The Regular category includes: Mortgage, Monthly Spending, Escape, LOC, both RRSPs and the Baby Fund.
I had messed up the LOC payments before, and I had to reduce the Baby Fund from $50/week to $40/week - so that we always have greater income then expenses.
With a $2,000 account buffer, it should never dip below $500 - which does allow for some variability in the timing of withdrawals which is helpful when there are holidays and what not.
I will have to be careful in both May and October when there are 5 Friday's but they aren't the months where I get a third pay - those months we'll have to manage the extra savings/debt payments that aren't necessary depending on commissions and the like from the previous months.
The plan for any commission/bonus money is to first bolster our emergency/savings accounts and then full steam ahead against debt. For the next few months we also have our new roommates $600/month rent money which we'll use for the same purpose.
A big, big thank you to Anonymous who spotted my error earlier this week - I'm feeling much more relaxed about the changes.
Looks good, sorry I couldn't be of more help but I like your idea of using the commissions/rent to bolster savings first then concentrate on the debt. I probably should have done that too, but I decided debt first. Thankfully it should be cleared up within the first few months of the new year.
ReplyDeleteThanks Morgaine - I appreciate your comments; I gave the shout-out to Anon; but it was all helpful! I want to buffer savings a little bit before hitting debt so that when we come up to a birthday or an emergency or something, we already have some cash saved.
ReplyDeleteYou are welcome..... It was nothing, that's what I do at work everyday is too look at Excel Spreadsheets
ReplyDeleteKeep up the good work, you are in your way to have a good financial future....
Anon....