5.19.2012

Acting Like An Adult


Now that I've started my new job and will have regular paychecks again (fist pump!) starting June 1, I figured it's high time I create a budget and stick to it.

This process is also known as, "WHOA!  When did I become an adult?!"

I've spent about 5 hours in Starbucks this morning creating list after list of what I will be making,  what I realistically spend my money on (compared with how I should be spending my money), and what categories everything falls into.  It's been an interesting and eye-opening experience.  In the past my "budget" was logging into my bank account from my phone, seeing how much money was there, mentally deducting what bills I knew I had coming up and deciding whether or not I could afford to put $15 or $20 into my gas tank.  You laugh, but I'm serious.  I'm 29 years old (ALMOST 30!) and have spent each and every paycheck this way.  I never know where my finances are, if I can afford something or not, and my savings has been a joke.

BUT NO MORE!  I'm totally geeking out on this budget thing!  I've researched templates, ways to scrimp and save, how to plan... you name it.  And I'm finally putting it into practice.  Well, I have the template built for it at least... now comes the part where I put action to plan.

Here are my favorite pieces of the plan:
  • Emergency Savings | $150.00 per month
  • Health Savings | $150.00 per month
  • Camera Savings | $200.00 per month 
You see, after all my bills are paid, and all my groceries, fuel costs, fun money, etc are allocated for, I still have money left over to budget for savings!  This makes me quite happy, and actually makes that camera I've had my eye on for quite some time attainable! 

The other piece that is exciting is that I've allocated an extra $175 per month toward my lowest outstanding debt (a medical credit card) that only has $400 left on it.  This way I will have that card paid off in two months and then can roll the entire monthly payment toward the next lowest bill and so on (thank you Dave Ramsey for this brilliant plan!) until I am DEBT FREE!!!

Who knew I could take an honest look at my finances and not break out in an anxiety attack, call my mom and cry?! 

Huzzah for adult hood.  It's about damn time...