It's nearing the end of the month and most of the bills are paid. I still have to pay my homeowners association dues and the the trash bill. The total of both of those will come out to a little less than $200. How do the numbers add up for March? Keep reading.............
- Budgeted Income: $7590.00 (Composed of paychecks, rental income and Georgia Tax Refund) Total Income to Date: $5933.68
- Budgeted Expenses: $5568.95; Total to Date: $4050.75
- Current Income - Expenses: $1882.63
The only remaining income for this month is my last paycheck for March (I am paid bi-weekly). The only other expenses are the above mentioned bills, miscellaneous expenses and an additional $500 that I need to add to my Freedom Account. Thanks to my Georgia state tax refund this month, I added an additional $2500 in income.
Once all of the above income and expenses are accounted for, I should have about a $1500 surplus for the month. Unfortunately, I don't have this much of a surplus every month. 100% of the surplus will be used to help beef up my savings account for my upcoming car loan payoff. I'd originally planned to pay off my car loan by the end of the year but my 31st birthday is coming up in a couple of months and I think that my paid-off car will be my gift.
How did I start budgeting? First of all, I took advantage of the 30 day free trial at Mvelopes to help me get a firm grasp on how to use a budget. I suggest using a budget to help you manage your income and expenses. I can actually say that using a budget is certainly helping me improve my monthly money handling.
Do you have a budget?
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