Friday, November 29, 2013

Budget revamping

Crunching the numbers on my budget tonight, as I finally received a correct paycheck, since returning to work in August. My 20 annual paychecks are received from 9/15 thru 6/30, getting paid on the 15th and 30th of each month. I previously posted about the snafu at HR regarding my HSA withholdings. Effective with my 11/15 check, where I deposited all of the monies not previously withheld as they were supposed to be, my HSA account is back to where it should be. Good thing, as I am making $200/month repayments to the hospital for therapies received this past Summer. My HSA started, effective July 1.

Since I elect to have direct deposit of my paychecks, I get my funds faster than those who don't. My check was deposited today, while others will have to wait until Monday to get theirs. I figure that it's one less trip to make, saving me, as well as gas.

With my new paycheck, and changes that impacted my actual take home pay (reduced medical insurance rate, slight raise, new deduction for HSA contribution), I finally have the correct take home figure, which I multiply by the 20 pay periods and then divide by the 12 months of the year to come up with my bottom line figure.

I then looked at all of the line items in my monthly budget, some are fixed, such as rent, but others have gone down: auto insurance, Verizon, medical out of pocket, school supplies, newspaper. Naturally, some things have gone up:  cable, oil company, plow service, cleaning service. I feel that the figures I now have, having been in this rental for over a year, are very accurate.

I choose to remain careful, financially speaking, in order to meet my immediate financial goals:
-continue to repay myself for paying off my car loan early, depositing the  $ into my "house account"
-continue to collect monthly repayments from DD for her car loan from the bank of Mom, again depositing the $ back into my "HA"
-continue to save as much as possible, monthly, and make additional monthly deposits into the "HA"

I don't anticipate any major expenditures but I am seriously contemplating replacing my car this Summer. With my multiple orthopedic issues, the MD's are recommending that I get out of a standard transmission car, and move to an automatic. Ideally, I'd hold out until July, as I am making "car payments" to myself until then, as my repayment will be completed.  I have time now to investigate choices, but I already know that my next car will again be an economy vehicle, a small sedan which minimally gets 35 mpg. I am seriously considering electric cars, hybrids. I need to do my research and as time comes nearer, compare financing programs. My current car was a "cash for clunkers" deal with 0% financing. AWESOME deal. I also have a bottom line figure for what I feel I can afford for a monthly car payment.

So bottom line: I remain in good position to build up my cash savings towards my next forever home, our material needs have been addressed, items continue to be repaired/replaced as needed. Any material purchases are for items that we can take with us, I really don't want to put any more $ into this rental. I've added insulating panels and curtains in doorways, but for little or no cost to me. Home projects are done by ourselves as much as possible before hiring out.

2 comments:

Bargain Mom said...

Smart move on an automatic car. I will say I have a Prius V and LOVE it. It replaced my drove into the ground minivan of 200000 miles. In the last year I have driven the same amount of miles as the previous year and saved almost $5000 in gas alone! (I track it in a little booklet)
I consistently get 45 mpg in summer and 43mpg in winter.
It's big enough for a BJs trip, my kids gear and them!
Good in the snow too.

CTMOM said...

Bargain Mom,
thanks for the feeback on the Prius, I know of several who own them and are very happy, especially at the gas pump! There are multiple versions, now, of the Prius, so I'd need to do my homework. Meanwhile, I drive a 42 mpg Toyota Yaris, which I have been very happy with. Agree with the MD's that it would be best to go back to an automatic transmission, due to my multiple orthopedic issues.