I have decided to post my weekly spending for the previous week on Fridays so you know how my cash has been flowing for the week. Please note that I get paid on the last day of the month so my cash flow net effect will usually be negative until the last day of the month.
This does not mean that I am adding to my debt, it just means that the money coming in is less than the money going out because bills are due starting on the first but I don’t get paid until the last day.
So again to clarify (since I get so many questions), this shows the cash FLOW for the month. On Day 2 of every month I will have a negative FLOW because I have paid rent etc so money has LEFT my checking account. I have not had any money come in on Day 2 of the current month since I got paid on day 27 or 30 or 31 of the previous month so that income is counted for LAST month.
Income for the month to date: $2.71
Expenses for the month to date: $971.45
Net effect: -$968.74
Since the last posting I paid the household expenses of rent etc. and paid the phone bill. I paid my personal loans and spent $31.04 on food, including fruits for the week. I spent $24.03 on household and personal items and used $4.09 in coupons even though I have not spent any money this month on getting the newspaper.
We did get paid on January 29th so that was good to see my bank balance go back up from very low levels. I got paid about $9 less than I usually get (due to the Tax Credit?) and so I adjusted my zero based budget down by $10 to make up for that.
The electric bill is due next week and while it is not as scandalous as the last one it is still too high for my liking. I am taking steps to see that the bill goes down even more next month and I think I may start a sinking fund for electricity. This fund will be a sub account in ING where I send the same amount for electricity every month and if the bill is less then the money will remain in there….but if it is more (mid summer and winter) then I can draw from that reserve without having a heart attack.
I will see you guys and gals later as I continue my journey to save money and become debt free!!!!
I know exactly how you feel when it comes to the electric bill….You just have to experiment here and there and see where it’ll help. For instance, since it is still freezing cold, we no longer use our central heating system anymore but instead opt for the portable heater and it has the same effect…We also always turn off all the lights in our house especially if there’s no use for just leaving a light on.
As far as your electricity is concerned, I strongly suggest getting the best ceiling insulation possible, awa installing a geyser blanket. These passive measures serves to insulate and concserve energy.
You are doing great budgeting and keeping your spending under control. It must be hard getting paid only once a month and at the end of the month. Because along the way, you could feel that you’re just endlessly spending and there’s no income hitting your account until the last day of the month. I know a friend that use to get paid every week! Imagine that. So much easier to budget when you know how much you’ll get every 7 days.
Actually it does not bother me because I get paid a salary and I know exactly how much I will get paid at the end of the month. I have a budget and I set up my finances to be automatic so I don’t even worry about what gets paid when.
Before I had a budget that might have been an issue but my cash back credit card and ING make it all smooth sailing.
Lulugal. Again, keep up the good work managing your budget on a monthly basis. I might have to automate my payments as well with my online banking. Thanks for pointing that out.