Okay, so it’s the beginning of a new month.
Since hubby works delivering pizza’s, I had him deposit his tips last night, so on the last day of the month. This gives me an accurate accounting of the money we had come in during the month of January.
What I did this morning was finish entering transactions for January, started entering a few that need to go against February’s budgets, and make my new Every Dollar budget for March so I can tweak with new minimums as I find them out during the month of February.
I also looked at January’s budget to see what our “overage” was for the month. We had about $300 over what I had budgeted for the month so I did half into savings to fund our $1,000 Baby Emergency Fund and did the other half into the “we really got behind and need to get back ahead fund.” Ideally, we would have enough in our account where we can pay all of our bills from last month’s money so I can plan out our entire money of spending at the end and not have to tweak as the month goes on.
I really didn’t like the idea of not contributing anything into savings though so I split the amounts in half. Hubby and I agreed this would be a good strategy going forward.
I was also about to finish our taxes for 2018 so we will be using that money to do some much needed car repairs, then ideally we’ll be able to fully fund our emergency fund and put the rest aside for the “get ahead” fund.
Overall, my numbers for the month of January are as follows:
Starting January Baby Step 2 balance: $55,427.45
Amount sent to debt: $1,483.46
Amount to Emergency Fund: $158.37
February Starting Balance: $55,038.95
