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November Planning

October 20th, 2016 at 11:01 am

A few weeks ago, I had mentioned a couple of stretch goals that I wanted to try and reach: funding the back-out fund, prorated rent, and new mortgage, plus paying off one credit card at $831.

Since my budget hasn't fully been firmed up, I found out I was missing some things/some estimates were off, and it looks like I way overanticipated what we could do. Currently those funds look as follows:

Mortgage - $2400 (fully funded and then some as the actual mortgage is $2370.xx)
Prorated Rent - $1123 (fully funded and covers rent through 11/10)
Rent Back-Out Fund - $67.xx

Tomorrow, we have $1568.xx coming in. This would technically allow us to finish out the rent back-out fund and pay off the credit card if I combine it with debt funds I have in my own account.

However, after thinking it through more, I think my problem is that I'm so busy trying to throw money at debt that I'm not accounting for what I actually have to spend so I then have to use cards for those things...

So I've decided not to pay off the $831 card in full. I will throw all of my own debt funds (~290) at it to make a decent dent, but I will keep the remaining $600ish in our account to put towards next month's budget. That puts us a little short on living on last month's income, but we're almost there.

Once we move, the dust should settle and I'll have a better idea of consistent numbers moving forward.

3 Responses to “November Planning”

  1. Trying to get ahead Says:

    I understand how tempting it is to just pay off the debt and how it can backfire. The important thing is to have the cash on hand first.

  2. rob62521 Says:

    Good thinking on not incurring more debt as you try to pay off what you already have. Do you track your spending so you know where your money is going?

  3. debt-free by thir-ty Says:

    I do track it. It's painful because I spend a surprisingly minimal amount on entertainment/clothing/gifts. The vast majority of my paychecks go to debt payments which is really hard to see each month.

    The big area that I have trouble with is eating out. It never seems like I'm spending much because it's $5 here, $8 there, but I usually spend about $40 month on eating out whether it's fast food, picking up dinner, or take-out. It is drastically better than it used to be, but I could still do better. I only budget $50/month for myself for miscellaneous things, so that's the majority of it.

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