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Who doesn't love numbers?

March 27th, 2014 at 06:34 am

This post is a little late, but last week I shared my

Text is debt and Link is http://debt-freebythir-ty.savingadvice.com/2014/03/20/breaking-down-the-numbers_107841/
debt. Today, I'd like to share my anticipated budget for the next few months...with the caveat that my priorities may shift a bit (more on that soon) as I struggle with trying to pay down my debt while still living the fun, fabulous, carefree life most 20 somethings do before financial reality sets in. I'm just trying to do it a little smarter...if that's possible Smile

Here's my regular budget (Paycheck = 1348)
Removed Savings (at a different bank than BOA) - 15
Netflix - 9
Insurance - 89
Car - 317
Gym - 30
Sallie Mae - 175
BOA Savings (linked to checking) - 25
ACS Loan - 170
Wells Fargo Loan - 50
Food/Gas/etc. - 110

As you can see, it's a pretty bare bones budget. I don't always stick exactly to it, but I'm pretty close. Whatever's left goes straight to extra car payments. As I mentioned in a previous comment, I haven't really gotten the hang of budgeting for things like car maintenance/taxes, pet expenses, etc. For the months in which I anticipate these will occur, I simply take it from the overage when I look at where that paycheck will go and adjust the leftover amount to throw at my debt accordingly.

I also have 3 credit cards. These balances are at 0. In the rare case that I do use them, I pay it off as soon I receive the statement, so that I can show utilization without running it up. The money for this also comes out of the surplus.

I'm sure some of you more seasoned pf gurus probably have more sophisticated examples. I'd love any advice or feedback as I try to find something that works well for me.

1 Responses to “Who doesn't love numbers?”

  1. creditcardfree Says:

    The way you handle your surplus isn't really wrong...you are doing pretty good from what I can tell. As far as car maintenance and taxes, you might look on my sidebar about escrow accounts, or search for posts on my blog about it. The basic idea is that you know you need to save $X for yearly taxes, plus a possible $X for maintenance. You total those and divide by the number of pay periods, or by month. That amount is what you set aside each month or pay period. When it comes time to pay taxes you have the money. If your taxes are due in three months, start anyway you will have 3 months saved and the surplus can come from your paycheck at that time. But then keep saving and next year you will have the full amount.

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