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Raise! New Budget!

August 18th, 2008 at 11:38 pm

Well, we finally got word of the raise and it'll add a good $10k to my husband's salary. This is going to make a BIG difference in our debt repayment plan. I'm so excited! We talked today about funding his 401k up to the match (6%), putting $100/month in savings and then putting the rest of the raise completely to debt. We also talked about not changing our lifestyle expectations with the raise so we're on the same page. This is so exciting and such a relief. They'll officially announce his promotion to the department on Wednesday. His yearly bonus is due to come on Sept. 15th and we find out tomorrow if it'll be based on his old or new salary. (Keeping our fingers crossed that it'll be based on the new salary!)

So...here's a breakdown of the new anticipated budget. I expect to see $2550 each pay period (bi-monthly) after taxes and other deductions. I think it'll start on August 31st.

BUDGET

$5100 take home

$850 rent
$40 water
$80 charitable offering
$300 food
$334 car payment
$300 gas
$100 fun money (the money we don't have to be held accountable for, $50 each)
$40 haircuts (we'll rotate in getting this, I need to learn to cut my husband's hair and save a bundle!)
$150 car insurance
$70 student loan #1 payment
$54 student loan #2 payment
$55 cable/internet
$120 cell phones (no home phone)
$200 electric
$515 tithing (charitable offering)
$100 cushion/misc.
$100 savings
$1692 DEBT REPAYMENT ($538 in minimums)

I don't have any special accounts or withholdings to pay for special things when they come up (such as car registration, etc.) but expect to use the cushion or take it from the extra debt money when they come due.

4 Responses to “Raise! New Budget!”

  1. cargirl86 Says:

    Awesome news!

  2. sillyoleme Says:

    Very cool! Great news for you guys!

  3. NJDebbie Says:

    Congratulations!

  4. Personal Finance Student Says:

    Thanks everyone!

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