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Looking forward to 2008

December 17th, 2007 at 05:54 pm


I've spent November and 1/2 of December coming up with realistic spending for each week and I'm coming up with some good averages for "starting and sticking" to a budget for January 08.

As far as health insurance, I decided to do the high deductible insurance plan through DH employer and will set up the Health Savings Account at a local bank (funding $2000 per year). With this reworking of the net pay check, I have increased the 401(k) from 6% to 10% and have set up $100 per month to go to education savings (I know it should be quite a bit more than that and hopefully soon)

I have looked into part-time employment at the local junior college to bring some money in (been a SAHM for ten years now). Youngest child just turned three.

We're evaluating selling our rental property and coming up with a different investment strategy. Currently the upkeep, taxes and mortgage for both properties is about $2,500 per month and I am getting tired of feeling "cash poor" and "paper rich", and not at all happy with out net worth tied up in real estate (though our estimates are conservative).

It's been helpful popping in from time to time and seeing people post their daily frustrations/accomplishments. As for me, I was just tired of the numbers. I am hopeful though that things can improve with some sound and solid decision making on our part.

Thanks for being an inspiration group of money people!

Posted in Uncategorized | 3 Comments »

3 Responses to “Looking forward to 2008”

  1. luxliving Says:
    December 17th, 2007 at 06:04 pm 1197914648
    1197914648

    I like averages too, but have never been able to stick to a budget that worked that way!

    I plan my spending each month and then 'manipulate' the numbers as the month goes along.

  2. Aleta Says:
    December 17th, 2007 at 06:33 pm 1197916423
    1197916423

    The way I set up my budget or spending plan is that I take last years figures on a particular expense or use what I know is the current one and divide it by 12 and that is the money that I budget. Sometimes there is some money left over in the account because I budget up to the next dollar. You will have to play around and tweak your budget until you are comfortable with it. Do it for a while and if you find something is lacking, change or add to it. Just keep reading here and you can receive many ideas of the way people do their finances.

  3. Ima saver Says:
    December 17th, 2007 at 09:48 pm 1197928114
    1197928114

    I tried to go the rental real estate property way when I was younger and it just did not work for me. I finally sold my 3 properties for less than I paid for them, but at least the headache was gone.

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