Rent 400 x 6 = $2400
Phone bill 30 x 6 = $180
Internet 60 x 6 = $360
Light bill 100 x 6 =$600 (averaged per month)
Total= $3540 x 2= $7080 per year
These figures do not include auto insurance, co-pays, medications, food or any of those things that come up unexpectedly. At the moment that's a large goal even if I only work toward the six months of basic expenses that come to $3540 instead of the $7080 for the entire year. This means that I have to break that goal down farther.
I'll begin with the smallest bill that we have which is the phone bill at $30 a month and only $180 for six months. Now how to I plan to achieve that while catching up on what I am behind and paying my upcoming auto insurance? Very carefully.
What things take priority while I'm attempting to save for my retirement, otherwise known as the low fixed income years for a lot of people?
- gasoline for appointments
- keeping my car insured and the tags up to date
- meeting my child's basic needs and those things that come up at school on a regular basis.
I know what how much I need that's the first step. I'll work out the details with list and visible goals, the same way I do everything else.