Then reality set in. There is so much to do with this money, and I couldn't possibly accomplish it all with only this amount. I grab my pen and paper, and get down to brass tacks with budgeting for this money.
What I'd like to do with this money:
- buy new tires for the van and get an oil change
- stock up on some household items that are on sale this week
- take hubby out for sushi dinner
- put some into my RRSP and Emergency fund
- set some aside for an upcoming cc payment
- Rogers all-in-one bill
- Business Cellphone bill
The amount of the cheques isn't enough to cover everything if I take 20% off the top for savings. The savings is non-negotiable.
Looks like sushi is out, as is putting some aside for the cc payment. The oil change will have to wait as well.
I'll pay Rogers and the Cellphone, buy new tires, divide savings into 4 different categories/accounts, and if there is any left over, I'll stock up on the great deal that No Frills has on t.p. this week.
Looking it over as if it were someone else's decision, here's what I see.
Savings is priority number one.
Keeping current with monthly bills is the next priority.
What about the tires? Is that a need or a want? (The tires have been put off long enough. It's becoming an issue of safety now.)
What categories are the savings going into? ($100 - RRSP, $30 - EEE Account, $40 - RESP, $30 - Xmas fund)
If my calculations are correct on the cost of tires, after I've set aside various savings, and paid the bills I mentioned, I'll have about $23.00 left to buy t.p. and veggies. Ha, ha, ha!
I would like to see a debt payment in there as well, but I would have to get behind in the bills or compromise my savings. Hmm.
What do you think? What does this way of dividing my pay tell you about my priorities?