My mortgage payoff is only 5 months away so it is time for a budget review. Now, this budget is my very lowest basic budget. My goal is to have the rent from my rental house, $700, cover my basic expenses and anything else will have to be paid for from a part time job or whatever I decide to do, like start my own business.
You will notice that I added $100 for the "Dogs" category. I don't plan to give up my dog hobby any time soon so I might as well put it in my budget to see how it looks. The first column "Min" includes my RV expenses. The next column "Min, no RV" has the RV expenses removed, after I sell it. Then "No RV or H.ins" is if I got a job that provided health insurance for me. And lastly, "No H ins." is if I kept my RV and got a job that provided health insurance.
You will also notice that some categories are very low like gas is only $32. That is enough for one tank of gas a month. If I want to go anywhere farther than the grocery store I had better find another source of income. Electricity is only $50. That would work for maybe 8 months of the year. The other 4 months I had better find more money or sweat a lot. The Christmas fund is only $20 which means I would have to be very creative with gifts or as I said before, supplement my income.
As you can see there is plenty of incentive to increase my income and/or live creatively. I need to have a large emergency fund too because my rental house is not a guarantee of monthly income. I also need a maintenance fund for my rental house of at least $3,000 in case the AC needs to be replaced or the roof has a problem.
An $8/h 20 hours per week job would provide around $550 extra a month for bills such as extra medical expenses, travel, etc.... I haven't decided when I want to make this leap from full time to part time employment. It really depends on how long I can stay at my current job without going crazy. Also, if I do switch to part time that would mean I would be living in my mobile home for a long time, maybe forever.
It is exciting to think about my options as the time draws near. Only 5 more months to go!