Saturday, June 7, 2008

Making Income And Budget Match

I'm obsessing again...about my early semi-retirement plans. I made a spreadsheet with different low budget options and then matched the lowest dollar per hour job that could earn enough for that budget. Actually, my goal is to have my rental income (or home equity money if I sell the house) produce enough to cover my minimum budget. Then the part time job that I get will be for spending money.

Health insurance is a big part of the budget. I have $150 budgeted for a high deductible health savings account. I don't have anything in the budget to actually fund the health savings account though. That's something I'll have to think about before I quit my job with benefits.

This second spreadsheet, which is unfortunately too tiny to read, is my mortgage amortization chart. This one involves selling half of my stuff but it would only take me 2 years and one month more (if my house is rented continuously). I made another one where I sold everything that I could including my RV and truck. That would only take 1 year and 2 months more but I would have to live in the icky mobile home and ride my bike to get anywhere. I don't want to live in total poverty. One little disaster and I would be in big financial trouble. The 2 year plan is a little more realistic although I would still have to make some sacrifices. I don't think I would actually quit my full time job in 2 years but sometimes when my job gets on my nerves it's motivating to think that it would be possible. Every month I continued to work after 2 years would enable me to save tons of money...as long as I don't go on a wild shopping spree.

2 comments:

Lyn said...

You are doing so well with your planning. I'm impressed!

Daizy said...

Thanks! Now I just have to try not to get fired for spending so much time on my own little project.