Since I am able to anticipate a need for money during the time while I’m student teaching when I won’t have my primary stream of income (my part-time retail job), I don’t want to plan on using my Emergency Fund for that time. So, I’ve opened an ING Savings account that (once funded!) is going to serve as “income” for February, March, and April. Obviously, I’ll still try to make side income during that time, but I can’t count on making a certain amount, so the bulk of it should be in place before February gets here.
How much will I need in it?
Enough to cover my fixed expenses:
- $200.04 for health insurance
- $71.49 for JuicePlus+
- $9.99 for CreditKeeper (allows me monthly access to my credit report, notifies me when inquiries are made, etc.)
At $281.52 a month, my fixed expenses will total $844.56 for the three months of student teaching.
I’ll also need enough to cover my variable expenses:
- gas (the amount I will need will depend in large part on the location of the school I’m assigned to): for now, I’ll say $175 a month, so $525
- spending money (for entertainment, random expenses, etc.): approximately $100 a month, so $300
Grand total? $844.56 + $300 +$525 = $1669.56
If that were my only big upcoming expense I would feel pretty confident that I could come up with the $278.26 that I would need to set aside each month between now and then. I’m actively pursuing side income, I’m trimming my expenses, etc. I’m on a roll!
I had my visit with the periodontist yesterday, and I’m going to need gum grafting. There are two spots that need it, but one side can wait for a while (hopefully a few years). One area, though, needs to be taken care of in the next six to eight months. The pricetag? $1367! My meager dental insurance plan covers routine cleanings, but that’s about it. There’s a chance it could cover a touch more, but since there is a $500 maximum, I can’t count on it. I think most oral surgery procedures aren’t included, either, so I’m not holding my breath.
That’s a total of $3,036.56 that I need to come up with in the next 6-8 months.
My current plan is that all side income will be split evenly between these two goals. Additionally, I’ll be trying to maximize the amount of money from each paycheck that can go to these causes, both upfront when I receive my paycheck and with any money that is leftover from my spending allotment.
I’m going to need to get creative!!