How can I effectively budget when I have fluctuating expenses?
I am going from a set bi-weekly paycheck to a weekly paycheck with fluctuating benefits. So I have sat down and created a spreadsheet that I will review monthly based on projections and again quarterly to revise projections. SEE SNAPSHOT
- I have low overhead, since I currently live in subsidized housing, so allows me to maximize savings before move deadline, July 2016
- I have no credit cards or credit card debt.
- I have an income sensitive student loan payment.
- I have signed up for Credit Karma to monitor my credit file for free until the time I need to aggressively take action, then I will use my Free Credit report, 1 from each repository each quarter
- I have had the car I co-signed for refinanced, out of my name, so that no longer affects my debt to income ratio.
- My car loan and furniture acct are scheduled to end but plan to pay off earlier at Tax time
- I love to read so during the holiday sales, I got 2 year subscriptions to all my favorite magazines for $5 each
- Hopefully automating my fixed expenses will allow the aggressive savings plan to be a reality, but can fluctuate as needed
And so the journey begins shortly.