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Jim’s Monthly Debt Ski Trip

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Well here we are in March, and like many people pointed out, I am a little clueless about lots of things, and that I could have prevented many things. I did make the choice to not go back to work. Do I regret it, to be honest most days I do not. I see my boy growing, and once he goes to school maybe I would go back to the rat race. Probably not, I have a entrepreneur spirit, I like to work for myself. Yes even if it makes me far less money. But I could scale it up, if I devoted more time to it.

What many of you don’t realize is that… At this time last year I had three store credit cards, one jewelry card, three credit cards, two personal loans, one furniture loan, and one car payment. I paid roughly 12,000 in debt since the beginning of my journey. I do call that quite the accomplishment, considering how much income we bring home.

Rent Electric Oil Verizon Auto/Renter Ins.
January 2014 $600 $105.44 $1019.79 $76.35 $369.28
February 2014 $600 $84.46 $388.90 $76.59 $134.52
March 2014 $600 $89.10 $358.90 $76.54 $118.48
April 2014 $600 $109.67 $ $76.54 $126.50

Now these aren’t paid yet, but I do have all information, so I might as well put up the information. Considering the weather, I wouldn’t be surprised if there is another oil payment that will be made this month as well.

Now unto the credit!

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APR Current Amount Last Month Percentage of Change
Store Card #1 24.99% $80.40 $203.18 60.48%
Store Card #2 22.9% $442.44 $532.55 19.97%
Credit Card #1 13.99% $3234.59 $3279.37 13.99%
Personal Loan 15.5% $1626.38 $1725.63 5.75%
Car Loan #1 10.19% $1725.63
Car Loan #2 12.99% $17914.69

So there you have it.  So what should my next move be?  People suggested that I immediately start my emergency fund.  Is that what the consensus thinks?


Starting Jim’s Budget

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1QT14 income 1QT14 spending

 

Before I start I just want to point out that this graph above me and the table that will be below this will not match up.  The reason for this the table reflects both my auto totaled out payment as well as my income tax.  Now the table below is My Income/Expenses Year to Date On Broad Categories.  The reason I putting this up here is to see where I can improve on the most.  I have printed out right next to me My Current Spending vs Average Spending where I compare this month to Sept. 1, 2013- Feb. 28, 2014.  So that will be the second table.  As I started doing the table, I don’t think I will be doing this table again, it is very strewed (I think that is the word I am looking for)

[table “4” not found /]

Let’s point out somethings to note.  The reason my Auto & Transport is so high in February, that is when I put the down payment on the Van.  For some reason I have putting gas in two categories Gas under Auto & Transport, and in Car & Truck (Business), I am pretty sure that this year has been all in the Business Category though.

In the Food & Dining, there is a category for groceries.  I put 95% of my groceries under the other shopping category simply because I buy all my HBA, grocery, and General Merchandise in the same trip.  The part that says Groceries is when I go to a grocery store, if we run out of something before the next shopping trip.

The Uncategorized in the month of February, was what it cost us for the repair of the busted radiator.

[table “5” not found /]

Now let’s break everything down a little bit.  The reason I think this is a little strewed, is because if you look at my uncategorized.  I don’t have many things uncategorized, but yet the Avg. Spending for Last Six Months were I made $915?  The only thing I really put in here that was uncategorized was my repair for the damage, my automobile totaled payment, and my income tax payment.  But this is for spending, so I am not sure what this is actually telling me.  I will have to do research.

So here is all my spending.  I do see some places I can drop to make some wiggle room, but the thing is.  Now that I have all this information compiled.  How do I go about making a budget.  Average everything together?  I am decent at doing a budget for my Monthly Utilities & Credit Cards.  But I really don’t know what to do with the rest…

Any suggestions?