Major Budget Adjustments!!
Starting in March, 2020, our take home income should be around $5,720 per month if there is no overtime during each month (unlikely).
We decided to temporarily get rid of all the sinking funds categories since we are current and/or have pre-paid on most of them for the year 2020 already. Examples of these sinking fund categories PSN subscription, VPN subscription, and Blog/hosting fees, etc. Some of the categories such as the car maintenance, registration, insurance, etc, are the ones that will come out of the current Sinking Funds savings account.
From the next week on until our debt is paid off, we want to stop any further contributions to most of the categories and keep withdrawing weekly cash for only the bare bones categories.
We decided on THREE cash withdrawal categories:
Below are pictures (excuse my shaky hands and crappy phone!) of the revised budget for the next few months. The Yellow highlighted rows are the three kept cash categories where as the Orange highlighted rows are the next debt balances that we are eliminating.
You can tell from the spreadsheet that our normal cash categories are a lot more than the currently planned three categories.
Here is what we are taking to the bank teller tomorrow for our weekly cash withdrawal.
$50 in each category
$150.00 in total
Next few months will be very tight but will be very worth it. We do have some dental work that we need to get done in the next month, a friend's wedding, and minor car maintenance such as oil changes.
I am going to pay for my dental work from my Flexible Savings Account (I set aside $500), where as Koa will have to work overtime for his dental payments - it shouldn't be too much since it is just going to be one filling for him and deep cleanings.
For the friend's wedding in April, I am planning to do a little side hustle here and there such as taking surveys, mystery shopper tasks, and etc. They just want cash so this should be doable. I am aiming for $50.00 but Koa will probably contribute $50 from his overtime pay.
As for car maintenace, we have done some servicing and changed out tires for the primary car recently, so we are not expecting any major setbacks for the next few months.
I know this is scary for both of us since we are no longer contributing weekly into our sinking funds.
Since the IRS is delaying my income tax refund, I feel like we need to go harder on ourselves these next few months. After debt has been paid off, we will resume on the various categories that we have been saving toward.
NERVOUS but EXCITED!!