ 4,651.12


Extra Income


HOME




Rent

$ 700.00


Electric

$ 88.00


Water

$ 46.00


Internet

$ 20.00


Home Phone

$ 30.00


Cell Phone

$ 76.00

AUTO




Car Note

$ 436.00


Insurance

$ 124.00


Gas

$ 240.00


Maintenance

$ 50.00

FOOD




Groceries

$ 125.00


Dining Out

$ 35.00

DEBT




Student Loan

$ 141.02


Personal Loan

$ 295.27


Credit Cards

$ 93.00

MISC




Daycare

$ 260.00


Beauty

$ 30.00


Medical

$ 25.00


Household Goods

$ 20.00


Allowances

$ 50.00


Misc (Family)

$ 150.00


SAVINGS

$ 266.00




Remaining Balance

(to be applied to credit card debt)

$ 1,350.83




INCOME

As you all know, I have increased my salary by $27,000 since July. I was making around $48K during the first half of the year when I was still working with the company I started with straight out of college back in '05. I was given a wonderful opportunity with another company that I couldn't pass up, especially when that opportunity came with a starting salary of $73,000. I took that position, even though there were some risks involved, and managed to secure myself a position with the a well known company. I currently make a lil over $75,000.


HOME (UTILITIES)


-My electricity bill has went down considerably since two months ago (about $30). I have replaced all the light bulbs in my apartment with energy efficient ones and also started unplugging unused electronics. I don't watch TV so there is no reason that all three of them need to be plugged in 24/7. Same goes for my microwave and lamps. I also started shutting my laptop and computer down every night.

-Working on getting the water consumption down.

-I have a system worked out when it comes to my cell and home phone and it looks like it has contributed to a lower cell phone bill.

-All other sub-categories are pretty much fixed.


AUTO

-I am contemplating dropping my life insurance coverage that I have through Statefarm. I pay $25/month for a $50K universal policy. I got my statement for the last year of my policy and it looks like over half of my payment each month ($15.74) is going towards fees and charges. This seems a little excessive, especially compared to the additional life insurance coverage offered by my job which seems to only cost around $7 for a $50K policy. This is in addition to the "3 times your salary" coverage that is already given to me for free (part of my benefits package). Anyways, will do more research and see what the best choice is.

-Gas prices are going down and I can fill up my SUV for a lil under $30 now. Wooohooo!!!

-Gotta get the car taken care of. Because of all the driving I do to and from work, I am stuck with getting an oil change every other month.


FOOD

-Prices of groceries have gone up. But a new grocery chain just opened up in my neighborhood (Aldi) and they are pretty inexpensive. So that along with my fav farmer's market should keep my budget pretty tame.

-Dining Out: It is only the 2nd of the month. Why do I have a feeling that this will be a budget buster.


DEBT

-Can't wait until this whole category is expelled from my budget. Credit cards will be the first to go. Followed by that stupid personal loan and the oh so lovely student loans.


MISC


-Beauty: Stocking up on some wonderful hair care products that I discovered over that past months that work beautiful on my daughter's natural hair and my semi-natural hair. Also found this shea butter with a special ingredient that makes my skin feel wonderfully soft. Stocking up on that also.

-Medical: Gotta get some med refills. I can do the flexible spending account through my emplyer. I am thinking about signing up for 2009. Anyone have word of advice on this?



-Misc (Family): I have an aunt who's husband passed away all of a sudden this past week. She lives in the Caribbean. Going to send her money to help out with the funeral.

-Savings: Making it an even $1000 in my account.



REMAINDER


The remaining balance of $1350.83 from my budget will be applied to my credit card debt. I will use $1020 to pay off my Macy's card and apply the rest to the Discover card.



Alrighty, Dimps is sleepy. Nite Nite!


6 comments:

Sistah Ant said...

Looks like you have it all mapped out!

velvet jones said...

for real! sounds like you have it all under control. it's inspiring that you've doubled your income, holy cow!

Dimples said...

@ sistah ant

Girl I am a Capricorn. Need I say more?! LOL

@ velvet jones

Girl I don't know if you were trying to call me out but thanks. I would have to be making $96K a year to have doubled my salary. This is why drinking and blogging should be prohibited. lol

Single Ma said...

Lookin' good Dimpz...lookin' good.

Velvet Jones said...

I wasn't trying to call you out, I swear! I just figured there was some other "stuff" going on in the background that the rest of us weren't being filled on. But still, salary bump is still impressive. :)

Dimples said...

@ velvet

Girl I know you weren't. I was kidding. lol!