Image courtesy of Stuart Miles at FreeDigitalPhotos.net
I am finally getting my April budget sorted out somewhat. This month has mostly been a work in progress. I am attempting to designate money for specific roles and tasks in general, but mostly I just have it set up so that I automatically save $400 a month from my paychecks and then the rest of the bills get paid out automatically. I restructured my savings however for the purpose of capitalizing on some investment opportunities. I found a decent buy that I would like to acquire if the price drops a bit more, but more of that later. April's budget (now that we are half way into the month looks like this.
Due to having to pay fairly high taxes, I had to reduce my short term savings drastically. I've also transferred a significant amount into my brokerage, as I mentioned above. I'll be building it up gradually, but last month I started a separate savings account for my car expenses, so I won't be maintaining as high a balance in my short term savings accounts going forward. Instead, I'll be contributing most of my monthly allotment that usually goes to savings into payment on my credit card debt. I've finally managed to total up all my outstanding credit debts and they total $21,670.21! My student loans :P Unfortunately I won't be able to pay all of this off this year as I don't make that kind of money. Indeed, last year was the first year I've ever been in the black since I started college 7 years ago (sad I know) and this ironically through beginning work at Pizza Hut.
So far this year, I have managed to reduce my credit debt by almost $2,000 already this year and now that I have about a $500 buffer (soon to be $750 at the turn of the month) and my taxes are now out of the way, I'll be able to devote significantly more cash towards my credit cards. I have no other projects that require capital and investing and paying down debt are the top two arenas I would like to contribute cash towards.
By the end of the year, my "Chase Credit", "Car Payment" (this is actually a credit card with Firestone for car repairs), Emergency Line of Credit (LoC) and most of my standard Line of Credit should be paid off. This will free up approximately $300 of cash flow and significantly drop my monthly cost of living. It should be noted that the payments listed above are not the minimums (I usually tend to pay slightly more if I can and in the case of the car repair bill, double).
This will allow me to increase my monthly debt payment accelerator from $400 (starting in May) to above $700 per month by next January, which will then be applied directly to my US Bank Credit and Premiere Line of Credit.
I wanted to list out my final expenses from March, but have not had a good opportunity to sit down and compile them into a presentable format. I'll try to get something set up for April's final expenses, which should be simplified now that I've set up Personal Capital.
Thanks for reading!