Friday, July 22, 2016

Mid-year review

It took me half a year to figure out that I might run out of money before year-end.

According to my spreadsheet, overspending and indulging has left me with only $1300 to cover groceries, gas, and spending money for the next five months (Aug - Dec).

It shocked me to see this, since I don't feel like I live an extravagant lifestyle at all. I haven't bought any new clothes or shoes for myself in 2016, and I last had a cheap haircut in August 2015.

I still haven't called the plumber in to fix the leak in the bathtub / kitchen sink either.

I did move $1000 from a savings account onto the car loan back in April. And I plan to do so again in August. I really want to get rid of the car loan.

Some expenses have gone up, such as house and car insurance, property taxes, and hydro but heating gas has gone down by half to make up for it.

I have my 2017 spreadsheet all set up and if I stick with it properly, everything will be covered, including savings goals AND I will still have $100 left over each month. In addition, I will begin making regular over-payments on my car and mortgage.

About a month ago, I had a little panic when I realized that in less than eight years, I will no longer receive child support payments or child tax benefits when Bean turns eighteen. That is 25% of my net income disappearing like magic.

So, I sat down with the spreadsheet again and made separate sheets for 2018 - 2024, and figured out that if I am really careful, I will have my car paid off early in 2019, and the student loans paid off in early 2021. Then I can make even larger mortgage payments in order to build up some equity to protect me from financial hardship.

If I'm really good, I can quit one of my part-time jobs around mid-2024, which would be really nice.

We shall see! I'm glad I had these mid-year awakenings to get myself back on track for my future.