by, 12-01-2010 at 10:27 AM (1022 Views)
I overspent on my last paycheck causing my checking account to go negative and overdraft protection had to kick in and transfer $21.00 that included the $8.00 fee. I was so mad! I figured out the reason I was overspending was because I don't have any goals or limits on spending. I guess I was just used to spending whatever and I'd always have the money.
I am starting with December with 3 goals to see if this is doable.
1) $260.00 to savings. I will transfer $130.00 on payday immediately into savings. Usually I wait and see what's leftover, then transfer to savings. But, I want to pay myself first, so December 10th and 24th I will transfer $130.00 each.
2) $100.00 grocery budget. This is just for one person and I have plenty of food in the pantry and freezer to last me for months. This budget will include all food, drinks, beauty items, and household items (trashbags, light bulbs, etc)
3) $100.00 eating out budget. This is for me and also I pay for my boyfriend to eat occasionally. This will definately be a challenge for me.
For the grocery and eating out budget, I plan on taking out $100.00 cash each paycheck that will last me 2 weeks ($50.00 for each item). Any leftover cash at the end of two weeks will be rolled over to the next two weeks. If an excess surplus exists, then that money will be deposited to savings. I plan on trying to keep below the budget limits and will adjust as necessary.
Other items such as dog food and supplies, car maintenance, gifts, other necessary expenses will be paid for by using what is left in the checking account. Any excess in the checking account will be rolled over to the next two weeks. This will help with irregular expenses.
So now that I have outlined some goals, and how I'm going to acheive those goals, I know I can be successful. Wish me luck!