Sigh, It's Budget Time

This is going to be a challenging year for us financially. I know many people have much harder circumstances than we do so I will take a moment to thank the Lord for his goodness and blessing. We will continue to give back to Him a fitting portion from the plenty He has put into our care. We are stewards, really.

Our known expenses for 2008 exceed our salaried income by $2.

Electric is our only utility and is up 6% over 2007 based on the 2007 average. PPL has warned us that they will be raising rates this year, again, probably close to 8%. Our budget will fall short here.

The vehicle fuel category is up 13% based on the 2007 average. If gas hits 4$/gallon this expense category will fall short by about $70/month. I have thought about taking a bus to work but I expect that would increase my commute time from 80 minutes/day to 160 minutes or more.

2007 medical expenses were about 275% over budget. So, we must increase this savings category accordingly which lets $30/month for general savings. Hey, it's something.

Hopefully, we will be able to pay off one of our loans after selling Wifey's truck and receiving our tax return.

The only cushion we have is the fact that our budget is based on 24 pay periods but really there are 26.

So, how are your finances? Check out this month's poll question on the homepage.