Saturday, July 30, 2016

Staying ahead of upcoming changes, being proactive

Image:  http://www.wattagnet.com/ext/resources/images/Sanderson-Farms-Income1.jpg?1462811978

The past few months have brought a lot of change and I have remained steadfast in bracing myself financially for the impact of these changes. An overarching goal is to drop my monthly costs to a level that would be 100% (ideally) covered by my impending retirement income.

-I amassed over $3600 as I downsized
-we moved to a lower cost rental, using aforementioned funds to do so
-child support ended
-another kidlet moved out (over to Dad's)and is responsible for all of his OOP expenses now (clothing, medical not covered by insurance, hair cuts, personal care needs, entertainment, transportation etc)
-older son is independent, also responsible for his OOP expenses
-DD contributes a bit while living here and paying off school loans. She is responsible for her OOP expenses
-I've reduced or eliminated some expenses
-other son covers more of his OOP expenses now; I'm working with resources to get even more covered, which will hopefully and ideally bring my budget down to being covered totally by my retirement income, and allow for additional monthly savings being amassed for emergency funds.

I estimate (some new budget costs are still evolving, as are additional income streams) that I can live off of 68% of my current income, saving the remaining 32% from now through Feb. Any supplemental reimbursement and/or income for an anticipated new job will yield pure savings during this time frame.

Meanwhile, I continue to live well below my means, and work at tweaking my budget and increasing income.


5 comments:

Kathy said...

Wow, great job! I think it is awesome that you have been able to cut expenses with the possiblity of saving over 30% of your income. Would love to know more about your income streams if you care to share in the future.

Lee Ann said...

YOu are doing a wonderful job of accomplishing your goal. So you plan on retiring in Feb? I would love to be able to do that but alas that won't happen any time soon.

Linda said...

My daughter gets child support as long as her children are in school, until 22, I think. One child is there. So, she has another 7 years before it all ends. Fortunately, she has gone from hourly wages to salaried due to a huge promotion. I still worry. You have done a great job lowering your expenses.

If you want a house phone, Magic Jack is a little over $2/month. And, now you don't have to hook it up to a computer or even own a computer. Plus, you can take the little device about 3" long and you are using your home phone anywhere you plug in the jack.

With your child's disability, you are probably eligible for $10/month wireless internet.

NAN said...

Carol, you are doing GREAT! My only concern would be to get my daughter back into college. I believe she went two years right? In my locale, without a college education or trade, you are making minimum wage for many years and never can get ahead. I am thinking your older son might be still going and I know you said one of the twins would be enrolled. I don't consider a college education bad debt but of course, you need to do your homework concerning majors.

thyme2save said...

Living below your means and tweaking work. :)