And Now We Wait...Also Timing Your Money
So last month, I set up a fresh budget, and this month I've pretty much stuck to it. Spent a little extra on some clearance priced food, but it wasn't more than my padding can cover. And I believe it will help me reduce spending for next month.
I did set up that separate emergency fund savings account. My tax refund covered a business trip to a convention where I was a guest/panelist, but I stuck the remainder into my emergency fund, so I was able to open the account with $2000.
I have a lot of my finances automated, particularly with my business. Money goes into my checking account through direct deposit and now moves to my new savings account at a set amount ($350) once per month. I may reverse that at some point in the not too distant future, but at the moment, it helps me avoid any monthly maintenance fees on my checking account.
On the business side, I have several automatic payments staggered throughout the month or on an annual basis, which helps me avoid late fees or periods where I'm not covered. However, I am careful to stagger the dates, so I can be sure the account doesn't get overdrawn.
Back in the personal realm, I've staggered my monthly outflow as well. I normally get two checks per month from my day job on the 5th and the 20th. (I get one from my home business as well, but it's super tiny.) After the first check on the 5th, I pay my parents and put $100 in my IRA, and I have an automatic transfer scheduled to move money to the emergency fund on the 23rd (which gives me a few days to cancel if something goes wrong with my direct deposit on the 20th). I tithe based on each check, and on a weekly basis I get $40 cash from the ATM for general spending.
The point isn't that you have to schedule your money the same way I schedule mine. Do what makes the most sense for your situation. But I do think timing bills, payments, and transfers so they don't all hit at the same time can be a good way to give yourself some breathing room to figure things out.
The next thing I'm working on is some more concrete goals for savings before I make any significant life changes. This blog was a lot more engaging when I had my own apartment and food budget, etc. As my nephew is getting older and I have a job in walking distance of several apartment complexes, I'm looking at doing a YouTube reality series of sorts that will focus on budgeting as a low-income single in an apartment. However, that won't let me save at my current rate and has the potential to be a money hole (I need better editing software and possibly a system upgrade). So trying to balance life/project goals with responsibility to my financial future and my family.
Absolute earliest this could start is June, but I need to finish up some other projects before committing to a new one for a solid year.