by Hope
Month two of tracking my spending. There is certainly some variance from my forecast due to the last minute trip to Texas and some medical expenses plus an unexpected refrigerator repair. But overall, I was able to stick pretty close to the forecast.
| Date | Category/Payee | Anticipated Amount | Actual Spend |
|---|---|---|---|
| 09-01-2024 | Groceries / Hygiene / Dogs / Gas | -500 | -230 |
| 09-02-2024 | Auto Insurance | -1346 | -1346 |
| 09-02-2024 | Amazon CC | -1391 | -1412 |
| 09-03-2024 | Mortgage | -1015 | -1015 |
| 09-03-2024 | Investments | -350 | -350 |
| 09-03-2024 | EF Savings | -790 | -790 |
| 09-03-2024 | Travel Savings | -500 | -500 |
| 09-04-2024 | City Utilities - varies | -150 | -100 |
| 09-05-2024 | Princess rent for Oct | -750 | -750 |
| 09-09-2024 | Electric - varies | -250 | -359 |
| 09-14-2024 | Verizon | -350 | -312 |
| 09-20-2024 | Kids' Contributions | 1215 | 512 |
| 09-20-2024 | Frontier CC | -130 | -127 |
| 09-26-2024 | Windstream | -71 | -71 |
| Medical - Dr Visits | -394 | ||
| Refrigerator - repair | -120 | ||
Next month will pretty much be a wash as far as my debt payoff journey goes. But November will be full speed ahead again.
I am making calls about getting health insurance. Georgia is a terrible state for health insurance. The options are just terrible. And I still have to make a decision about my life insurance.
What the Future Holds
I’ve already forecasted out through the end of 2025. But with my new income and housing plan, I am beginning to revisit it. Plan for how to be completely debt free next year. And have a substantial emergency fund. I am planning to maintain my current savings plan through the end of the year. Then revisit beginning in January.
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
You need to start budgeting (yes, budgeting–not just “forecasting”!) for things like medical bills and home repair. You might not be able to predict exactly when these things will come up, but it shouldn’t be a surprise that they happen.
Yeah I kind of wish she would start some sinking funds for something other than travel. Cars and bodies require tune ups. It should not be a surprise that it is not free and should be budgeted for.
No health insurance is just crazy. If you think that is high my husband had a mild stroke the end of May with no history of having trouble. One test with excellent health insurance cost us $1500. Every state has some type of insurance and with your wages you can afford good insurance you just don’t want to pay for it. Princess doesn’t have a job to even help some. What was the Windstream and why isn’t the kids paying what they owe? Next what do you buy at Amazon that the amount is so high? Buy health insurance stop buying stuff.
Life insurance is to support people depending on your income if you die prematurely. Since all of your kids are independent, you don’t really need it. If you want, get a small policy to cover burial expenses but you don’t need a large policy with a large payment. What you DO need is health insurance, I’m happy to see you’re looking into that.
I admit I don’t follow your process of forecasting and I think you really need to buckle down with actual budgeting and daily tracking of what you’re spending. But this only captures $7400ish. You said you would be bringing in around $12,000/month, so where is the rest?
I don’t see the $2550 line item for your taxes, Medicare and social security. Is that an oversight?