The slush fund will barely make it to the end of the year.
Property taxes - August/October
Vacation - August
SON1 Shoulder rehab co pays - August-Sept
SON1 party - July
Books for college x 2 - August
However, something unexpected and wonderful happened this week! My DD has started a summer stint at my office. Out of the blue, last Friday my manager asked if my DD (19 y/o) would like to work for a few weeks on a special project. She jumped at the chance. Today is her second day and she is already in a department meeting -- fun! Best part? $15 bucks an hour.
Money out....money in.
Viewing the 'Personal Finance' Category
The slush fund will barely make it to the end of the year.
One of my goals this month was to only go grocery shopping at our local A&P store. Apparently, this was only my goal. DH and DD whipped up a fantastic Mother’s Day dinner for me and the family but it made a huge dent in the grocery budget. They went to THREE stores to get all the ingredients for dinner and spent an extra week’s worth of the grocery budget. I’m not going to consider this a failure. It’ll just be a non-recurring “extra” for the month. Dinner was really good.
So DD is home for the summer and will be transferring from a university in PA to one here in NYC. Farm country just wasn’t her thing. My slush fund has depleted another $800 for her tuition and room/board deposit. I’m hoping I can keep this account funded until the end of the year. September is usually a heavy spending month with all the kids back to school and having to purchase all their books. My two kids in college will be instructed to buy used books whenever possible. Last year my daughter spent $275 for a math book and then dropped the class. We tried to sell it on Amazon and craigslist. The highest price being paid for it was around $25 – what a rip! We were able to sell other books on Amazon and collect close to $200 which made me very happy. The newer/cheaper trend is downloading textbooks but I’m not sure if they are interested in doing that.
SON1 has to have surgery again on his shoulder. The surgeon is not in our medical plan, but thank goodness he has agreed to accept whatever the insurance company is willing to pay. The last operation cost $10K and he accepted $8K. He has to do something a little different this time so I don’t know if it will cost more. Either way, that’s $2K I will not have to spend, although, I would if necessary. Physical therapy co-pays will probably cost close to that much anyway. (Thank you to the NYC officer who did not ticket my husband for an expired inspection sticker, while he was looking for parking so that SON1 could get his MRI – saving us about $50)
Besides the above, additional “extras” this month are a baby shower gift and a graduation dinner. I hope I can keep to it. Wish me luck.
$300 - bathroom building supplies (building shower/toilet in basement).
$200 - rooftop cargo container for car. Going to buy tonight so we can bring DD home from college on Saturday. Otherwise we have to take two cars.
$500 in one day...
I'm still reeling over those DMV bills :<
We just received registration renewals for two of our cars. 2 year renewals for 2 cars is going to cost us around $300. It wouldn't have shocked me as much as it has if they hadn't imposed a new user tax. $60 on one car and $33 on the other. An extra $93 in taxes!!! I'm so fed up with NYS taxes.
Other non recurring expenses: $20 for SON2 for the Yankee game; $80 for a Broadway show in NYC as part of his Metropolitan Day at school.
Another $400 in two days...ugh...no wonder I feel broke.
As I go through this process everyday of planning and budgeting I can see so clearly now why having a slush fund is so important. If I didn’t keep money in a separate account for non-recurring items, they would have been put on the credit card without a thought. The fixed and variable expenses were not a problem in the past but the non-recurring is what ran up the cards. I can imagine that it would be hard to build one up if a budget is already tight. I’m lucky that I was able to start this slush account with a couple thousand dollars of our refinancing funds in January. Then I put all our tax refunds in it as well as a bonus check from work. I try to put as much as possible in every month as well after all bills have been paid, but as you can see, some months you just can’t do it when non-recurring items sneak in.
SON1 makes good money at his part time job so I rarely spend any money on him. But in months to come the following will be coming out of the slush fund in honor of his high school graduation:
$250 – Senior Prom Tickets
$160 – Decline his monthly payment for car insurance and phone service which I will add to my budget this month. Just to be a nice mom!
$160 – Fee for orientation at the University he will attend in the fall.
$200 – Dinner for the family at our favorite local restaurant after graduation ceremonies on the 26th.
$1,500 – A college send-off party for him in July. We have a big family and he has a lot of friends.
Total - $2,270.
