Your account balance is four thousand…..
I may or may or may have not let that balance sit there for a few days before I budgeted things out; it just looked so pretty in my account. This once-in-a-year balance is a result of my Federal and State tax returns hitting my account then my regular bi-weekly pay. After I let all that cash linger in my account and allowed the daydream of taking all of it out of the bank, tossing it on the bed, and rolling around on it, I got myself together to send it off where it needed to go.
To keep things straight in my mind, I listed out each check amount to budget them individually. If I’m being honest, looking at that massive balance was overwhelming, so budgeting that way helped me a lot.
Federal Taxes: $2141 || Since my refund is a mix between my full-time job and my business I typically split it in half, sending one half to my personal account and the other to my business account.
Personal Account || $1070
Mom $100 || A three-year-old loan that I’m taking my sweet ass time paying back lol! Could I pay it off, yes. Do I enjoy paying it back slowly, also yes.
Dad $50 || No reason, just gave him some money lol
Sister $75 || I drive my sister’s car and this was the car registration fee
The Boy $50 || I make it a habit to give him a bit of fun money when I get my tax refund. I started doing this when my income was a lot lower and money was tight. It was one of the rare times he could pick out a toy without me having to worry about the price.
Me $50 || Just like the boy, I also set money aside for myself to get something without having to worry about the cost. I’ve been eying a pair of shoes so I think I’ll treat myself to them!
Balance: $745.50 || I have three separate savings accounts and this amount will get divided equally into those accounts. I may take $200 and put it toward student loan debt but I’m not sure.
Business Account || $1070
Savings $107 || I always save a portion of all my business income so I have a cushion if I need to make a purchase. Right now I’m thinking about investing in a starter DSLR camera; I’m killing my iPhone storage lol!
Expense Account $963.50 || Most of my refund gets reinvested back into the business and this is a big help since it’s been a bit slow the last month with clients.
State Taxes: $254 || I use my state taxes to stock my household pantry closet and the rest typically goes to small bills but Lou needs a vet visit and some shots so the rest will go to that.
Household $100 || I like to have a stock of toilet paper, paper towels, trash bags, and cleaning supplies on hand so I do a big replenish a few times a year. It helps me keep that cost low throughout the year.
Lou $154 || He’s overdue for his annual visit and shots so off to the vet he goes!
Bi-weekly Pay: $1391 || I get paid bi-weekly and that means twice a year I get paid three times in a month. Typically the last “extra” check of the year I put aside money for Christmas and then add to my gas, grocery, car, household, and pet buckets. What’s left goes into savings.
Christmas $560 || I will be doing a Christmas budget post later this month to share how this breaks down!
Buckets $200 || This is my bi-weekly drop for gas, food, car, household, and pet expenses.
Balance $611.81 || This will be going right into my savings account
Besides taking care of my regular monthly bills, spending this month was what I call nonsense spending; $5 here, $10 that added up to be roughly $140 bucks. I had some overtime on my last few checks, so that covered it. Other spending included giving my nephew $30 as a super belated graduation gift and $20 to a good friend of mine who was celebrating a one-year anniversary.
Also, my raise came in bishes!!!
According to my test calculations, my monthly income will go from 2503.25 to 2696.49 giving me an extra 193.24 per month. Now I could add that amount to my monthly budget and assign it a line item, but I was thinking I would pretend it’s not there and use it for savings and paying down more of my student loan debt. I live comfortably on what I make now; all my bills are paid, I can save and have an extra each month for a little fun money, so using this “out of sight, out of mind” approach may be a good way to go. If I really need it, I can always add it to my budget. I’ll give you an update on that next month.
And that’s it. Until next money month folks!
XOXO,
Shanna