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!!!
did my budget for the month
October 6th, 2012 at 11:53 pm
October 7th, 2012 at 01:45 am 1349574351
October 7th, 2012 at 02:23 am 1349576603
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.
October 7th, 2012 at 03:28 am 1349580519
"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.
October 7th, 2012 at 01:17 pm 1349615855
October 8th, 2012 at 12:51 pm 1349700709
Jerry
October 10th, 2012 at 09:26 pm 1349904419
October 10th, 2012 at 09:32 pm 1349904738
October 11th, 2012 at 02:56 pm 1349967385
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.
October 11th, 2012 at 03:04 pm 1349967886