I updated my budget projection

[Magic Johnson]

I resisted a significant urge this morning to treat myself to breakfast out at a restaurant, and I made my own breakfast instead. So, there's that.

[disneysteve]

I resisted a significant urge this morning to treat myself to breakfast out at a restaurant, and I made my own breakfast instead. So, there's that.

Every little bit helps.

[Joan.of.the.Arch]

If there's an engagement ring, I'm guessing there will be a wedding ring as well. Perhaps you've already factored that in to the wedding savings.

Are you planning to leave the life insurance to your estate? I was guessing that your kids were the beneficiaries, who have no obligation to use it to pay off your debt or pay for your funeral. You might want to think about that. Also, your kids would probably get survivor's Social Security if they are minors at the time...or in school up to age 21-- is it? You could find out roughly how much that might be if you were to die, say, next year.

[Magic Johnson]

If there's an engagement ring, I'm guessing there will be a wedding ring as well. Perhaps you've already factored that in to the wedding savings.

Are you planning to leave the life insurance to your estate? I was guessing that your kids were the beneficiaries, who have no obligation to use it to pay off your debt or pay for your funeral. You might want to think about that. Also, your kids would probably get survivor's Social Security if they are minors at the time...or in school up to age 21-- is it? You could find out roughly how much that might be if you were to die, say, next year.

Yes, rings were already factored in to wedding costs.

I probably need a will. My ex and I had one made up just after our now 19 yo was born. Clearly I need my own now. My estate is $200K, or whatever (don’t have access to my spreadsheet at the moment. I’m at my fiancé’s).

[Magic Johnson]

I’m not going to go full-on scorched earth/bare bones less spending, but I am going to try to earn more and spend less starting tomorrow.

I’m starting a part-time after regular hours job. I’ll be making $14.69/hr., which is pretty good for my rural part of Michigan.

I'll be working at a factory that I worked at for three months last late July through mid-October when I was between professional jobs. They know that I’m a good/reliable employee, and because of the labor shortage, they are in desperate need of help. I’ll be working the afternoon (3-11) shift. But I don’t get out of my regular job until 4:30, and the factory is about a 15-minute drive from my office. So, I told the HR director at the factory that I couldn’t start my shift until 5:00. But if I get there a little early, I can punch in and get to work. I also told her that I could only work until 10:00, that I needed Wednesdays off (parenting time with my kids), and I wanted to leave at 9:00 Friday (because it’s Friday), I can't work weekends (parenting time with my kids sometimes, and the only time I get to see my finance).

But, if I wanted to work past 10:00 on any of the nights, I can.

I already know that I get along well with the shift foreman (he’s about my age and is a cool guy). I hate the actual work, it's monotonous factory work, but better than working behind the counter at McDonald's?

I’m figuring 20 hours a week at $14.69/hr. That’s $293.80 per week, or $1,175 per month. I figure 25% out for child support, and 17.3% out for taxes. That nets me $678 per month. I’ll be putting on about 20 additional miles per day to drive to the factory, or $160 per month in mileage, so net $518 per month from the part time job.

My discretionary spending is about $1,270 per month. A goal to decrease that by 10%, or $127 per month seems reasonable.

That’s a swing of $645 per month. I'm guessing that the consensus here will be that that's not aggressive enough, but I'm still interested in your thoughts.

After about 2 1/2 years I should be in a much better financial position. My debt should be paid off (June 2024, as long as my pickup doesn't crap out), and I should have a respectable start on an EF.

[disneysteve]

I think that sounds like a great plan. The only two ways to improve one's situation are to spend less or earn more and you have a plan to do some of each.

[bjl584]

Mess? Compared to what? My credit score is 750. I’m 49, and have +$200K saved for retirement. Most people retire with $200K or less. No, I don’t have a 3-6 mo. EF. Do most people? Do most people have a $1K EF?

Absolutely I have room for a lot of improvement, but I’m not in a mess.

Mess could be harsh, but you're not in great shape either.

You have a significant amount saved for retirement, so good job there.
But your day to day spending needs some work.

[Magic Johnson]

Mess could be harsh, but you're not in great shape either.

You have a significant amount saved for retirement, so good job there.
But your day to day spending needs some work.

Agreed

[james.hendrickson]

Magic Johnson

I'll just say this. At least you are taking pro-active steps to get control over your situation. That's moving in the right direction.

[LivingAlmostLarge]

I think there has a to be a balance. I'll wait for Corn18 to chime in if ever. He came and turned things around fast because of shovel. But he'd be the first to say that it having people say change.

But change you have to want to do it. It's really hard otherwise. You've taken the first step coming here and you've made changes. I think once you start seeing progress it's easier to make LARGER changes and really get going.

[Magic Johnson]

I tweaked my budget again. Once I get a stub from my part-time job, and my child support is official, I'll have a more concrete idea.

	Category	Amount	% of Total
	Monthly Income	$5,736		$4,560 for NRCS job, $1,176 from part-time job
	Estimated Child Support	$1,590	27.7%	$294 of that is estimated from part time job.
	2021 Federal Income Tax Debt	$454	7.9%	$75.51 of that is required, the rest is to speed up payoff.
	Apartment Rent	$450	7.8%	garbage, water, and sewer included in rent.
	Gasoline for Truck	$435	7.6%
	Truck Loan	$344	6.0%	2010 Ford F-150. Current value of $11K. It will be paid off on Sept. 1, 2023.
	Food and Toiletries	$337	5.9%
	Fed Tax Withholding	$322	5.6%
	Soc Sec Withholding	$250	4.4%
	Estimated Tax Withholding (part-time job)	$207	3.6%
	Wedding/Honeymoon/House savings	$200	3.5%
	State Tax Withholding	$146	2.5%
	Auto Insurance	$120	2.1%	$100 comprehensive deductible and a $500 collision deductible.
	Health Insurance	$106	1.8%
	Electricity	$100	1.7%	Apartment is heated by electricity.
	Credit Cards (minimum payments)	$94	1.6%
	Engagement Ring Payment	$94	1.6%	Scheduled to be paid off August 2023
	Retirement Savings	$94	1.6%
	Phone	$84	1.5%
	Cable and Internet	$69	1.2%
	Dental Insurance	$68	1.2%
	Medicare Withholding	$58	1.0%
	Laundry	$45	0.8%
	Church Giving	$20	0.3%
	Gifts	$15	0.3%
	Auto Registration	$14	0.2%	$170 due in November
	Renter's Insurance	$11	0.2%	$20K of personal property coverage, and $500K of personal liability coverage
	Life Insurance	$9	0.2%	$57,000 policy, employer sponsored
	Total Expenses	$5,736
	Net	$0

[Jluke]

When I was focused on my budget I included a column for actual vs the expected.

you may want to do that, which will mean accounting for every penny. And maybe adding new categories you didn’t have before.

[james.hendrickson]

Magic,

What about finding ways to bring in a bit of extra money per month? There are lots of options - and improving up your income temporarily might help with paying off a couple of the debts you 've got - like the engagement ring loan or the car loan.

[disneysteve]

Magic,

What about finding ways to bring in a bit of extra money per month?

James he already addressed this. He’s getting a PT job

[Magic Johnson]

Magic,

What about finding ways to bring in a bit of extra money per month? There are lots of options - and improving up your income temporarily might help with paying off a couple of the debts you 've got - like the engagement ring loan or the car loan.

See the line near the top that reads - 2021 Fed Inc Tax Debt - $454 - $75.51 of that is required, the rest is to speed up payoff?

“the rest” is income from my PT job, with adjustments that account for tax withholding, increased child support, and increased gasoline purchases.