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October, are you here yet?

September 26, 2008

Not only is the economy in turmoil, so are my personal finances. Earlier this year, I created an account for things that fluctuate monthly. I’ve heard the term “personal escrow” thrown around, but since I barely know what escrow means, I call it “Short Term Savings.” It includes insurance, gifts, personal care, home, entertainment, clothes and travel. Guess what the status of this account is?

  • Insurance: $625
  • Clothes: -$104
  • Entertainment: $0
  • Home: $0
  • Personal: -$23
  • Gifts: $169
  • Travel -$277

Blowing the insurance budget just isn’t fun, so that is healthy (due next month). The gift fund is also good, but it needs to be around $400 for christmas shopping. I need a new month, and even better, a new month with three paychecks in it.  October is that month!  October also has both my birthday, and T‘s, and my family is coming… so it’s going to be a splendid month!

My extra paycheck will devote $$ to bumping up those funds, bringing everything to at least zero, and sending a healthy $800 to the efund.  Whew! I’m thinking something like this:

  • Efund: $800
  • Clothes Fund: $150
  • Gift Fund: $200
  • Travel Fund: $300
  • Car fund: $100
  • Misc: $50

I’m going to cut back on the clothes and travel spending for the next few months, because my numbers are above the goals I set for myself. I’m going to try to get my cumulative average down. I feel relieved that September is almost over. It was pretty much as bad as August. It’s been a bad summer. Fall will be better.

I’m really really really excited. My family is coming next week! Not just my parents, sisters, and nephew (who I’m thrilled to see), but also many aunts, uncles, cousins, and little cute ones all over. (A cousin’s wedding is next weekend.) I’m picking them up at the airport Wednesday, then taking Thursday and Friday off.

In light of that, my apartment could use a deep clean this weekend, and so could my car.

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4 Comments leave one →
  1. September 26, 2008 7:35 pm

    I second the wanting of October! 🙂 Not only do I get a third paycheck too, but my husband comes home!! Very exciting for both. 😉 (Of course, he’ll also bring the spending back with him… But I can deal with that!)

    Escrow, I believe, is just the account that a mortgage company keeps the extra part of the mortgage payment in to pay for property taxes and a couple other things. It takes the total amount, divides by the amount of payments in a year and that gets rolled into the mortgage payment. So the style of account for irregular expenses is similar to this kind of account. (I’ve always heard it termed a “Freedom Fund.” I like it that way, but I always figured that someday I’ll just have “spill over” in my Emergency Fund for such expenses.)

  2. September 28, 2008 7:33 am

    Hi. I ran into your site from technorati and really like it. I’m not great with personal finances, but I am organized, so I just try to keep lists of my revenue and expenses in Excel. I like the idea of tracking personal escrow, ala short term savings.

  3. September 29, 2008 9:03 am

    I’ve been ridiculous with spending lately. I’m just happy that Sep is almost done (because it meant I got paid) and I’m sort of half hoping and dreading for Oct to be over (dreading = no money, and hoping it’s over quicker because the commute to work is killer)

  4. September 29, 2008 9:23 am

    I agree. Both August and September were brutal on my budget. I’m really happy to welcome a new month and get a fresh start.

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