Budget Check 2/7/2014
|
Category
|
February (includes
January leftover $)
|
Spent (As of
2-7-14)
|
Remaining
|
|
Giving
|
$10.00
|
-
|
$10.00
|
|
Saving
|
$20.00
|
$20.00+
|
-
|
|
Mortgage
|
$754.65
|
$849.65
|
-$95.00
|
|
House Repairs
|
$40.00
|
-
|
$40.00
|
|
City Bill
|
$110.00
|
-
|
$110.00
|
|
Gas
|
$82.78
|
$82.78
|
-
|
|
Cable
|
$94.49
|
$16.61
|
$77.88
|
|
Internet
|
$51.87
|
-
|
$51.87
|
|
Phone
|
$102.20
|
$102.20
|
-
|
|
Food
|
$150.58
|
$24.88
|
$125.70
|
|
Transportation – Gas
|
$67.00
|
-
|
$67.00
|
|
Car Repairs
|
$15.00
|
-
|
$15.00
|
|
Car Insurance
|
$93.44
|
-
|
$93.44
|
|
Clothes and Hair
|
$30.00
|
-
|
$30.00
|
|
Pets
|
$25.00
|
-
|
$25.00
|
|
Household
|
$20.00
|
-
|
$20.00
|
|
Personal
|
$25.00
|
-
|
$25.00
|
|
Crossfit
|
$80.00
|
$80.00
|
-
|
|
Cleaning
|
$108.00
|
-
|
$108.00
|
|
Debt
|
$691.10
|
$330.00
|
$361.10
|
|
TOTAL
|
$2,571.11
|
$1,506.12
|
$1,064.99
|
I have increased savings by $85.88 so far in February. I only budgeted $20 to go to savings this month. I am still hoping to increase savings some more this month, hopefully hitting at least halfway to my current EF goal.
As I've mentioned before, I paid an extra $100 toward my mortgage this month. This extra will be covered by my income from my second job (this income is not included in my spending budget).
I am contemplating paying off one of my debts this month. The smallest one is a "same as cash" promotion that doesn't run out until April. In order to have it paid off on time, thus not paying any interest, I am paying approximately $55/month. This doesn't seem like much, but by paying off this debt in full, I would have an extra $55 in my budget each month to use toward reaching my savings goal and paying off other debt. It would decrease my minimum payment amount required and I think it will help my motivation to have another $0 balance. What are your thoughts on this?
posted by shoeaholicnomore @ 7:54 AM
8 Comments
8 Comments:
We follow the Dave Ramsey plan. He recommends paying off consumer debt and school loans before paying extra on the mortgage. I would use your extra income money to pay down your smallest debt. That way when it is paid off you will have the minimum payment money freed up and have one less check/transaction to keep up with monthly. BUT now I am just remembering that you are paying on the mortgage to even out your escrow account. Is that right?
Jodi,
Yes I am following Dave Ramsey (mostly). I am paying off consumer debt first, followed by my student loan then my mortgage. I am only paying extra on my mortgage to go toward evening out my escrow account for a HUGE increase in my property taxes that they did not account for. I am hoping to get this paid back so they don't increase my monthly payment too much. I fully expect my mortgage payment to increase, but hopefully I am saving myself from having it increase as drastically by repaying my escrow shortage now.
I'm also a believer in Dave Ramsey and think if you can afford to pay off your smallest debt, that might be the best way to go. It will instantly free up $55 each month for you to put towards other debts!
Thanks for weighing in Hayley! If I don't do it in February, I will definitely do it in March as I should for sure have enough of my bonus left over after paying for my VERY NECESSARY home improvements/repairs.
Keep up the great work, looks like your well on your way:-)
Tommie,
Thanks for your comments! I hope to read more from your decluttering journey soon!!
Have you thought about getting a persona loan to at a lower interest rate to pay off all your credit card debt and have on consolidated loan?
I have seen lots of PF bloggers that have done that, however, I don't think my credit score is high enough to qualify for a loan that big... I qualified for my homeloan just barely and it is for first-time buyers so it has lower qualifications to be able to get it. Plus with a home loan they have the home as collateral. With that type of personal loan they don't have any security and they are pretty hard to qualify for. I tried to get one for a lower amount (I think 5k) when I was looking at starting my home business, but I couldn't qualify... :( I am however thinking of opening up yet another credit card, as I've been getting some pretty good offers for 0% interest cards lately. I would then do a balance transfer from a high interest card I currently have. But, I will look very closely at the difference I'd save in interest by doing that vs the fee to do the balance transfer.
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