After going through the usual mid-month transfer of money between ING accounts, I realized that I haven’t written in a while about how we’re currently allocating our various incomes. We’ve been on the same course for a while now and it’s working well.
Since I have the full-time year-round job, we’re doing all our living off my income. This includes rent, groceries, misc, as well as savings for things like insurance & car repairs. One area in which I’d like to improve is saving for retirement, but with Micah’s student loans & grad school still ahead for me (and planning to go without loans), retirement gets the shorter shrift. We’re putting $$ towards it, just not as much and as regularly as I’d like.
If I stay with my employer long enough to get their match (and I hope I will) in December, then I plan to start putting money toward that too.
My Consulting/Blogging Income
Right now, all my consulting & blog income is going toward saving for my grad school. I plan to start in the fall & I am determined not to take out any student loans. I’ve already got enough for two part-time semesters, even though I only started putting this money toward grad school back in November.
Because Micah is only paid during the semester, it would be unwise to depend on his income for our regular expenses. So we’re putting 3/4 of his income towards paying off his own student loans and 1/4 is going to my grad school (since I’m supporting him).
All my blog/consulting income goes into a special account and the living expenses get shifted to the proper accounts at the beginning of the month. Mid-month, I go in and manually move Micah’s paychecks into the proper places, since that requires a little more care.
Right now this setup is working very well. The numbers are looking good on the living, grad school, and debt-repayment fronts. It’s been so placid and pleasant that I hadn’t even thought about writing about it.