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I am just checking in. I've been budgeting my butt off but there are still too many variables to lock down on a secure plan yet. Zero budgeting is tougher than I thought but putting in the framework is also difficult. I believe I will be able to fully implement the plan by February 1st.
Here's what I've got so far for the framework:
- Open a money market Efund account here at the Bank with $2,000.
- Continue direct deposit and auto bill pay for all monthly bills here from my Bank checking.
- Reestablish ING saving escrow accounts for known irregular expenses: home insurance, quarterly water bill, car registration and licenses, etc.
- Open an ING Electric Orange Checking Account to help facilitate payment of irregular expenses.
- Use BofA Keep the Change Account for personal spending.
Variables in the air:
- Whether I will need to help with my grandmother's funeral arrangements. We are doing a simple direct cremation so the cost will max out at $2,500.
- Christmas shopping. I am doing very small gifts this year and my family is on board.
- Annual bonus and increase figures. I should get this information this week and it goes into effect at the end of January to begin the 2011 plan.
What I hope for:
- Minimum 4% increase which is what I got last year.
- Minimum bonus of 15% of my salary. I received 14.8% last year for $10,773 and ~ $6,900 after taxes.
- Pay off $800 Capital One Business Card in February.
- Pay off $1,200 Capital One Credit Card in February.
- Pay off $2,300 Perkins Loan in February.
- Begin tacking the debt snowball with Private Loan - Group T - Pay off 1/2 of the $5,300.
2 comments:
Hi Chitown,
Unlike you, I don't have a fabulous bonus to look forward (instead, a possible pay cut). I've budgetted plenty for xmas, so I'm getting lots of gifts, and don't feel pressured. There may even be leftover money! If so, it goes 100% to debt.
I am antsy to pay off my last remaining credit card so I may just empty out some savings accounts to do it in December, instead of waiting until February.
Good job on the bonus/debt payoffs!
Chitown, looks like you have been giving alot of thought to your financial situation during the time that you have been silent.
When doing your zero based budget remember it is an ever changing document, so don't get caught up in making it something to fit every month.
Sinking funds have been a life saver this past year.
keep it up!
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