Monday, September 8, 2008

Progress Report

Checking Account Balance: $2,808
Savings Account Balance: $8,294
Cash Envelopes (what's left for the Month):
- Grocery: $350
- Spending $: $178
- Parties: $50
- Dining Out: $20
- Auto Gas: $51
- Kid's Allowance: $40
- School Lunch: $40

So, one week into the month this is how things are looking. The balances in the cash envelopes seem pretty good. $350 left for groceries should work. Dining Out is the only category that is really low, but we need to cut back in this area. If we want to eat out we will need to use our weekly spending money.

The checking account balance looks okay. The savings account balance is the one I am worried about because of several large upcoming expenses on the horizon. I spent some time fiddling with the yearly budget - I actually finished a draft of our 2009 yearly budget. We are definitely going to have some tight months unless some commissions come in much higher than my husband anticipates. It looks like I will even have to lower our Debt Snowball payment on some of the months just to avoid dipping into our Baby Emergency Fund (I refuse to let that go below $1,000 - and really don't feel comfortable when it is below $3,000 - as I like a $2,000 cushion for low commission months). Anyway, our regular Debt Snowball payment is $1,100 per month. I really hate to pay less than that amount, but we may have to.

Of course, I could always bring in some extra money, which I certainly hope to, to augment the Debt Snowball. But I did actually put a $50 a month income from my jewelry sales into the budget just to make it work. I would rather it be "extra" for the Debt Snowball, but I'll have to make anything above $s50 be the "extra".

It is hard to figure out how much to take from my jewelry earnings account because I always need to have enough in there to run the business - purchase supplies, advertising, etc. So, I'll have to see how this goes.

I am really hoping that I make a lot of money at the Craft Fair I am going to on October 5th. I have been working really hard to prepare for it and I paid a lot for the booth ($145), and for the tent ($200) - so right off the bat, the first $345 will only begin to cover my expenses. So, I certainly hope I make at least that much! I am optimistic though.