Sunday, July 10, 2016

Reviewing the new household budget

Image: http://www.workingmomsagainstguilt.com/wp-content/uploads/2008/03/crunching-the-numbers.jpg

Although out lease began June 1, we didn't start residing here until June 10th. I closed out the former rental, and continue sorting thru some boxes here. Bills were high, as anticipated, as I was covering expenses for 2 homes. I am anxious to receive this month's singular bills as a means to get a better handle on just what my new living expenses are.

My line budget items/categories:
-Rent and utilities: electric, natural gas, water, sewer, Netfix, Verizon, cable/Internet
-Insurance: including renters, auto, life
-Personal care expenses for me: clothing/hair care
-Pets: vet bills, RX food and supplies
-Food: grocery and restaurant
-Celebration: Xmas, birthdays
-Auto: gas, repairs/maintenance, tax, car wash
-Msc: newspaper, accountant services, rug cleaners, postage, household goods

Child support ended in June. Our former household budget accounted for 80% of take home income  (*I have always based my budget on take home pay/income). Factoring in the elimination of C/S, this changes to 91%. This became far too close for my comfort.

Decisions were made, I researched options before making informed choices. The move to a townhome style condo has proven very positive so far. Add in accessing city services, in particular for special needs son, and costs are going down for me.

Today, I reviewed my new, revised household budget, looking for  areas to tweak, if at all possible. Some cuts and reductions were made.

I will be on full salary until March 1, meanwhile, I am seeking additional revenue streams and employment. I will be consulting my CPA to confirm what my bottom line is, my short and long term financial goals. Fortunately, part of my retirement incentive package is medical insurance until Sept 1, 2017. This gives me options/time as I seek new employment.

My goal is to attempt to live on my anticipated retirement income (approx. 52% of current salary)and stash any additional income into my nest egg.

5 comments:

Linda said...

Special needs children of any age, regardless of family income, can receive help that will make the financial burden less. I hope you know about these agencies.

The 3-year challenge said...

I admire the way you have a clear view of your finances and the way you organize your life according to your circumstances. I hope I become as clever as you as I put my own life in order ! There's a lesson for everyone in that post !

meme said...

I am really glad your move to the townhouse turned out to be positive. I never received child support for my daughter (it was not for my lack of trying). Before I married my husband when my daughter was 19 - 100% of my full time income went straight to rent, utilities, groceries. I then worked part time jobs to afford her clothes for school, Christmas, emergency stash of money while she was growing up. There were many times I would have an expensive car repair, etc and then not have one penny to my name. Those were always scary times - living to close to the edge. Even now I have multiple streams of income - additional income from respite care for foster children thru my daycare program, survey sites where I earn gift cards and small amounts of cash, incentive monthly income from the state for becoming an Early Head Start provider in my daycare, collecting/repairing/refinishing old furniture to sell on facebook sites and at our twice a year yard sale. I think today....there are a lot of families that need multiple streams of income to support their families.

Carrie A. said...

So with your special needs child no more support from Dad?
We will be moving this week and in this heat I dread it. I will have higher bills this month as we have water and power on at the New home to get it ready for our move in. Thankfully the property mgmt is taking money off our already prorated rent for July.

CTMOM said...

Carrie-kids age out of C/S in CT @ 18. Sorry about the upcoming move in the heat-ick. I don't fare well in hot, humid weather. We officially have resided here for a month, I am still organizing, decluttering, opening boxes.