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Viewing the 'Income' Category

PayDay

October 15th, 2015 at 07:47 am

My husband and I sat down and did our budget last night in YNAB. This is our third budget of income and it seems like it is getting easier. I expect it will keep getting better too.

One neat thing about YNAB is that you can click on a category and see the transactions that flowed out of it. For example in our Household category we had spent about $122 during the first two weeks of the October. We talked about doubling it, but then when we looked at the transactions we recorded there we realized that $42 was an Amazon purchase that I had but actually had snowflakes that covered it and the YNAB cost of $54 was in that category. These were unique expenses that we don't need to be part our budget for the remainder of the month. So we simply added $35 to cover the remainder of October.

We paid off all transaction that occurred on credit cards since the beginning of the month. And I paid off the Citi Thank You card IN FULL that I mentioned needed to paid by the end of the month to avoid interest!! That feels so much better to have that off our plate.

The next 'bill' we need to be aware of and budget in is our airline tickets we purchased earlier this month for Thanksgiving. I believe this is due in the last part of November. The charges were $882. I already found about $25 to apply to it. If we can stay under budget this month then I will send the extra in to start working on that charge.

Moving right along!

Snowflake Coming

October 12th, 2015 at 05:45 pm

I completed a Pinecone survey last week. I was credited today. And since I had 1500 points, I redeemed them for $15! I should have that money in my PayPal account soon. Yes, more snowflakes!!

I'm looking forward to Payday on Thursday. It seems our cash is running out. We should be fine and within budget until then. It's just time for more cash! Smile

I'd like to get some items listed on eBay soon. I have items that should sell. I just need to get it together and done!!

Our moving company sent their insurance company over today to take picture of items damaged and broken during the move. Of course, we already took pictures, but they need their own. Now we wait to hear what they will offer us.

It's PayDay

September 15th, 2015 at 05:23 pm

It is payday today. The market was up. And I sold another item on eBay! And the weather was a 10 out of 10 in my book. It's like all of the stars aligned and angels are singing. At least it sort of feels that way!! Smile

I'd pay bills usually, but DH is not available to work on YNAB until Thursday, so we will wait. I can probably start on it a little tomorrow, but I want him to learn along with me, so if I do too much it won't help him.

I think ten minutes after I returned from mailing the eBay item I sold yesterday, I sold another item. I promise to ship the next business day following payment so it's not a big deal. If I had waited a bit I could have mailed them at the same time. But of course, I didn't know!

As far as the stock market is concerned, I still haven't sold any shares from my daughter's college account. I'm watching the markets to see if they get closer to break even for the year at least. I would like to sell as few shares as possible. The lower the share price the more shares it will take to come up with the dollar value I need.

I also lucked out getting a big survey completed on Swagbucks today for 175 SB. I had a 50SB one as well. Even after redeeming nearly all my Swagbucks yesterday, I already have 535 again tonight. Moving right along towards my snowflake goals.

How was your day? Did the stars align and angels sing?

Withholding and CD Expiring

September 11th, 2015 at 06:54 am

My husband did change the withholding on his W2 to 18 last week. The change is already showing on his paystub for pay on September 15. The goal was to avoid having any further withholding through the end of the year, as we have determined we have already paid enough to cover taxes on our return. The increase in pay is $259.32 each paycheck through January 1. This money is going straight to savings to pay ourselves back for tuition just paid.

We have a CD with Navy Federal Credit Union that is expiring on the 17th. It was a 5% interest CD for 12 months. The maximum we could invest was $5,000, which we did. That means $250 earned! I only wish all our money was earning this rate. I may invest in another CD with NFCU that has a maximum investment of $3K earning 3% for 12 months. Much better than 1% on savings. I'll get that all figured out once the CD matures next week. Does anyone know of any CD specials with secure banks earning a decent rate?

We will have a little spending tonight as we are going to an away high school football game to see our daughter perform with the marching band. Admission is $7 each. Plus concessions, we usually need a least a water since they won't let you bring any in and it's HOT here! I gave my daughter $15 since we weren't sure about dinner, but she thinks the band boosters are covering the cost of pizza for the group. (The game is 45 minutes away and they leave right after school...going to be a LONG night!)

Really hoping to keep the rest of the weekend LOW or NO spend!

Procrastinating on YNAB

September 3rd, 2015 at 10:49 am

I'm procrastinating using YNAB. I know I can probably catch back up since we aren't too far into September. My husband did get paid so that is easy. I have already set up my normal way of paying bills. Thus it doesn't seem necessary. It feel like MORE work to use YNAB.

I still want to try. I'm just being honest. I'm procrastinating getting it done. Maybe this weekend? I'll let you know.

I do have one question. We make our Roth IRA investments out of our net paycheck received on the 15th of the month. Do I include these contributions as an expense? Or should I deducted them from income before I input that amount?

For those of you that use YNAB, what do you like most about using it?

YNAB

August 31st, 2015 at 04:28 am

We downloaded YNAB this weekend. I've taken one class and entered in some things (primarily savings pots that already exist in our checking account). Tomorrow is payday so seems a good day to start using it! I think initially I'm going to be entering things the old way in my spreadsheet to make sure it is lining up with what I expect YNAB to do.

My husband and I did sit down last night for a discussion. He is now aware of our total cash savings, the current amount on credit cards (not paying any interest), the net income, our expenses and how much we are saving annually for retirement. He seemed very pleased to know all the details. He was a bit surprised that there wasn't as much extra as he thought. He admitted to spending thinking that with his raise there is a lot of extra. There really is plenty. To me, it's about not wasting the extra on lunches out. We need to make sure we are accomplishing what we want with our money.

