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did my budget for the month

October 6th, 2012 at 11:53 pm

Did my budget for the month. since I have 2 utilities about to be cut off, it was easy to decide what order to pay things. next payday, I pay the behind payment on ele, car insurance, cable and cell phone. my current bike payment and a credit card payment. that leaves my $300 for groceries / gas and pocket money. The week of the 17th I pay current ele, cable, cell phone, car insurance, furniture loan, medical loan, my other credit card and child support. I will have %250 for gas / groceries and pocket money. After this it starts getting a bit easier. My wife gets her first paycheck but we have a property tax bill due for our house in Ga. Her check should cover it so it'a a wash. The week of the 24th I pay my IRS bill and my car payment. I will have $525 left over so I may pay down something. The final week, I get paid, my wife gets paid again and my renter sends in his check. I will pay my rent and the mortgage payment out of those. I should have about $900 left over.

My only big conern is talking to utility companies on monday. I can pay the overdue parts on all of them prior to the cut off dates but I can't pay the current amounts till next week. Hopfully that won't be a problem. I also hope to find out about the mortgage reduction and the repayment for the overdue payments. If I have to breat down the 1700 over 4 months, I would be ok.

My only other big worry is my job, they are doing the yearly staffing budgets this month and we just got a new VP. I don't know the lady at all so I have no idea if she will have any radical ideas related to the projects I am working on. If the contract does get renewed then I should be able to get the things I have been neglecting taken care of as well as pay off a fair amount of debt. Oh, my step daughter got a job today, I will have her paying rent starting next month!!!

9 Responses to “did my budget for the month”

  1. North Georgia Gal Says:

    Glad you have a plan and I hope it works out at the utility companies.

  2. snafu Says:

    Happy you have a plan and hopeful your creditors are willing to work with you to get through this bad patch. What stuff can be sold on Craigslist, Kijjiji or any on-line seller to generate more income? Congratulations to daughter on getting a job. Have you discussed/negotiated her share of the rent? I'd explain she needs to pay a pro rated portion starting with her 1st pay and that she needs to learn to work out a budget for herself since she must cover her expenses like cell phone, auto insurance and operation.

    Are you and wife managing to change your thinking about money and how it's distributed during this critical period when ever dollar must have a job so that utilities are not disrupted with penalties and fees to make matters worse. I suggest you plan now for distribution of $ 525. later in the month since there are several overdue creditors in your line-up.

  3. BuckyBadger Says:

    I really think you should reconsider your position on the bike. You said in a previous post when asked about selling it:

    "I actually have considered it a few times but I decided against it for now for a few reasons. One of them is that I can use that for an absolute last resort, meaning if I were to lose my job now and couldn't pay the rent or feed my family I would sell it. I do need to keep something for in reserve for a worst case emergancy."

    I must say that I think that is kind of a crazy perspective. Keeping the thing is going to force you into a "worst case emergency." You're paying nearly $600 a month in payments and insurance. If you sold it, not only would you cash flow increase by $600, but you would have the money you get for selling the bike (assuming you aren't underwater on the bike already).

    I think that when the time comes that you are worried about getting utilities turned off, the time has come to get rid of the third vehicle.

  4. Momma and the boys living on budget Says:

    I would focus on getting the utilities paid off. I would also get rid of the bike and that would ease up your cash flow alot.

  5. Jerry Says:

    I have to agree that $600/month leads to a pretty significant amount when you are trying to dig out of a debt hole. And the simple fact is that there are ALWAYS bikes for sale... I would consider selling the bike to save on the payment and insurance, and once things are more settled financially, look at getting a bike again. Just my .02.
    Jerry

  6. bikerjohn Says:

    It was payday again. I pretty much followed the plan in my 1st post in this thread. I paid the overdue car insurance, overdue cell phone, then the credit card payment, bike payment. the elec company made me pay the past due + current so that was 2x what I expected. I will have to defer the overdue cable payment till next week. Oh well, the overdue stuff is paid and my total debt / commitments number drops so it is all good. It will be a bit tight this week but a little easier than last week.

  7. bikerjohn Says:

    Next week's schedule is the current phone, last current cable, quarterly rental insurance and child support. If no suprises occur, I will have money to run to Daytona for biketober fest. BTW, since I am in Fla and have a free place to stay, bikertoberfest cost me $25 for gas food so it is a very cheap road trip.

  8. snafu Says:

    We're being told to expect food prices to increase by 10% due to the woeful corn harvest. Fuel costs will stay high, government, unable to grow economy will be compelled to increase taxes. It's important to focus on fixing personal financial problems, reducing discretionary spending, getting and staying up-to-date on expenses.

    Do you know the interest rate you are being charged on CCs? How much has been spent on penalties, fees, interest [CCs/loans] in the past 10 months? If you lead by example and get everyone on board, you can dig yourself out of this hole and retain income to spend as you wish when you no longer pay interest, penalties or fees. When your FICO/consumer score is high, borrowing rates are significantly lower. Lending institution reward you when they trust you.

  9. BuckyBadger Says:

    No further thoughts on selling the bike?

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