Thursday, June 14, 2012

Avoiding the Money Trap

Before I ever left Tuscaloosa, I sat down with the person that understands me the best and the one that I trust the most, Genevieve. I knew she would help me work out a system that would work for me a budget. I had seen her budget before and I've seen what she saves by using coupons and such. I wasn't thrilled at the thought of using coupons then I realized it would help a ton if I just used the ones I needed when I had the money and things would be fine.

I live in a two story, two bedroom condo. I work two jobs. I work at Books-A-Million and I work at daycare. I will have another scholarship at the end of the summer for helping with the daycare, and I plan on going into teaching and childcare but that's for a different blog.

Genevieve and I sat down and talked about where I wanted to put money. How much and when. Now I am not going to put those details on my blog but I will show you how I have my money broken into sections.

I have mine put into a spreadsheet but at the moment I do not have a blank one. When I make a template I will load it and make a section for printables.

Available Income (AI)
Wages and Tips                                            
From Savings                                              
Financial Aid (loans, grants, & scholarships)    
Total AI                                                        _________

Tithe & Taxes (T&T)

  • Tithe                                                             
  • Taxes (including taxes withheld)                     

Total T&T                                                     _________

Net Spendable Income (NSI)                      _________


  • Condo Payment                                              
  • Utilities                                                          
  • Telephone (Cellphone)                                     
  • Furniture & Appliances                                    
  • Other                                                             


  • Meals Out                                                      
  • Groceries                                                        


  • Car Payment  I don't have a car payment. My car is in my name, but my dad pays for it as my college graduation gift.
  • Car insurance                                                  
  • Gas & Oil                                                       
  • Car repairs                                                      
  • Other                                                             


  • Tuition & Fees
  • Lab Fees
  • Other Fees
  • Books
  • Doctor
  • Dentist
  • Eye Doctor
  • Gyno
  • Prescriptions
  • Other
Other Living Expenses
  • Clothing
  • Laundry
  • Household supplies
  • Personal Care
  • Entertainment
  • Disney Trip
  • Gifts
  • Monthly Dues (Book club, Netflix)
  • Misc Expenses
  • Saving Deposits
  • Other Investments
  • Insurance (Other than car)
  • Debts & Loans Repayment (If any)
  • Credit Card Payment
  • Loans
  • Other
Total Expenses                                                   _________

That's pretty much it. Sometimes I go a little further into Personal Care and break it down further. But this is basically how I set things up. It works well for me.

For further interest in Budgeting and savings check out Money Saving Mom. I love their articles also.

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