It was a good start. We didn't make any decisions on buying anything new. No changes have been made to anything yet, which is fine. We'll get where we want to go soon. Smile

The first month of YNAB will be interesting as I'm not entirely sure how much we spend on groceries or gas each month. I will do my best to make an educated guess. The nice thing is I do know how to save cash for non monthly expenses, such as an insurance bill. I already have that part of the budget figured out....well for some things. I'd like to do this for more items as we move forward.

What do you like best about using YNAB? Did anyone try using it and then give up?

Withholding Calculations

August 28th, 2015 at 07:25 am

I now have more information about the costs of tuition this semester, what can be claimed for the American Opportunity tax credit and how it will impact our taxes owed. And the good news is we will owe less in taxes as a result!

The bad news(good news?) is we have already had too much tax withheld to cover our taxes. A whopping $1775. Yes, most people rejoice at such things praising the government for providing them a tax refund. Unfortunately, I blame myself. I actually increased our tax withholding to compensate for the fact that we would no longer be able to claim the child tax credit (of $1000) for our oldest daughter and my husbands increase in pay. I didn't take the time to figure out about the college credits available and how that would impact our taxes. Oops!

The good news is I have changed our withholding to 10 for the time being. In order to avoid any more withholding we need to claim 18! My husband will need to do this in person, as I can't change the amount higher than 10 online. Once it is changed to 18 his monthly paychecks will be $518 larger! Money that I plan to set aside for the tuition bill in February.

Of course, I will need to change the withholding in January to make sure we do have money withheld in 2016! I haven't figured the correct amount to withhold right now, but trust me I will do a better job this year in getting it right. I will have more clear information this time around. Smile

Do you know where you stand on your withholding and taxes owed for 2015? Is it possible you need to make changes due to a change in circumstances? Do you prefer a refund or just to owe a little on your tax return?

Temporary Lodging Paid

July 24th, 2015 at 06:18 am

We received a payment for our temporary lodging expenses yesterday. The amount was $1550.50. This is less than the rent we actually paid for 30 days. But the Army made this payment based on their calculation for 10 days worth of lodging and meals. Works for me!

I can now make the final payment on our Citi Premiere card, which is under $800. That will make the balance zero. It should remain that way and we will get it closed in the near future.

I still have a running balance on our Citi Preferred card, maybe about $3K. This card has 0% interest, so I have been just paying what I can from paychecks. I will need to dip into savings soon to get it all paid off, which is fine. I haven't even used all the money the Army has sent yet. Smile

I expect I can put at least $1500 on it today, and have another $500 available on pay day. Of course, we have our trip expenses, but some of that Army money is covering the trip. I'm finally feeling a little more in control of the cash inflows and outflows again.

It will be interesting to see how college and making payments feels in the next couple months! It's coming up fast. Smile

Escrow Check Arrived

July 17th, 2015 at 12:57 pm

The escrow check from our mortgage company arrived today. A nice fat check in the amount of $2,033.05. We are still owed $21.98 for cancelling our homeowners insurance. The insurance company sent that money to our mortgage company, but apparently it did not arrive in time to be included with this check. I'll be depositing it using my mobile phone!

We are still waiting on one more Army reimbursement. It should cover some of our time in our temporary apartment. I'm guessing that could take a couple more weeks.

One day soon all the money flowing out and in will settle down a bit. It has been a crazy year so far!

Quick Update

July 15th, 2015 at 12:27 pm

All of our items arrived at our rental home on Monday. I've nearly unpacked all boxes inside the home. I will need to find a cool morning for the few in the garage. We were even able to unpack quite a few boxes while the movers were on a break waiting for a second truck to arrive. That means they already hauled away all the boxes and papers we unpacked then. Actually kind of nice! Smile

Unfortunately, not all of our items made it halfway across the country in good condition. Frown I've seen a broken plate, broken (in half) candle holder, grease and debris on several of the mattresses, a hole chewed in the corner of our big wood desk (a mouse while in storage?), a broken bike reflector, damage to the bottom of our entertainment center that seems to have been already repaired using two stains and wax (and not in a good way)...and some other minor dings that I will live with and avoid mentioning.

It's payday! We also received a payment for the items we moved in our van. That payment is taxable, so the net amount was $734.51. I haven't logged on to see the rest of the details for how much the total was and how much was withheld for taxes. I think they withhold 25%! We'll get that back early 2016 when we file our taxes. Now we are just waiting for one more payment...the one that is for the temporary lodging. Maybe two more weeks at least on that one.

That's it for now. More details later when I have more time. I want to get back to the unpacking. Although I did appreciate the few minutes it took to write this post to get off my feet. Moving is tiring!

Yes! The Money Is Pending

July 3rd, 2015 at 03:33 pm

Most of our travel reimbursement from the Army is pending in our checking account today. This one is for our Dislocation Allowance, mileage and per diem for our actual driving trip to our new location. At least that what it looks like from the amount. Smile

The amount pending is $4,656.55. Definitely plenty to work with to get our credit card paid off. I'll give more updates when it is all complete.

Still Waiting

July 2nd, 2015 at 05:51 am

We are still waiting on the reimbursement from the Army. Maybe tomorrow? I know it will come eventually. It just takes patience on my part!

The good news is we finally got a daily itemized bill from the corporate housing company. My husband can turn this in to get some reimbursement from the military for our temporary quarters. They will only cover 10 days, but they include a per diem for food for those ten days with the assumption you are probably in a hotel and eating out for all meals. That extra food money will help defray some of the costs as well. I'm going to guess this would come to around $700 if we get it. It could be more, but I'm not going to pin my hopes on it.

Have a super Independence Day weekend!!