In an effort to be more mindful of my spending, I sat down this morning and looked at everything that came out last month and organized things to make me pay attention.
Checking account balance this morning was $844. Since I get paid tomorrow and don’t know of anything coming out today (and have a fee-free overdraft account, just in case), I transferred $800 to the savings account.
All expected incoming funds for the next month: $2700
Of the paycheck tomorrow, $980 is already scheduled to go out in the next two weeks for things like mortgage, utilities, etc. $190 also goes to various savings accounts for semi-annual insurance payments, emergency, etc.
Of the next paycheck, $1550 is currently scheduled to go out for student loans and credit card payments. $190 also goes into the previous savings accounts.
All expected outgoing funds for the month: $2530
Net: $170 (which should technically be my food budget for February)
Looks great until you realize that the $190 (twice) to savings accounts isn’t factored into those totals. I’ll hold off as long as possible, but I will have to pull some back out of the emergency fund to prevent overdrafts.
In general, not too bad – since the $800 that I transferred today would usually cover situations like this. It’s a good exercise, though.
Will update the actual budget numbers Saturday, but so far it’s looking very close. Admittedly, there was some finagling, but I am resolved to not change the numbers after my January adjustment period. 8 months ago