The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice

October 9, 2009

Cash Breakdown September ’09

Filed under: Excel fun, Personal Finance, Real Example, Uncategorized — Tags: , , , — thebalancedspreadsheet @ 2:27 pm

It has been almost three months since I have done on of these breakdowns on our cash balance.  I do not do this monthly, but it is good to check every once in a while to see what your cash is earmarked for.

Cash Breakdown 09-09

Emergency Fund-No changes here with the amount staying at the same at $10,000.  It is great to know that we have ten grand in the bank in case of medical emergency or job loss.  Currently there is no desire to increase or decrease this amount.

Working Funds-As always with a quarter end month, the balance is zero.  As described in June’s cash breakdown update, because I participate in my employers stock purchase program, I need to cover the $1,667 that is withheld from my pay check each month.  Next month this amount will reset. 

 Insurance Accrual-Foolishly I did not include this last time.  Since we pay our car insurance semi-annually (June and December) and the our life insurance annually (June), I need to “accrue” monthly the cash needed to pay the bill when it is due instead of having to come up with the full amount on the month it is due.  I simply just take premium due and divide by 12 for my accrual.

 IRA Funding-This is for both my wife and me.  It is part of our financial goals that we put 15% of our gross pay into retirement accounts.  Already this year we have contributed $250.00 each into a ROTH IRA for 2008.  The maximum for 2008 that you can individually contribute is $5,000.  The rest of our retirement funding goes into a 401(K) where our employers match.  I hope to contribute this amount sooner rather then later.

Car/Vacation-The remainder of the cash balance goes in this fund.  It’s nice to see the balance increase ~$1,750 in three months, which is an average monthly increase of over $575!  We are planning on taking our one year anniversary trip in May to a yet to be determined location.  There are no plans to purchase a new car but it is nice to have the money in the bank just in case.


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