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I'm finally working on my 2011 budget, which is the linchpin of the rest of my plans for the year. How much money I need to make and when, how often I can go on vacation, at what point various important projects and events can or must occur, all come from my budget.
I used to hate budgeting, and it can still be somewhat of a chore, but the ability it gives me to shape my life, and the security of knowing what the future holds for me financially makes it all worthwhile. The way it allows me to plot a course for my life is pretty remarkable, especially for Americans who get so little education about practical money matters and are so driven by The System to spend without control.
I'm definitely not done yet, but the good news is that I still have more than 12 months of money in the bank. It's tracking closer to 15 months right now, but I know there are items I want to add that had been missing from my previous budget and ended up coming out of my Food and Entertainment allotment, which became kind of a catch-all for things not paid for elsewhere. I feel a bit guilty, as 2010 was a very good year for me financially. I worked a corporate job for 6 months to save up some cash, and made a fair killing in my retirement portfolio, which is up 50% from the beginning of the year.
Once this is done enough to start planning, I can set a launch date for my first iPhone app, start selling a bunch of stuff I want to get rid of on Ebay, and try to figure out when I'll be able to start and finish the renovation of the Master Suite, which will net me another $300/month. This year I'll also be tying into my longer-term plans, including how I'm going to increase my passive income to eventually pay all my bills, and how my goals now tie into my retirement plans.
I used to hate budgeting, and it can still be somewhat of a chore, but the ability it gives me to shape my life, and the security of knowing what the future holds for me financially makes it all worthwhile. The way it allows me to plot a course for my life is pretty remarkable, especially for Americans who get so little education about practical money matters and are so driven by The System to spend without control.
I'm definitely not done yet, but the good news is that I still have more than 12 months of money in the bank. It's tracking closer to 15 months right now, but I know there are items I want to add that had been missing from my previous budget and ended up coming out of my Food and Entertainment allotment, which became kind of a catch-all for things not paid for elsewhere. I feel a bit guilty, as 2010 was a very good year for me financially. I worked a corporate job for 6 months to save up some cash, and made a fair killing in my retirement portfolio, which is up 50% from the beginning of the year.
Once this is done enough to start planning, I can set a launch date for my first iPhone app, start selling a bunch of stuff I want to get rid of on Ebay, and try to figure out when I'll be able to start and finish the renovation of the Master Suite, which will net me another $300/month. This year I'll also be tying into my longer-term plans, including how I'm going to increase my passive income to eventually pay all my bills, and how my goals now tie into my retirement plans.
