Sunday, December 27, 2009

2010 Budget Plans

Dear hubby and I have been working on our 2010 budget. Our biggest problem is we are in our 60's and semi retired. There is not enough income to cover all the out go. Our biggest challenge is to pay our own health insurance mainly mine.
I am pleased to see so many young people working on budgets, paying off debt and building up savings. I heard all this 40 years ago but never did any of it. I just built up debt and put off saving for retirement. We lived in the moment. Now our retirement is not what someone would want.
So here we are 61 and 66 years old and working part time jobs. We have a some debt mainly a car loan of under $10,800. But each month we are struggling to keep that part time money coming in and trying to sell on eBay for extra cash. We have sold on eBay since 1998 but with economy we are making less than in the past.
We will as in the past do taxes at H R Block for the season and this will give us income, but could interfer with the other part time income and not put us ahead. Time will tell.

So for 2010 our goals are to
Make enough money every month to cover the shortage of $1200 or cut back where necessary to balance the month.
Build up a $1000 emergency fund . We will be putting $150 a month into savings to do this. Savings is very little since my life insurance bill is due end of year and we did not have all money needed.
Give at least $300 a month to the church ear marking it to the needy or Salvation Army to feed the hungry.
Put money into a traveling budget so we can go home to Minnesota to see our children in 2010. and have an end of the year trip. We were not able to travel home this year.
Budget $250 a month for groceries and personal items . Should there be any money left over it will roll to next month grocery fund so if there is a refund I want to do I can have a build up of cash.
Budget $250 a month for eating out. Should not all this money be spent it will go into savings for our emergency fund.
Once emergency fund is at $1,000 then extra money will be put on car loan to pay if off sooner.
End of season at H R Block if there is a bonus this will be put either on emergency fund or car loan.
Any extra rewards at CVS, Walgreens etc will be used for groceries or personal items.
Refund / Rebates will go into emergency fund. I am waiting $58.00 in rebates to still come.

On a personal note
I want to excercise at least 3 times a week
Lose a total of 40 pounds over the year
Declutter my home, selling excess on ebay.

Are you preparing for next years budget and goals. I would love to hear your plans.

Thanks For Stopping By... Lets Keep Saving Together ... Grace


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