All this talk about the New Year has me mulling and mulling (and re-mulling!) my fiscal strategy for the beginning of the new year. I'm in a slight pickle, because they've just changed our benefits provider at work and therefore I don't know what will be deducted for coverage. Ah, well, such is life.
So, here is the proposed strategy for 07.
Notes
1. I have a lot marked as savings but no real EF established. In my view, the $400 per month short term savings can all be earmarked in the event of an emergency, plus I will have about a grand in savings at the close of 2006.
2. DH plans on having 6% of his gross deducted for his 401k starting in January. Where I work offers no 401k, but I elected to stash 6% of my gross as well. Since his 401k comes out of his check before it even hits the house account, I don't count it as income and that's why it's not on the sheet. Classic 'hidden money'. I know we should be saving more for retirement, but I think 6% is a number I can get DH to buy into for the time being.
3. I have included medical and car line items fully intending to not use them.
4. I have included household and vacation line items hoping it will help DH adhere to the budget.
5. Not really a note, but I wonder what DH would say if he realized his allowance is our biggest monthly expense? The mortgage is actually only $493, I've rounded on the spreadsheet for ease of use.
6. The 'Long Term / Debt Reduction' amount at the bottom is what is left of our net after you subtract the 7 itemized sections at the top. I'm still determining the best strategy for this amount: I want the most effective personal debt snowball I can manage 
7. I know the text is a little small. Click on the image and you should get a slightly larger more legible version.
Strategy 2007
December 14th, 2006 at 03:44 pm
December 14th, 2006 at 05:13 pm 1166116391
December 14th, 2006 at 05:36 pm 1166117797
December 14th, 2006 at 06:06 pm 1166119566
Wow, your mortgage is incredibly low.
December 14th, 2006 at 06:17 pm 1166120258
with that said: yes, our mortgage is very small, and that is at an incredibly crappy interest rate (trust me on this one!). the house we bought is 80 years old and somewhat small by today's standards (1700 sf), but it's in good shape, in no need of real repairs, and in a neighborhood i believe will be 'revitalized' in the next 5-10 years or so (1 mile from a blooming downtown). we got very lucky, b/c it's a mortgage we can afford even if we both go on unemployment (knocking furiously on wood!!!)
December 15th, 2006 at 04:36 am 1166157404