A Good Start (well, a start)

As a first run at getting this PF blog up and running, here's my thought. In my original thinking, I would have started this on May 31st to go over my bills and my routine, but I dawdled and hemmed and hawed. So, we'll just have to be content with doing this a week late. Sue me.

So, the best place to start this off is to present my routine. I've been working in academia for quite some time, which typically means a monthly paycheck instead of biweekly (which I understand is how "normal" usually get paid). When this started for me, it was a bit of a shock -- having access to a month's worth of money all at once was exciting, but it wasn't until I ran out of money mid-month a few times to get in the habit of getting myself under control. So, here's what I do.

I get paid on the last working day of the month. That evening, when I get home from work, I balance my "checkbook" (I use Quicken, so it's all electronic... no book.), and pay ALL my bills at the same time. This was the key for me that I learned a while back to avoiding overdrafts and late fees (for the most part). Now, all my bills are due between the 1st and the 15th or 16th of the month, so it's a bit easier. Used to be that some were due before I was paid, so those were always late. But more about the past later.

Moving on... Here's what happened last Bill Day:

Checking Balance: $3229.92
June 2009 Pay: $2906.30
Difference: $323.62

This difference is immediately transferred to my ING savings account, which (in theory) should earn me some interest. This also forces two things: (1) forces me to save money and (2) forces me to subsist for the month on only my paycheck. This I have learned is a good thing.

The next step is to pay all the bills and see what's left for the month:

Rent: $925.00
Gas: $41.02
Cable/Internet: $70.85
Electric: $64.16
Cell Phone: $51.17
Insurance: $75.16
CitiCard: $150.00
Mastercard: $131.00
Student Loan: $105.66
CitiLoan: $217.19
Netflix: $18.01
TiVo: $13.08

And that's it for monthly recurring bills. Mastercard, Netflix, and TiVo are automatically deducted from my account each month on a set date, so all I have to do is note it. Most bills I can pay online, which saves checks and stamps. Getting this nailed down took me several months. I keep an Excel file with all my bills listed out with URLs, usernames, and passwords, so each Bill Day, I simply have to go down the list clicking and paying. It only takes about 90 minutes to go through the whole routine, and it spends about 1/3 of my monthly pay. It's depressing, but really it's just one really painful day followed by 30-ish days of not having to worry about it. This really works for me.