New month! New Budget. Wow December is here! I want to talk about the importance of planning during this time of the year. There are so many people that get so stressed during and after the holidays about their finances that I wanted to take my time explaining my strategy during the holidays.
First, write down and add all of your fixed costs (Mortgage/rent, food, gas, etc.). Then subtract all of your expenses with your income. Whatever you have leftover (if you have any) is your final amount that you should spend for gifts. I had around $300 so I am going to be giving few smaller gifts and some bigger gifts.
Finally here is the breakdown of November! 😃
ROTH IRA (+$18.00) – Not much here. I am going to try to max out my contribution limit before I submit my taxes.
Brokerage (+$9.00) – Nothing interesting. I am going to max out my tax sheltered accounts before I contribute to this account.
401k (+$636.44) – My contribution is automated so my 401k takes money straight from my paycheck into my retirement account with me doing anything.
House (+$5,820.00) – Either the website is broken or the market is really weird in Austin right now. My $6k increase was 2.76% increase this year.
Car (-$272.00) – Car value goes down as excepted.
Company Benefits (+$162,000.00) – This seems like a huge number, but I have to purchase these benefits at a certain cost.
Student Loan 1 (-$2,500.00) – THIS IS DONE!!!! Another debt knocked out. Next one in line is Student Loan 2.
Student Loan 1 (-$57.00) – Paid the minimum here.
Car Loan (-$239.00) – Car loan. This priority #3.
Mortgage (-$0.00) – I have been thinking about paying off my house. My goal is to pay off my house before I turn 30.
Company Debt(+$126,750.00) – This was what I was talking about in the assets section. I have purchase price which I am counting as debt.
Have great rest of the holidays and I will see y’all in the new year!