Nothing Truer Than Truth

Since I've been doing a lot of posts on food, I thought I would switch it up to finance.  Yes, that fun topic we all love to talk about.  Well I personally do love talking about it as it's the only thing in my life right now that I feel like I have total control over.

It hadn't started that way thanks to an unexpected layoff.  It didn't do as much damage as I thought it would have.  So needless to say, after 2 months back to work, I’ve had to be very focused on getting my budget in order and pay down the debt I incurred.  I’m happy to say I’m all caught up and now my focus has been directed to a debt free plan.  I have a pretty strict budget to manage until July 2012.  Thanks to a hefty tax refund, I’m $4000 less in debt than I was last month! What a great feeling :)

In addition to a budget, I also applied for my last insurance – Critical Illness which I asked Three Sixty Financial Group to help me with.  I have gone through the application process and am now waiting a few weeks for the official approval.  This last insurance will join my two life insurance policies (Term & Whole).  You can never be too insured! Most put it off but really, it’s those that don’t get it that usually need it.  I don’t want to be a statistic (or begging for family and friends to fund raise to help my uninsured butt out).

Last night I reviewed my budget, seeing smaller Visa & LOC balances really made my day but then I thought to myself, how does my budget compared to what is recommended?

I don’t like the typical buckets, so I created my own.  I know it’s not in line with tradition but I have a hard time lumping childcare under ‘life expenses’.  I think childcare is a bucket of its own!

So how does it look?

Pretty good! My housing squeaked in under the recommended 35% and the debt repayment was over the 15%.  My savings is way lower (10%) but it’s temporary.  I think starting in July I will have a bucket for savings (and emergency…and vacation :)) but I don’t want to be too proactive.  I haven’t passed probation at work yet and I don’t know what my new salary will be after taxes so I’ll just wait.  The rest is pretty self explanatory and if you are wondering what my 2% of entertainment goes to…it’s a cell phone.  Not quite a fun night out but it’s a luxury, not a need.  I have considered that once my contract is up to getting a pay as you go and not using it for social media. 

Anyhow, that’s the snapshot and I’m quite pleased!  I will keep you posted on progress!