Hey guys. February has begun. I began my journey and realized I needed a quick intervention. I was compiling feedback from this week and noticed I had made two mistakes that needed correction. These errors were found thanks to the feedback of a dear friend who loves to challenge everything I do; everyone needs one of those. So, he advised me to go into detail as to how I had calculated my bi-weekly salary.
Below I present a table detailing the calculations; my bi-weekly income is quite less(first mistake), and below is the amount I will transfer every two weeks. As for the child support deposit(second one), I will transfer it to my account when the money is actually received. Yep, its like a "you can count on me, but not too much" kind of thing.
| Time frame | Amount |
| Hourly | $7.25 |
| Daily | $58.00 |
| Weekly | $290.00 |
| Bi-Weekly gross | $580.00 |
| Social Security Deduction Percent | 6.2% |
| Medicaid Deduction Percent | 1.45% |
| Joint Deduction Cash Value | $44.37 |
| Bi-weekly after deductions | $535.63 |
| Child Support | $140 |
| Monthly income | $1,071.26 |
| Monthly Total (with child support) | $1,211.26 |
Less total money means my previous table of expenses needs to change; those for entertainment and emergency, obviously... bills, never change!, unless it's up.
| Expense | Cost (monthly) | Comments |
| Internet bill | $38.00 | 27th of every month; quantity is approximate |
| Daughter's school | $200.00 | before the 10th every month |
| Cellphone bil | $27.88 | First week |
| Electricity bill | $30.00 | approximate |
| Water bill | $30.00 | approximate |
| Rent | $300.00 | before the 5th of every month |
| Gas | $72.00 | approximately $18 weekly |
| Groceries | $300.00 | $150 every two weeks (food/ toilet paper/ paper towels / dish-washing soaps/ detergents/ etc) |
| School miscellaneous | $2.00 | casual day biweekly |
| Entertainment | $30.00 | movies, eat out, school, work stuff |
| Church | $8.00 | offering |
| Emergency | $40.00 | Sickness, medicine etc |
| Other | $26.25 | Clothes, shoes, Amazon Prime, school yearly fees, swimming lessons |
| Total | $1,104.13 | Total approximate money spent on expenses |
| Money to save | $107.13 | 10% of paycheck |
Well, this is what I am living with as of now. I have many things in store and am pretty excited. I'll be sharing with you what I have learned so far and how I have managed to live with less in the next intervention this Sunday. Peace! <3
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