Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
Oh those best laid plans. I really thought I would breeze through January and February before the money crunch started. The money crunch being how much money I want to save... which for the year I hope to be 50% of my gross pay.
January was easy. Most of its bills were paid in December, so I had no worries with rent or utilities. I thought February would be the same.
Some things happened along the way that I kind of forgotten about. One thing that has radically changed in my philosophy with money. In the past, when I was deep in debt, I would wait till the very last moment to pay my bills. Now, not sure if it is a blessing or a curse but I pay my bills as soon as I get them.
I just got my car insurance bill, which was due till the 26th of February Well I paid it yesterday. V I always pay six months to save some money with that.
Then I did my taxes. And ended up owing the government $47. It wasn't due till April 15th but I paid it already. The thing with this bill is I use a separate checking account to pay it. An account that I rarely use and which is free checking if I have a balance over $500. This payment dropped me below that amount, so yesterday, I replaced the $47 plus $3 for a charge just in case they charge me for the drop... so that $47 payment actually cost me $97.
Yes, I still have that $50 but it is no longer in my budget plans and is sitting idly in a checking account.
So, after one payday in February I have saved 20% of my gross pay and 17% of my take home.
The bright side is, I am getting $110 refund from the state which will all go in savings, which will raise my percentages.
Now I'm just hoping to stay above 50% for both months totaled. I just can't see how I can do it for February on its own. I still have a credit card payment before March 4th, which will come out of February's budget and that will be paid in full before any interest gets tacked on.
I'm still going to try to do it but it is going to be extremely difficult...
January was easy. Most of its bills were paid in December, so I had no worries with rent or utilities. I thought February would be the same.
Some things happened along the way that I kind of forgotten about. One thing that has radically changed in my philosophy with money. In the past, when I was deep in debt, I would wait till the very last moment to pay my bills. Now, not sure if it is a blessing or a curse but I pay my bills as soon as I get them.
I just got my car insurance bill, which was due till the 26th of February Well I paid it yesterday. V I always pay six months to save some money with that.
Then I did my taxes. And ended up owing the government $47. It wasn't due till April 15th but I paid it already. The thing with this bill is I use a separate checking account to pay it. An account that I rarely use and which is free checking if I have a balance over $500. This payment dropped me below that amount, so yesterday, I replaced the $47 plus $3 for a charge just in case they charge me for the drop... so that $47 payment actually cost me $97.
Yes, I still have that $50 but it is no longer in my budget plans and is sitting idly in a checking account.
So, after one payday in February I have saved 20% of my gross pay and 17% of my take home.
The bright side is, I am getting $110 refund from the state which will all go in savings, which will raise my percentages.
Now I'm just hoping to stay above 50% for both months totaled. I just can't see how I can do it for February on its own. I still have a credit card payment before March 4th, which will come out of February's budget and that will be paid in full before any interest gets tacked on.
I'm still going to try to do it but it is going to be extremely difficult...
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I invited Bill to have dinner with me last Sunday. He wasn't willing to drive 7 hours to mid Michigan and teased me with his beautiful ribs!!! So, of course I ate alone and had cedar salmon
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check out that smoke ring. It tasted really good. I smothered it with Maulls BBQ sauce which is Local to St. Louis and one of the best I ever had.....
anyway good job on knowing your money issues....hugs bill and progress not perfection in savings also applies....
AND this week was a non-paycheck week. I get paid every two weeks and for this past week NO money was lost... what I started the week with - I ended with...
A very nice week. So when I get paid next week, I should have a new high amount for savings and cash flow...