I came home from the gym at 6:00 a.m. this morning to find the family in a tizzy. SON1 woke up with his shoulder dislocated. He had shoulder surgery for this problem last year and we thought that was the end of the "pop outs". He was in so much pain that I started feeling sick to my stomach. DH (he is a great dad) was supporting his arm and trying to make him more comfortable. He then constructed a sling out of sheet and supported SON1's arm with a pillow which seemed to help. At one point he looked like he wanted to pass out. He wanted DH to try and pop it in because he wanted to go to school, but then he chickened out. Poor kid was giggling -- you know that kind of laugh when you hit your funny bone -- it hurts but you just gotta laugh.
Why I am writing about this in a "money" blog? Well when we determined that we would have to either call an ambulance, because at first he couldn't move one inch, or take him to the hospital ourselves, he said "well won't that cost too much money?" I told him not to worry because we had insurance and that should be the last thing he should think about. As he matures and makes his own money he now has the "how much will that cost" thought process in his head.
So anyway, we got him downstairs on the couch. DH, SON2 and myself were running around rearranging responsibities for the morning while SON1 was resting and waiting to be taken to the hospital. I called into work and said I would be late. SON2 hurried to get ready for school. I walked the dogs in the pouring rain (DH usually does this in the a.m.). We gave SON1 OJ and toast. We got his shorts on and helped him up to leave to go to the hospital. SON2 is in the car waiting. I ask if there is anything I can do to help and guess what? SON1 says "wait a minute....I think I'm ok now." Huh????? He slowly took his arm out of the sling and raised it above his head. We were stunned. It seems it slowly went back into place while he was leaning back on the couch. Well thank you Lord. SON1 knew the pain he was about to face at the hospital and it was such a blessing that he had averted it.
What a way to start the week.....can only get better now.
At 7:00 a.m. I said more spending would be coming today as I cannot seem to get through a day w/o spending money.
$15 for lunch (sushi)- not expected.
I packaged up a nice lunch for myself from home and promptly forgot to bring it with me when I left the house. Probably because I had the travel coffee mug and a cheese sandwich (breakfast) in my hand at the time. Not enough time to turn back once I realized I forgot. I guess I'll have it for dinner as we get company lunch on Thursdays.
$14 for Girl Scout Cookies
On my desk at work when I arrived. Totally forgot about them.
$1,000 prepayment for summer condo rental - expected.
$250 - senior prom tickets for SON1. Not expected as previously advised SON1 that he would have to pay for prom himself since I paid for his junior prom last year. This kid has more money in the bank than me but has been spending like crazy on his car. He wasn't going to go to his prom (by the way he is going to his girlfriend's senior prom) because he didn't want to spend the money. DH felt bad and told him we would pay.
If he wasn't such a good kid I might have put up a fight. What can you do?
When people don't see the money going in and out of the account it is very easy to spend it.
I'm sure something else will pop up today -- it's early yet.
Additional expenditures not expected today:
$20 for SON2 for Yankee tickets - two games upper deck Cheap entertainment for a 16 year old. Couldn't say no.
$30 copay for last minute Dr. appointment for DH.
$47 for medication.
A little history:
After refinancing in January, we wiped out our equity line and major credit cards and created a detailed budget which obviously includes fixed and variable expenses. Additionally, I included a category for misc expenses, those you can't really think of but know you will have, with a few hundred dollars allowance. It has been amazing to me to see what the "misc" expenses are and how fast they add up. I have been keeping a record on my spreadsheet. Sometimes up to $1,000 in one month. In hindsight I can see how we racked up credit card debt over a 10 year period. The equity line was mostly for renovating the house and educational expenses. We were able to pay the bills before refinancing but it was getting extremely time consuming. Even though we increased our mortgage I'm much more comfortable having all that consumer debt paid off. I like to prepay the principle anyway.
Eliminating the multiple monthly credit card payments leaves room in the budget for the college loan repayments that have recently ensued -- help!
My husband and I went to to the International Car Show in NYC a couple weeks ago. We gave our email address to a Ford representative who sent us a coupon to test drive a Ford vehicle. Best part? We get $50 each if we do the test drive before June 30th. Amazing, no? I know JC (husband) will test the F150 pickup. Not sure which one I'll choose. I just bought a Honda Insight last year (cash for clunker deal) so I'm not in the market for a car; but I am in the market for free money. YAY!
Been meaning to do this for a long time now. I don't know why today is the day, but it is.
Well, I don't get paid until Friday and I'm negative $130 in the checking account. We were doing great until we went grocery shopping on Saturday at a new "higher end" store that just opened. Sort of splurged. Will have no spend days all week. I will not buy coffee or lunch. Brown bag lunch and travel mug coffee. I deserve it. Funny how we can eat peasant food one week and then endulge in overpriced fancy shmancy food the next.
if at first you don't succeed..........