Checking In With My Savings Plan: April 2017 Edition
In April, I received $2,904.69 in freelance earnings. Here’s what I put in my sub-savings accounts:
Taxes got 25 percent, or $726.17.
Savings got 15 percent, or $435.70. (Earlier this month I wrote that post about how I was going to put 25 percent of my income in my savings account and pay my business credit card out of savings, but… that idea lasted for, like, a week. Now I’m saving 15 percent and paying my business credit card out of my checking account.)
That left $1,742.81 for my checking account, which isn’t enough to pay my roughly $2,000 in monthly overhead expenses (rent, food, bills), not to mention any business or personal expenses.
However, the cashflow problem was less of an issue this month because I put a $3,000 buffer in my checking account. With the checks I’m scheduled to receive next month, and with a very close watch on my spending, I should be able to pay that buffer back and “reload” it for the next low cashflow month.
My current checking account balance is $1,880.06. Let’s see how this month goes.