Hi everyone.
It’s KE DEBT FREE paycheck #2!
To learn more about this project, click here and check out the first post!
Happy to report that the budget for Paycheck #1 went well.
Some highlights:
Food: We had to get creative with our budget, but we made it! We went out to eat a few times which really hurt our frugalness.
Entertainment: We helped our friends in a chili cookoff and they gave us their free passes to the Santa Cruz Beach Boardwalk, so we got a night of rides and fun for free!
Bookmergency budget: I stuck to it. And spent it ALL.
Ok, on to paycheck #2!
THE BUDGET (totally warrants capital letters!)
The skinny:
I get, after taxes, 1,334 dollars every two weeks.
With this money, I’m saving, spending, and paying down debt.
I’m saving for:
Summer. I don’t work and the money goes to cover my expenses.
Graduation gifts. Two kids I’ve known their whole lives are graduating from high school in 2015.
Batizado: Capoeira graduation/week of special festivities in May 2015
Conference: Savings for LA15SCBWI
Emergency: trying to build up to 1,000 for emergencies
Books: Starting a bookmergency fund for times when I just HAVE to buy a book!
Christmas gifts!
I’m spending on:
Rent. I share a large room with Danny and pay half of the price.
Internet and Electricity: Shared between 4 people.
Food: I pay for all my own lunches and breakfasts during the school week, and Danny and I split the cost of dinners/meals we eat together.
Spending money: Free to spend on whatever
Insurance: Car and renters
Capoeira: a monthly payment to take unlimited classes
Cell phone: just necessary!
Note: I do NOT spend money on gas. Since I drive a lot for my work, I get paid mileage money, which covers my gas and there’s extra money for car upkeep. I usually take that extra and pay half of it towards a credit card, and the other half into emergency savings for car emergencies.
I’m paying down debt from:
Lots of credit cards!
I’m giving them nicknames instead of their real names thanks to a heads up from a friend 🙂
I chose flowers, because, why not? May as well make it fun!
Black Dahlia
started at $4,550.42
now $4,009.53
88% of original debt left.
Red Rose
started at $3,104.60
now $2,950.10
95% of original debt left
Gladiola
started at $3,121.30
now $3,093.01
99% of original debt left
Loan #1
started at $1,000
now $1,000
100% of original debt left
Sunflower
started at 2,158.56
now $703.25
33% of original debt left
Total:
Started at 13,934.88
Now: 11,755.89
84% of original debt left
Budget for October 31st, 2014:
(money used to live from Nov. 1st-Nov. 15th)
Saving
$350 summer
$12.50 graduation gifts
12.50 batizado
$50 emergency
$62.50 conference
25.00 Bookmergency
35.00 Christmas
Total: 547.50 (41%)
Bonus savings:
$2. Absolute truth. Cell phone bill is 68, not 70. So the extra two went into emergency savings 🙂
Oh, and some not accounted for savings! Our friends threw 40 bucks our way for babysitting their kids, but we stuffed it in a bank to be used at some other time. So, not counting it 🙂
Spending
$235 rent
$100 food
$60 spending money
$55 insurance
$45 capo
$35 cell phone
Total: $535 (40%)
Paying off credit cards
$256.40 Sunflower
Total: 256.50 (19%)
Bonus payments:
$203.20 to Black Dahlia, from an expense check for September…this payment happened about a week ago, and the current state of Dahlia is reflected above in the total amount left 🙂
Total paid into savings this pay period: 549.50
Total paid off of credit cards this pay period: 459.70
Ok, this is really helping me stay on track.
It’s nice to see some totals of credit card debts going down.
Casi commented on the last budget post about a Dave Ramsey book and I’ve got it on hold at the library.
Any other tips, websites, blogs related to this that you can send my way are appreciated!
Thanks for reading along!
KE
P.S.
I am also going to keep track of how my retirement and emergency savings funds are doing. I try to keep my emergency savings around 1,000 dollars, and it has saved me many times from having to charge things. I have not contributed to my retirement fund in YEARS, but it’s continuing to grow. Once I get out of debt the first thing I’ll do is put more money in it 🙂
Looking good, KE!
I think I saw somebody note this before but Dave Ramsey has some really great resources for getting out of debt. Aaron and I attended his Financial Peace University a couple years ago and found it beneficial. But if you don’t want to shell out the cash for that, he has free resources online, including on Facebook. A lot of it is spiritually-based but not all.
For what it’s worth, my bosses just held a PD session on the importance of planning and preparation, and how vital it is to write down your goals. So I think you’re on the right track!
Oh, yep, just saw Casi recommended it! Glad you’re checking out his book.