Cost cuts and budget updates

One thing I did over the weekend was to re-reun my financial modeling software (this is software I developed over a period of 10 years that projects every single financial transaction I will make into the future based on a given starting point, and that I use in place of things like Quicken) which is something I haven’t done in quite some time. There were some adjustments that needed to be made.

1. I wanted to add more to my retirement accounts.
2. I wanted to increase the amount of money I donate to charity.

I’ve been pretty bad at the latter this year. As it stands, I donate about 2.5% of my income to charity. I’m trying to get that up to 5%. As far as retirement goes, I’d cut back on how much I was putting into retirement in order to pay some big bills. Now that the big bills have been paid, I’m upping my contribution to $400/paycheck ($200/week). This is still a few thousand dollars short of the maximum allowed for tax deductions, but I’m getting there.

I put together a budget for charitable donations for the rest of this calendar year. Next year I’m looking to increase the amounts and within 2 or 3 years, I hope to be at my 5% mark. Some of the bigger ticket charitable donations this year:

  • Isaac Asimov Memorial Lecture: $500
  • UC Riverside Annual Fund: $350
  • AOPA Air Safety Foundation: $200
  • WETA President’s Circle Membership (my local PBS): $150

There are a number of smaller ticket items and it looks as though I have a little left over so if anyone has suggestions for good causes, let me know and I will look into them.

Finally, I need to do a little cost cutting. I started today by cancelling my NetFlix subscription. NetFlix is a great service, but I find that I hardly use it anymore. (The movies I have out now I’ve had for a couple of months.) The $240/year that I will save on NetFlix, for instance, completely covers the AOPA Air Safety Foundation donation.

There is more cost-cutting to be done, but I’ve got to take a closer look at my model to see where I can do it.

Published by Jamie Todd Rubin

Jamie Todd Rubin writes fiction and nonfiction for a variety of publications including Analog, Clarkesworld, The Daily Beast, 99U, Daily Science Fiction, Lightspeed, InterGalactic Medicine Show, and several anthologies. He was featured in Lifehacker’s How I Work series. He has been blogging since 2005. By day, he manages software projects and occasionally writes code. He lives in Falls Church, Virginia with his wife and three children. Find him on Twitter at @jamietr.