Furlough Budget – With Real Numbers!
March 16, 2011 4 Comments
The 15th was my first paycheck with my furlough taken out.
Before my semi-monthly gross paycheck was $2,125.00, now my gross paycheck is $1,879.81. The gross pay difference is $249. Or $498 less per month before taxes.
The semi-monthly net paycheck previous was $1,504.90, now my net paycheck is $1,360.76. The net difference is $144.14 for one paycheck, or $288.28 less per month.
After taxes the difference is pretty small. So I don’t have to make large changes to my budget. Here’s what my new and improved furlough budget with real numbers looks like:
Major changes from original budget:
- Reduced dog care contributions from $100 to $80 per month. Total savings $20.
- Reduced food contributions from $400 to $360 per month. Total savings $40.
- Reduced credit card payments from $576 to $452 per month. Total savings $124.
- Increased payment on bed from $105 to 110 per month. Loss of savings of $5.
- Eliminated contributions to entertainment and clothing from $60 to $0 per month. Total savings $60.
- No longer saving to Emergency Fund $50 to $0 per month. Total savings $50.
All of the above measures combined come out to $289 per month in cuts from my budget, which cancels out the $288 less I’m getting per month because of furlough.
We’ll see how this reduced budget goes. At least I’ll be able to pay over the minimum on my credit card!