March 2020 Budget Plan
Updated: Mar 5
Here is our March 2020 Budget - Zero-based Budget (Bare Bones Categories)
So far, we have only one bill paid for March 2020, which is the rent payment at $850. The actual budget figures will be filled in as March rolls on. We will include the post-month budget at the end of March.
Each month, we had been printing its budget plan out and had been filling in our printed budget sheets via the pen and paper route as the month rolls on since we started planning our budget in 2019. I know we have been slacking on uploading each month's filled in budget but we are going to try and be better about it. My handwriting is horrible so I just did not think that anyone can read the hand filled-in budget sheets (Koa confirms this - my handwriting needs its own deciphering code). However, I can enter March's figures back into the excel sheets and upload screenshots of them. We shall see.
Here are the major changes for March 2020:
Our predicted income is lower than previously calculated: $5,320 Vs. $5,720 (previously calculated)
Funds from $35,000 liquid savings account (HSBC Savings Account) are going to be transferred in order to pay off the consumer debt. This will leave us at $24,000 in the liquid savings account. This account will then be designated as the 1 year Expenses Emergency Savings Fund. We will keep a different and smaller emergency savings account ($1,000 max) for OH CRAP expenses that may come up that the Rainy Day Fund ($ 2,000 max) won't cover (if the OH CRAP expense doesn't fall into any of the categories that the Rainy Day Fund covers).
Use the difference in income between budgeted and actual incomes to pay extra into the remaining amount on car loan.
Remain at 3 (three) budget categories (highlighted in neon blue) for cash envelopes until May 2020.
We are going to use some of our liquid savings to pay off the main debts and plan to pay off the car shortly after this, especially if we put the difference between income and expenses of this month toward the loan, it should be wiped out by next month.
We are quite sad to see savings dwindle but are excited that there won't be anymore payments by the end of this month. We are planning to build back up our rainy day, emergency, and house funds by May 2020.
Also, that mistake of over calculating our income per month was an honest calculation mistake on my part but man, it would have been nice to have that amount per month instead! :)