Starting this month, I’m required to pay more of my salary toward my pension. (An additional 1%.) I also have yet to receive my review and merit increase from last fiscal year (which could be around 6% if I was “good”). I also have my paychecks deducting additional money each check to go towards my retirement in the form of purchasing old service credits from when I was 16-18 years of age.
So I’m left to estimate. Here’s is what the August budget looks like:
1252.00 a check
Groceries & Food $120.00
Utilities (Cell phone, Water, Electric, Gas) $125.00
Car Ins $66.00
Offering (LTG) 40.00
Offering (movement) 10.00
Chunch (lunch after church) $40.00
Kim’s Wedding $50.00
Condo Inspector Fee $275.00
House Down payment fund/Remodel Fund 787.00
Yup, I’m still putting money into the House fund. Why? I can always fall out of escrow, I don’t need the extra money right now, and frankly I’m used to it so why not? I want to re-do the kitchen in the new place, buy 2 ceiling fans (boyfriends dad will install them), and be able to paint the place. That requires extra funds. I’ll also need to pick up a few things that currently belong to roommate… and eventually those appliances will need replacing. so I’m still chugging along.
I’m not sure if I want to pay down the loan faster. I haven’t locked my rate yet since I’m still waiting for the agreement in writing… but it will be under 5.5% and I’ll be able to write that and my property tax off… but my property tax is really low and it might not be enough to itemize, so I may choose to pay down the loan faster because that will essentially allow that money to make 5.5% and I can’t find anything better then 3.5% for long term investing CD’s. So I’ll run the numbers once I close escrow to see how much interest I’ll be paying and what not.
I’ll be getting $8,000 from the government and I know I’ll increase my emergency fund to 6 months of my expenses and call it at that since my current job is stable. So the choice then becomes what I want to focus on next, paying off the mortgage fast… or begin to save money for my next real estate investment… or a long exotic vacation… hmmmm