Hope’s Planned Spending – August, 2024

by Hope

I am working on creating a traditional budget. However, the forecast I use, really works for me so I thought I would share next month’s forecast so you can see what I do.

Here is my planned spending and income for August, 2024.

Notes:

I’ve just copied and pasted this from my spreadsheet that actually goes out through December of 2025. So it’s organized by date I expect it to come out of my primary account whether via transfer to another account or to the recipient.

• Income: I am a contractor so my income does vary, sometimes wildly, and sometimes very little. You will see two line items for income…one my primary contract and the other encompasses all my “other” contracts plus my fast food job income.
• Kids Pay: Three of the five kids are on shared phone plan and a shared auto insurance plan. One of them pays rent to me ($250). So this total is a lump sum of what the 3 of them contribute to the bills that are listed in this spreadsheet.
• House: I do not typically have a substantial house line item, but I am planning to power wash the house, deck and picnic table next month. And then reseal the deck probably will have to touch up house paint. It’s time and I want to make sure it is properly maintained to extend it’s life. Thus this is an estimated number for the supplies and help for that work. (Beginning in 2025, I have ideas to start saving for another large house improvement/investment item, but more on that later.)
• Mortgage: I am continuing to pay an extra $200 toward my principal every month. I read somewhere that is you make an extra one or two payments per year, it’s knocks years off your mortgage. That’s how that started. (That was after BAD dissuaded me from trying to pay ahead on my mortgage monthly payments.)
• Savings: I have a primary savings account (the newly establish 10% of income goes there.) Then I have a travel savings account. This will cover our Thanksgiving trip. It will be there when we all need to get to Texas when my mom passes. And I’m hoping to do some sort of family trip or something next May when Princess graduates since we are all planning to be here for that.

Any questions? Constructive criticism? 

This is how I have planned and tracked my income and spending for YEARS. It works for me.

My failure is in my self control. And that I am working on diligently. Like, very diligently. And yes, I know only time will tell that.

Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.