:::: MENU ::::

Posts tagged with: debt plan

Fall, 2015 Budget – Hope


We have been living on a pretty strict budget since last spring (see previous budget posts on this here: Summer Plan and here: Going Hardcore.)  We gotten lots of amazing things done on this budget including playing off most all my consumer debt (minus ex-husband’s car,) sending all the kids to their summer camps, having a mini-vacation at Great Wolf Lodge for the twins’ prom and just generally getting a better handle of our finances.

An important part to our success was budgeting on my “regular” income and saving “extra” income.  Regular income are long term clients who have hired me on a contract basis AND have proven reliability of paying regularly.  It also includes the adoption subsidy for the twins. Extra income are a variety of projects that I pick up at any given time.  That EXTRA is really what allowed us to live a little while going extreme in day to day finances.

So with that being said, I have decided to continue to budget that way.

DescriptionMonthly Goal
Monthly Total$3,108
Rent + Water + Storage$1,344
Life Insurance$23
Car Expenses$150
Car & Renter's Insurance$107
Kids (Misc)$400
Busch Gardens$50
Misc Business $20

Based on this budget and a reliable, regular income that varies little on a month to month basis of $5,261, this leaves with me $2,153 monthly to pursue debt pay off, savings and housing options.

At this time, only two things are for sure with how I will use this money…

  1. I will continue putting $100 per month into my EF account which I promptly forget is there.
  2. I will continue paying monthly minimums on my one remaining debt.

After my September 1 deadline for making a housing decision, I will come up with a more concrete plan for this money.

So the Plan – Hope


Ok, I’ve posted my new debt numbers, I’ve posted my new monthly budget, and I’ve figured that even with my lower income I’m going to be able to pay about $1400 extra towards debt.  So here’s my current plan….

January – pay off remaining utility bills from old house, pay of checking account balance and put the rest towards the Retail #2.

I then have a little bit of extra money that should come in towards the end of this month from client invoices.

February – between the extra income I’m expecting and regular monies, my goal is to pay off the Retail #2 by the end of February.  It will be a stretch, but that’s what I’m gunning for!

Then I will focus on the personal loan and credit card simultaneously, I think, but I’ve not yet mapped that far out.  One step at a time…

But my goal, at least in my head is 6 months to pay off everything but my student loan debt.  I realize that’s pushing it with my numbers, but I’m super motivated so I’m working on how I can make more money!!