11/29/2013

Variable Income - Fixed It (I think)

Thanks to an Anonymous poster on my post earlier this week- I think I just might have this variable budget business sorted out.  Check out the updated scenario where the bills/paydays are worked in.

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.


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3 comments:

  1. 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.

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  2. Thanks 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.

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  3. You are welcome..... It was nothing, that's what I do at work everyday is too look at Excel Spreadsheets

    Keep up the good work, you are in your way to have a good financial future....

    Anon....

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