Saturday, July 30, 2016
Staying ahead of upcoming changes, being proactive
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.