Thursday, September 4, 2008

Day 3 - Understanding by Total Income

I went back to my financial planning sheets and reworked my income estimator. Before I figure out how much money I need to save additionally to pay down my debt, I first needed to know how much I had to play with.

To the left is the percentile breakdown of my salary into each expense category. At the end, I realized that I had been underestimating how much I had left over each month by 50%.

Rather than the 6.68% left, I had though I was at 3% and so I had been constantly worried about my bank account emptying. This is one positive piece of news.

Every day I will continue to revamp my sheets to become more and more accurate. While the preliminary debt figures are ready, I will wait until this weekend to post them so that I will have some time to also provide a plan to pay it down at the same time.

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