In the next few months I’ll be receiving some extra income from a few different sources, and I’ve been thinking recently about how I want to allocate the money into my savings accounts. Right now, this is what I’m thinking (I included approximate amounts and when I’m expecting the money to be coming in):
Tutoring Money – About $400 (will be coming in between late April and early May)
I want to save at least $250 of this money in my Freedom Fund, and use the rest for T’s birthday gift.
Stipend for Reading AP Exams – About $1200 (will be coming in in the first week of July)
I’m planning on splitting this money evenly between my Travel Fund and my Freedom Fund; this will bring my Travel Fund up to $1100 by the end of July!
“Extra” Paycheck – About $1400 (will be coming in the last week of July)
I’m going to replenish my Car Repair Fund up to it’s max-out level of $1000, then put the rest of this check into my Gifts Fund for Christmas.
Summer School Money – About $3000 (hopefully will be coming in between July and August)
This one is not a guarantee; I still haven’t heard from the summer school administrator, so I’m not sure if I have a summer school position or not. But if I do, my plan is to put $2000 of this money into my Freedom Fund and $1000 into my Roth IRA.
If I’m able to follow this plan, meeting my savings goals for the year should be a cinch. Summer school is the real question mark in this whole scenario, though. In fact, if I don’t get a summer school position I might have to re-work this whole plan. I should be hearing back about it by the end of the month, though, so I’m keeping my fingers crossed!
P.S. – I lost another 3.6 lbs! I’m down a total of 11.6 lbs – only 8.4 more to go!