Annnnnd… budget 2.0 is up and running!
Well, not quite fully. I’m skimming off a bit off the debt repayments to build up my “new apartment” fund, but at least I’ve made my first of hopefully 26 regularly scheduled payments, to get me out of debt. That’s right. In 26 fortnights I will be out of debt (and by the way, for the Americans out there, fortnight is derived from fourteen nights = two weeks. See, this blog is now also edu-ma-cational)
The second instalment (due on the 29th of September) will also be a little light on the debt repayment side to once again get that “new apartment fund” a little bit healthier. But after that… watch out!
Now for all you voyeuristic types, who get some sort of sexual excitement looking at other peoples budgets (and let’s face it who doesn’t? “Paid off $30,000 debt in 6 months?!? Trouser tent time! Hubba hubba!”) I present budget 2.0!
Well half of it, the other half also calculates savings etc, but that’s the booooring stuff. You want the pole-dancing, nipple-tassel-twirling, thong-wearing debt repayment side… oh yeah, I know what turns you on…
Now I know reading other people’s budgets for the first time is like sleeping with someone for the first time. You know where everything goes, and what everything does, but there are a few idiosyncrasies specific to that budget that takes some getting used to. The quirks of their personality, whether they like ear nibbling or not, whether that curve just below their neck joining up to their shoulder is an erogenous zone or not, whether they like some light spanking or not… metaphorically speaking. (Got carried away a bit there, sorry)
So let’s break it down.
Expenses: pretty self explanatory. Just a name for those expenses I have to budget for every pay day. Including credit card repayments. And yes 2 items are highlighted red and have been paid off. This happened before (I think) I started this blog.
Amount Owing: shows the amount owing if any. This is mainly for the credit cards which show the amount owing AFTER the previous paydays payment has been deducted, and if at the end of the month the interest has been added. I also have field for “MBF” (Health Insurance) and “Vodafone” (mobile phone bill). The gold star, head of the class types will notice that I have different amounts listed in “Vodafone” for “Amount Owing” & “Min Payment Due” versus “Amount Paid”. The “Amount Owing” and “Min Payment Due” value is the MAXIMUM I can ever pay on my phone bill. I always put that in, just in case I do hit that maximum, but mostly as you can see this month, I’m well below it and the “Amount Paid” value shows this.
Min Payment due: I had field for each of the credit cards here but they’re all around the $110 mark, so I’ve decided to leave it out. Plus with the payments I’m doing the minimum payments shouldn’t change drastically except for the 1 card that I will be concentrating on.
Amount Paid: Again pretty self-explanatory. Lists the amount I’ve paid from my bank account to that particular expense. Highlighted green once the amount has been deducted from the account not highlighted for those expenses which are yet to be deducted.
Balance: Only for the credit card debt. Basically shows the AVAILABLE balance I have on each card. I’ve included this because sometimes it’s nice to see just how much you have available, just in case. And also it’s a nicer way to view your credit card, instead of thinking “I’m five grand in the red” you can think “I’m a thousand and three hundred off my credit limit!” Good for those of us who have been living with maxed out cards for a while (it’s not just me right?)
Totals: It doesn’t have a heading, but it’s the figures at the bottom of the table highlighted in yellow. The first shows my current debt total. Yes, I know I have gone above the $20,000 mark again. See previous posts for reasons. And the second shows the amount of I’ve taken out of my pay. Again the smarty-pants out there will see that the total expenditure doesn’t match up to what I’ve actually got listed in my expenditures. It’s $400 short. That’s because the extra $400 is in the other half of the table, and has gone into the “new apartment fund”.
And that’s it.
As you can see I allocate $50 ($100 every pay-cycle) a week for groceries, more than enough for a single person. $20 ($40 per pay-cycle) for travel which covers my bus pass and $40 ($80 per pay-cycle) a week for bills. And a little under 5% goes into savings. This leaves me $300 for the fortnight to do as I please.
Now as a single guy, I can stretch that $300 pretty far (unless I’m buying suits then its goooooone). But that number will probably lessen once I move, since I will no longer have the gym/pool facilities in my apartment to use and will have to get a membership for those, but still, it’s plenty of money for me, considering at my old job I was trying to survive on $20 spending money for a week.
So here’s to the first of 26 paydays, counting down. One down, 25 to go.