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.
My Income
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.
Micah’s Income
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.
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I always think it’s interesting to see how people allocate their money. I’m a little nosey. 🙂
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Nice! My wife’s paycheck goes into our Bank of America account at the moment. We pay our rent from that account because we used to write checks until I finally set up an automatic bill pay.
I think I’m tired of doing business with them though, so we may just pool all of our money together into our joint ING account and pay everything from there. We don’t fight much over money, so the joint account works for us.
We’re working with one income so we don’t have to concern ourselves with this just yet…However I should be getting a job soon and this has inspired me to bring to the table how we Will allocate the different incomes. Since we can live off of one, its best to pay off debt/save the other.
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