Author Topic: "Odd" line items in my monthly budget spreadsheet  (Read 2385 times)

Rewdoalb

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"Odd" line items in my monthly budget spreadsheet
« on: February 01, 2016, 08:15:53 AM »
Each month I update a spreadsheet.  The main categories are pretty obvious - Gross Income, withholdings/contributions, net income, expenses, giving, and saving.  I break each of those into more specific categories and accounts.

Question is, certain things are difficult to categorize, like short term savings for specific things and paying down specific debts early.  I'm not sure how they fit into expenses OR savings.  Here are the specific items:

1. Student Loan Extra Payment - $100/month
2. Auto Loan - will be my $250 standard payment for January but...
3. Auto Loan Extra Payment - This is ~$3800 for February - then the loan is gone :)
4. Future Auto Savings - will start as $150/month from checking to my taxable brokerage

How would you guys incorporate these?

Comments on my strategy are also welcome...

As you can see I am somewhat snowballing what WERE auto payments toward a combination of student loan paydown and short term investing to replace the car (permanent portfolio so it's not likely to plummet short-term).  Car hopefully lasts another 2 years (heavy mileage for 1099'd work travel)

For the basic info, DW and I are putting $1300/month into 401k + roth + traditional IRA.  Gross income fluctuates between about 5000 and 7000 on average.  Recurring expenses targeted at roughly $2500.  A master's degree program will bump that up to $2900 starting later this year.  Recurring charity/gifts at $700.  Happy to provide more info if needed.

Jack

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Re: "Odd" line items in my monthly budget spreadsheet
« Reply #1 on: February 01, 2016, 08:34:33 AM »
Paying off debt principle (not interest, just principle) counts as savings.

Saving for a specific purchase also counts as savings; when you make the purchase it counts as an expense (and you may or may not wish to count the item bought as an asset).

thd7t

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Re: "Odd" line items in my monthly budget spreadsheet
« Reply #2 on: February 01, 2016, 08:43:51 AM »
Whenever I've made extra principle payments on loans, I've included them in the expense on the loan, because it's more or less a zero sum move on my net worth.  It keeps the categories clear.

snuggler

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Re: "Odd" line items in my monthly budget spreadsheet
« Reply #3 on: February 01, 2016, 08:50:37 AM »
Whenever I've made extra principle payments on loans, I've included them in the expense on the loan, because it's more or less a zero sum move on my net worth.  It keeps the categories clear.

Ditto. I update my assets and loan balances fairly regularly, so this all works out if I just treat extra loan payments and extra savings as expenses.

neo von retorch

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Re: "Odd" line items in my monthly budget spreadsheet
« Reply #4 on: February 01, 2016, 08:50:53 AM »
The way I think about it is this. There's the outside world, and there's me... my financial bubble. When you get a paycheck and deposit it, money comes into your bubble. When you purchase a car or food or electricity, it leaves your bubble. When you pay a mortgage, and they keep some of it for interest, taxes and insurances, it leaves your bubble.

Money moving in and out of the bubble is the actual change to net worth.

Savings is any money that came into your bubble over a particular period of time, and didn't leave.

 

Wow, a phone plan for fifteen bucks!