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I need to change my tax withholdings next year. In the past, I have received on average about $3,000 for my tax refund. With paying about $16k in student loan interest annually, I should be able to claim the maximum deduction.
Another area where I can increase my cash flow is to cut my cable package and also my internet on my cell phone. I am hesitant to do the latter because depending on what legal work I pick up in the next few months, I may need my mobile internet service on my pocket pc. You never know. It’s kind of crazy to think that I won’t even be able to have cable. I feel like I need something if I am not going to be able to go out for dinner, meet up for drinks, etc. Can’t I at least have some entertainment in my own home other than reading a book which I already do daily?
My commuting costs have decreased significantly from ~ $500 per month to $220-$250. Now that school is over, I am able to take the train and I don’t drive nearly as much which also saves on gas. I have to fill up only twice a month as opposed to every week.
Irregular expenses are anything like repairs, birthdays, water bill, and anything else that does not recur monthly. Unfortunately, irregular expenses have totaled way more than $70 on average. The quarterly water bill alone is usually in the $100 range and next month I have to renew my license plate sticker which is another $100. This is generally the category that does the most damage.
I am still contributing 2% to the employee stock purchase plan. I will stop that contribution when 1) I leave my current position or 2) when my student loans enter repayment.
I am very dedicated to contributing at least the minimum amount to my 401k to receive the employer match. Otherwise, I am giving away free money which I simply cannot afford to do.
Until my student loans enter repayment, I will pay an additional $200 per month on my credit card and once I receive my bonus and tax return, I will be using the bulk of my savings account to pay off the remaining balance which should $14,000. That will leave me about $3,000 in an emergency fund which I really wanted to be $5,000 at a minimum.
3 comments:
I don't blame you for going after the credit cards - interest on those things is a killer. That's my plan - go for the cc's then get everything else.
I noticed that your personal care budget is $200. What do you include in that category?
Also, the $140 for electricity. Have you thought about switching to CFLs to reduce your bill? I know that I live in a 1 bedroom/1 bath apartment, but I usually pay about 1/10th of that (around $15-$16).
I agree that the electric is high, I have a 5 bedroom house not too far from you with 7 adults in it and our electric bill is $89/month. I even think that's high...
The AT&T/Security, is that your house phone and security system? I'd recommend seeing what you can do about reducing that.
With $300 of personal money, you can always get Netflix and have plenty to watch instead of cable. We use the library as well as over-the-air TV. We run on $30/month/person for fun money over here with $30/month shared for eating out. It's not about "won't even be able to have cable", it's about changing priorities for the short-term to win in the long-term.
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