Monday, March 15, 2010

Monthly Progress Report...

Below is my monthly progress report. The budget is officially blown.

  • Transportation will likely increase another $60. I will need to pay for parking at the concert on Thursday and I will also need to fill my gas tank at least once more this month.
  • I am right at budget on Food & Dining, Grocery and Personal Care.
  • I don't anticipate any further expenses under personal care. I think I have enough Proactiv to last me the rest of the month.
  • I may need another $100 for Food & Dining to last the rest of the month.
  • I don't anticipate that I will any groceries that will cost more than $25.
  • My best friend's birthday is on March 25th. I may see if I can push getting her a gift off until the following next week when I get paid again.

Getting paid once a month is tough for budgeting my money. Overall, I think I need another $200 to get through the month. I have the money in my checking account so I will not have to pull from Savings or use Debt. Despite blowing my budget, this is probably the best month that I have had in over 2 years. The iReconcile checkbook app on my iPhone really helps me track my expenses and keep me on track.


Aaren said...

Well, the logical question that arises from this is: what are you going to do to increase your income? You've previously indicated that you don't want to adjust your W-2, and you aren't interested in getting a part-time job. So, other than whittling away what's in your account to smooth yourself over, what concrete steps are you planning to take to increase your income?

Chitown said...

Hi Aaren,

I have actually been giving some thought to increasing my witholdings from 2 to 3. I will probably do this when the rest of my student loans increase.

I will find out by the end of the month if they will increase my salary. I am grossly underpaid so I am looking forward to seeing if they will correct my salary.

I will probably post about that tomorrow.

Chitown said...

Push come to shove, I will probably be more open to a roomate than a part-time job. I have 3 bedrooms so I have room but I have to be comfortable letting someone into my space.

Aaren said...

A roommate would be an excellent idea! After a thorough screening process, of course. But you have 3 bedrooms that you're paying for for yourself? Oh no.

I completely understand your concern about your space, and you need to set up pretty clear guidelines about how you expect things to be handled. But imagine having your mortgage and utilities pretty much taken care of? What could you pay down under those circumstances!!

I am praying that you get a raise in your current position, sufficient enough to allow you to pay your increased loan payments, accelerate debt repayment, and up your 401k back to at least 5%. That said, even if that does happen, I'd still try to get a roommate. Actually, I'd try to get 2, even if only for a year. What could you do if you didn't have to pay rent, utilities or condo fees for a year? Imagine!

(sorry, got overly enthused for a minute there :D)

Chitown said...

lol...I think you posted this when I was drafting a new post for tomorrow. We are totally on the same page.

I am going to discuss this roomate option with my sister and boyfriend and see what they think. My mother is huge on privacy so I can anticipate some push back from her but then again...she isn't paying any bills. lol

Anonymous said...


I was thinking about you getting a roommate, too. Are there people that you can trust to move in with you?

If you are this close to the edge - you can't be getting people gifts, going to concerts, or going out to eat. And certainly no golf. :)

Can you increase your deductibles for your car insurance? Any other insurance? You certainly have enough to cover a lot of higher deductibles.

I do wish the best for your salary - but I still think you should have a plan B.


Chitown said...

The question will always be out there? What is Chitown's limit? To what extent will she go to pay off all this debt? Well, I will go far but I hope to keep some perspective about what is truly important along the way. =)

I definitely understand scaling back on unecessary items and for sure, I will be scaling back on gifts. I don't prescribe to the idea that I won't live for the next 15 years just so that I can pay off this debt. Tomorrow isn't promised.

I do vow to be more responsible with my spending but a concert here and there and the opportunity to spend some time with my Dad to play golf is important as well to me. He suffered a massive heart attack last year and was on life support for 48 hours. We are very close and this is something that we do together and I value that time with him. While I won't go out as often, I will definitely make sure we share this fun time together this summer.