Working on a weekly budget, input appreciated

[Lintasare]

So I am trying to work out a budget so that when my next DW vacation comes around I am not charging the balance of my vacation package to my credit card. I recently got a raise at work and am now taking home about $350 a week. I get paid weekly on Tuesdays.

However for my budget I am working with my previous take home which was $300 a week with the excess going immediately to savings.

Here is what I have worked out:

Necessities:
Rent: $75, I have a separate acct for my rent and put 1/4 of my share in a week.
CC payment: $50, automatic payment that comes out on Tuesday
Savings: $25, automatic transfer that again comes out on Tuesday
Gas: $20, I work close to where I live so my gas expense is not huge
Groceries: $20-30, I buy alot of stuff on sale and store brands to save money.

Extras:
Lunch: $20, I usually bring my lunch but sometimes I eat out with coworkers.
Dinner: $20, my sister and I like to go out to dinner once a week.

That leaves $60 a week remaining or $240 a month. I also have my monthly electric bill which averages $75 and another credit card I pay $75 a month on. The second CC was something I got for a medical procedure and it's 0% int for 12 months, so I don't have to worry too much about that one. That leaves me with $90 a month left in my budget.

For my vacation I was planning on paying a portion every month until the due date which is in August. We just booked last week and put the deposit down and the balance is $1560, divided by two people my share is $780. So if I do 10% a month for 10 months that is $78 a month. Plus I want to get Disney Dollars every month for spending money on my next trip. I had planned on $40 a month.

Now my dilemma is this, after I pay my bills and rent and everything I am left with only $90 a month left in my budget. Not enough to pay 10% on my trip and get Disney Dollars. Should I put the extra money from my pay raise in my budget or should I keep saving it and cut out the Disney Dollars? I should mention that Disney is my only major vacation this year since we decided to upgrade to a moderate resort. My only other trip will be to a friend's wedding which is a 3 hour drive away.

Wow that was a long post...for me at least. Any help from all you budget conscious folks out there would be greatly appreciated.

 

[shoegirl1020]

Maybe not the best option, but what about paying for the trip in full, using your credit card, then just pay the $78.00 a month towards your card? That way your trip is paid for (one less worry) and if something happens and you need the extra money one month you don't have to worry about making the disney payment?

 

[aka-mad4themouse]

I would suggest that you avoid putting anything else on a CC. You're already carrying a balance on two cards and CC companies don't need much of a reason anymore to raise your interest rate. Even promotional rates can be increased if you're late with any kind of payment (to them or another creditor).

If I were in a similar situation, I'd put the $78/month in a vacation savings account instead of sending it to Disney. You'll get a few dollars in interest for it. Plus, if an emergency were to come up, you will have access to your money, even if it means canceling a Disney vacation. If Disney has your money and you need to cancel, there will be a delay in getting your money back to you.

Then, I'd look for ways to increase my income so that I could add to the vacation savings. GPT/Reward Programs, part-time jobs (think seasonal retail jobs), eBaying, ExpoTV, etc. All of them are relatively simple ways to add to your Disney funds. Each will take as little or as much time as you want to put into them. You'd be amazed at how the money can add up.

Finally, if it appears as if you're not going to meet your goal, you can always change your accommodations to a Value Resort or shorten your trip by a day or two.