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Account reorganization, part III

September 27th, 2006 at 02:35 am

In parts I and II, I talked about my accounts and usage.

Now, we get to cashflow.

I get paid via direct deposit biweekly. That meams eight months per year with two checks, and four months with three checks.

But for the expenses that come out of checking--namely, rent, student loan repayment, utilities, and credit card bill (for groceries, transportation, and miscellany), I'm pretty sure I can subsist off of only one paycheck per month.

So what I think I'm going to do is keep the first paycheck of every month in checking, and transfer the others out to income savings immediately upon receipt.

My income savings account gets debited weekly for Roth IRA deposits to Vanguard. Right now, I'm putting in $170/wk until next March (to max out this year's contribution and get on track for next year), but afterwards, this drops to $76.92/wk.

I've also set up auto-transfers to my various subaccounts.

My car fund receives $200/mo. This will pay for my lessons, license, and registration. After a year, I hope to have enough to buy a car (~$2000). Now I may not actually get a car summer, but I want to be *able* to. Afterwards, this fund will pay for insurance, gas, maintenance, and the like.

My emergency fund also gets $200/mo. With a goal of $5000 for (6 months of expenses, sans car), it'll take me two years to build. I think this fund will eventually get moved to a higher yield money market account.

My house fund currently gets $50/mo. I know this won't actually get me anywhere, but I want to start saving regularly for this. Once my monthly expenses stabilize, I'll adjust this amount. This money will probably go into either high yield CDs, or mutual funds (probably the latter).

I haven't set this one up yet, but I think my medical fund will also get $50/mo. I know that my birth control pills will cost $130/yr.

I think I'll put off the "grad school application fee fund" for a year.

I guess what's left over will go towards discretionary spending (a bike comes to mind), although knowing me, I'll probably throw everything that's left at my house fund. I'd like to have $40K for a down payment by 2015. More on this later.

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