LIVING BELOW MY MEANS CHALLENGE
I decided to create a money savings plan and budget on my own terms. I have tried the envelope system which can work for people but I was not realistically including additional categories that I should have been including in order for the envelope budgeting system to work.
I am a money addict, I have been living with a money addiction going on 4 years now. I will begin to explain my journey into this addiction and how I am managing it.
I am so looking forward to the New Year. Another beginning, another chance to start over with a clean slate and a clear mind. I am constantly evaluating myself and how I could improve myself and of course thinking of ways to earn additional income.
I practice financial peace every day and meditate with the same words:
I am worth more than money can buy.I'm open to more, but I have enough.
Please see my outline of what the next 6 months will look like for me:
I will be living on $900 for the next 6 months, with the balance split into 6 months.
January: $150
February: $140
March: $200
April: $150
May: $130
June: $130
Total: $900
Fixed Expenses that I have paid 6 months in advance:
+ Therapy twice a month $95/session. $190 X 6 = $1,140
+ Nails once a month $87.50/appointment. $87.50 X 6 = $525
FYI- I did not include the costs of my annual supply of contacts, asthma inhalers, car insurance, registration and other misc annual dues since I already paid those off in full. I will create another post about the breakdown of those categories and how I manage it.
FYI- I did not include the costs of my annual supply of contacts, asthma inhalers, car insurance, registration and other misc annual dues since I already paid those off in full. I will create another post about the breakdown of those categories and how I manage it.
No Credit Card Debt- That includes NO Paypal Credit and any 0% APR for 15 month charge cards!!
NOTE: I am 25 and do not pay rent since I live with my parents. I am very fortunate to be living with them since I love and enjoy spending time with them so much. I will leave the nest when the time is right, there is no rush. One mistake I made when I turned 18 was moving out and when I moved back home at the age of 22 I appreciated it more.
FYI-My car is paid in full and I earn an additional income as a ticket flipper and selling clothes online.
My goal out of this experiment/challenge is to see if I can go 6 months without touching my actual paycheck that direct deposits in my other Wells Fargo Bank Account. If all goes well, I should have at least $11,000 in June.
My income stats (not including taxes)
$1,200.00 twice a month $2,400.00 a month
$2,400 X 6 = $14,400
$450 a month will be going into a ROTH IRA
$450 X 6 = $2,700
$14,400 - $2,700 = $11,700
Note: I have not included my healthcare coverage monthly amounts yet. I am no longer covered under my parents insurance at age 26 which I turn in June 2015 so I am on my own as of January 2015. (SIGH)
I will revise the amounts as soon I receive my first paycheck of the year on Friday January 2nd.
I am going to blog every day.. EVERY DAY. Wish me luck,
I believe I can do this!
I will revise the amounts as soon I receive my first paycheck of the year on Friday January 2nd.
I am going to blog every day.. EVERY DAY. Wish me luck,
I believe I can do this!
