Budget, Money Management

What In The World? I Made A Major Miscalculation!

I recently adjusted my take-home pay so that I can fully-fund my 403(b) for 2007? Guess what? I made a major miscalculation. Long-story-short, while making my budget calculations for the next few months, I left out a rather large ($500 or so) reoccurring monthly expense. I could talk to my employer and adjust my take-home pay again, but I don’t want to do that. So, I’m left with the following:

1. I have to decrease my spending, specifically my discretionary (miscellaneous) spending.

2. I have to increase my income, specifically non-work-related income.

So, I’ll be putting my golf clubs in the closet, turning the a/c up a bit, forgoing the dry cleaner, and washing my own car. And, I’ve already started going through my closets for items to list on eBay. In the last week, I’ve managed to make about $100, so I feel good about August.

Lesson learned: It’s always wise to check your budget once, twice, three times!

It’s like old times, scrambling to make the budget numbers work.

4 thoughts on “What In The World? I Made A Major Miscalculation!

  1. Would this count as an emergency? That is, would this be a problem eligible for tapping your emergency fund. 😉

    Seriously though, I’d first try tightening your belt and if that doesn’t work out, then you really couldn’t afford to max out your 403(b) this year and the contribution rate should be reset to normal.

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