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Planning Summer Expenses

June 8th, 2008 at 03:15 pm

I need to think ahead about how I'll handle "extra expenses" this summer, given the change in my summer plans (my previous entry). So I'm "thinking out loud" here.

My income from my FT job will handle my basic expenses, but cannot handle multiple extraordinary events--eg a medical or veterinary emergency or a major car repair--there's the emergency fund for that, but if I'm just living off the FT income, as I am for the next 3 months, it's hard to rebuild the emergency fund when I go into it.

Right now the only known additional income is a $300 gift from my mother. I may be able to add some part-time earnings to this.

And there will be multiple extra expenses this summer:

Home Repairs: 1200-1700
Tuition: 400
New Glasses 400? (it's been 4 years since I got some, so it may cost more now)
Trip to L.A. 500 (should visit Mom; it's been 2 years & she turns 75 soon)

That's $2500 that might have to come from savings, and I would expect at least $500 more in either unexpected vet or car repair bills, just based on past experience.

So that's potentially $3000 from the E-fund, minus the $300 gift = $2700 from the E-fund, or 28% of it. Certainly doesn't deplete it but also it will take most of the rest of the year to build it back up again.

I'll have to see what I can do about earning some part-time or temp income over the next two months. In addition, I'm trying very hard to cut back on my food expenses especially (the most malleable), and hopefully luck will be with me and there will be no major vet bills or car repair expenses this summer.

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