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July 21st, 2010 at 10:59 am

In anticipation of us returning to work in about 5 weeks, I've been working hard on revising and our household budget. After everything is paid and as long as we remain employed and keep our tenants in our rental, we have a surplus of $2,245 and this is how we've decided to make good use of this money.

Extra payments on mortgage principal=$1,000.00
403B= 250.00
Roth IRA= 200.00
Savings=$ 795.00 mortgage

Budget categories:
food (envelope)
cable, phone,internet (bundle)
cell phone
heating oil
gasoline (envelope)
car payment
homeowners insurance
electric bill
property taxes
property tax (rental)
car insurance
miscellaneous (credit cards and gifts)
wine and spirits (envelope)
dog (envelope)
son's sports fees (envelope)
summer fund
utilities for rental
vacation fund

I did not include amy husband's monthly overtime check because it varies greatly ($100-up) and I'll use that money to help out my recent widowed mother, car repairs, extra money on our retirement accounts and other emergencies.

My son plans to transfer to a 4 year college in the Spring of 2011 so I told him that we will continue to give him $500 a month for tuition and board (we'll pay for his textbooks)for another 2 years. We have paid fully for his two years of community college. We had to give him a deadline of another 2 years because my youngest son will begin college in two years (he is a junior in high school now).

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