I think Monday's will be good days to take a look at where our money goals are heading. Over the weekend, DH got all the bills paid except the VISA and Kohl's. The Visa will be sizeable as there were lingering Christmas expenses, some splurges between Christmas and New Year's, some car expenses, and daughter's birthday gifts and cake. Oh, and I bought that drawer organizer to accompany the new flatware and it arrived in less than two days. Then there's my order of multiple rapid tests and KN95 masks to have on hand. Ugh!
However, I had a 3 paycheck month in December, which throws off timing for the subsequent months, so we'll use that plus my check one to cover all expenses. Check 2 rolls to February, but we will be able to bank both DH's. It'll take until April to see the 3rd paycheck benefit from December. We need funds in the bank by the 9th, or the closest earlier Friday to meet bill due dates. April is the first month for my first paycheck to hit early enough, so we're rolling forward my second until then.
Other things due this month is the house insurance. The cash is in our sinking fund, paid proportionately into an account each month along with property tax allocation. We've four sibling birthdays plus a friend's 50th party. I'll cash flow these from my pay. Then the biggie, also in a saved account, is our daughter's tuition, rent, and meal plan to pay on Friday. While planned and funds are there, it's a big number at once so we close our eyes, gulp, then transfer the money and make the payment.
January's a good time to implement our pre-retirement strategies of leveraging gift money, perks, freebies and bonuses. I've $10 in Kohl's cash to use by the 17th. I've also got suitable gifts in partial for birthdays already in my stash, along with some homemade items like jam or breads to make, which compared to more stuff, my siblings seem to like. I need to put some gift money from last and this year into checking to offset the new kitchen items. Individually nothing makes a big dent, but collectively, it ensures DH's checks are ignored and fully saved.
I'm not sure if I'll have enough personal content for both a Money Monday and Thrifty Thursday, but I'm trying to differentiate the two between retirement and life financial goals and the weeks success in frugality. They go hand in hand for us right now. I learned a new phrase- hair shirt, which in the context to money means living an austere or self sacrificing way. While we'll be careful with our budget, I won't begrudge ourselves good times with family and friends, so no self sacrifice. I'm just not going to be dressed in cashmere while enjoying the good life.
I consider the topics to be different - one is about achieving broader term financial goals. The other is about tools & tactics that are helping you save money. They go together of course, but are different. I like the approach!
ReplyDeleteWe are waiting to see how much we owe in taxes (after the sale of our vacation house), which will have a big impact on our future financial planning. Everything is a bit on hold until that happens.
Taxes are always a surprise. Last year since our daughter earned so much and filed taxes, we had her do the education credit. It was financially better for us over all. It's financial Tetris.
DeleteMoney management can be fun or the thing nightmares are made of. I am glad you are budgeting in some "playtime" in addition to savings.
ReplyDeleteI don't loath it, but am not overly excited by it either. 10 days in and we're holding steady.
DeleteI admire your industry on home economics; you will do well doing what you are doing.
ReplyDeleteWe're making a valiant effort at least.
DeleteStill not spending in January. Kids did great until yesterday, when they all decided to drive up to the Chinese buffet, leaving DH and I alone with our slow cooker meal. I really didn't have the heart to stop them. January is typically the time we sit and figure out taxes, insurance, distribution, etc. I despise that aspect of home economics, but enjoy having completed it. I particularly like knowing the full picture, even though that picture, at times, might not be entirely to my liking. (There have been a few closing of eyes, gulping and paying over the years!)
ReplyDeleteMy daughter hates spending her own hard earned money. She was glad to get back with her thrifty friends at college.
DeleteI'm great at not spending money but it's hard getting Tony to stick to the 'only essential spending' rule.
ReplyDeleteOther than a few home things, I just don't want or need anything. Wait though for the bathroom remodel and I'll be tough to control.
DeleteI like money Monday, might just steal that idea also, you know the most sincere form of flattery?.... Just asking?
ReplyDeleteJust a rant but it is ridiculous in this country that we are paying for our Covid tests. I have a large family and purchased over a 150.00 of rapid tests. (Luckily Walgreens had them, as everyone did a rapid screen before coming on Christmas Day). I then thought I’d overbought because two families found their own tests. But…….. a bad last week, two grandson’s and son in-law symptomatic and positive. Thank god for my leftover tests, I’m testing again tomorrow (I was negative and feel fine) but……. I’m in rural NW Mn. Nearest free testing sight a hour away, why should rapid tests be for those who can afford them (if they’re available). We are lucky to be able to but that’s not right. Pharmacy’s state insurance doesn’t cover these. What a croc, no wonder this spreads as testing is not available. You shouldn’t have to be privileged to be tested. ( I’m going to check again as I’m hoping as of January there is some coverage). Two of my kids have 6 kids can you you imagine trying to test and retest!!? One family positive last week. Ugh!! And daughter found more tests in Fargo.(Of course the 6 year old of the positive son in-law slept with me the night before he tested positive) but she tested negative that day, he’d dropped her off and picked her up the next morning and I hardly had any contact with him but have quarantined myself since. Oh my! He worked nights and my daughter whose a RN is working nights on a COVID unit!
ReplyDeleteI just ready l something about more coverage for testing. I'm dealing with schools and child care, so I completely understand. I hope your family stays healthy.
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