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Lots of Budget Changes - forcasting potential budgets

July 1st, 2015 at 11:57 pm

The 2nd half of this year is bringing many financial changes for my husband and I.

I will have the credit card debt paid off by the beginning of August.

Baby Hopeful will be arriving towards the end of August.

My husband & I both get 3 months parental leave.

We will be adding insurance for the baby.

Out next big financial goal is savings towards a new home.

November begins Daycare expenses.

January 2016, we will be increasing HSA contributions and creating an FSA account. I will be contributing $3333 pre-tax and my company matches $1667 for a total of $5000 for the year.

However, because of how the FSA reimburses, we will have to cash flow the daycare costs and will utilize the reimbursements to replenish cashflow.

So I have multiple paycheck budgets set to accomidate all the changes.

First, my current budget will transfer the $1550/month that was going to debt repayment toward the New Home Fund

The next budget adds in daycare costs, which decreases the snowball to the New Home Fund.

Then I have my 2016 estimated budget which includes the increased HSA and the FSA.

Its fun to plan! But I HATE seeing expenses going up and money in my snowball decreasing. I can hope that 2016 allows for some OT, even with the new baby Smile

Posted in Uncategorized | 3 Comments »

3 Responses to “Lots of Budget Changes - forcasting potential budgets”

  1. snafu Says:
    July 2nd, 2015 at 01:53 am 1435802030
    1435802030

    Great job planning, meeting goals and carrying out plans. How does your new addition affect income tax? Can that reduction likewise be targeted to a goal?

  2. MonkeyMama Says:
    July 2nd, 2015 at 02:20 am 1435803631
    1435803631

    That you both get 3 months off is awesome! Hands down the best thing about having a stay-home hubby is having a partner home full-time during my maternity leaves. I am sure there are *many* other perks, but that part will always have an extra special place in my heart. It's nice to see paternal leave becoming more common.

    Sounds like lots of good plans!




  3. scottish girl Says:
    July 2nd, 2015 at 09:32 am 1435829547
    1435829547

    I'm so glad you both get 3 months off!

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