PicturePhoto by Stuart Miles courtesy of freedigitalphotos.net
So I've been utilizing Personal Capital and I must say that it is quite convenient. :D I know it is a bit late in the month to be putting out a monthly budget, but I've been busy earning money so got a bit wiped out. I tried a few new gigs, one delivering flowers and the other article writing. Unfortunately the flower delivery gig won't work out with my schedule and will naturally have me driving my car all over the place. Not exactly ideal, given that all my other jobs require the use of my car. I have been looking for writing gigs as well, as I am a pretty decent writer. Thus I successfully landed one writing for a content provider, however that ate up a lot of my writing time and creativity, hence my lack of time to post on my blog.

I finally have some time to sit down and write without being too stressed out so I figured I'd get in a blog post and let everyone know how I've been doing the past week. It has been a busy first week and a half of May. I ended up scoring a freelance writing job as I just mentioned, pulling an all-nighter on my first writing project to make sure everything requested got submitted on time. I've already a second project from the same provider and, if I can keep up the pace, will be on track to net an extra $300 to $400. Simply to up the stakes I've decided to increase the odds and force myself to work harder and earn more. The goal is to pay down my credit cards this year and only have my student loans and Premiere line of credit by year's end. This will drop my total credit debt by one third and leave me with my highest interest rate at 11%, which is not amazing, but also much better than 23% interest. 

My short term goals for budget and debt in May are: 1) pay down $400 on my Capital One account to enable a second balance transfer which will eliminate the 23% interest I pay on my Chase card. This second balance transfer will mean I will successfully eliminate the interest I am paying on $2,200 (about 23% on all of it). 2) Increase my personal earnings by successfully earning an extra $400 writing content.

I've been keeping my budget tight. As such, I really have little to no extra money. Every single dollar has a job and they typically go towards paying down my debt, investing, or basic necessities. I do have some extraneous entertainment expenses, but I work hard not to spend money when I have fun. In any case, that being said, here is my May budget. 
So the primary changes to this budget are my successfully paying down the Emergency Line of Credit. So I've got that highlighted with a big "Paid Off!!!" as you can see. :D Motivation is huge when it comes to tackling tough debts such as credit cards. For this month I'll be needing in the ball park of $3,514 in order to fund my investing, savings, debt payments, etc. If that seems expensive for a single guy, its because I am paying down quite a bit extra on most of my debts. 

I tried to pay down all of my credit owed on the Firestone car repair card, but my car had other ideas. I did reduce the payments to $60 each and might reduce them further as presently, I pay no interest on the remaining $300 until October. I will likely reduce the later payments to $30 paid twice a month, which would pay down the balance well before the promotional interest free period ends and allow me to devote an extra $60 towards interest paying debt. 

I did increase my donations to c89.5 radio, as they do provide me with unique and awesome music every day while I deliver food whenever I am not listening to audio books. One other expense I was looking to eliminate previously but have not had the time to do yet is the storage unit I rent. I scored a deal on it though and I've been pondering some lifestyle changes that might necessitate off-site storage.

By the end of the month, I'll have eliminated the Chase card payments and will add the Capital One card into the budget. Presently, this month, they have no minimum payment listed, therefore it looks like I don't get billed on it until next month, which is fine as I'll be making anywhere from $400 to $600/month payments on it, possibly more. I will be scaling this indirectly with my increased online earnings from writing. Simply through the consolidation of my two outstanding credit accounts I free up about $180 and by increasing my monthly savings to $500, I can take $400 of that and use it towards paying down debt. I'll be calculating which bills will save me the most, once I've gotten all my outstanding credit cards consolidated and eliminated the interest I am paying on them.

Next time I will discuss my investing and spending from April. Will see if I can get some cool graphs from Personal Capital for you folks to check out. :D 
 


Comments

05/19/2016 2:23am

Pizza hut is the very famous and many people going to daily pizza hut for eating the fast food. How often do you throw the left over’s? Pizza hut have lot of branches in all over the world.

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09/13/2016 10:09am

I will gladly check it out. Thank you for this article, I appreciate it.

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11/13/2016 4:51am

Do you still have credits? Or you've paid all of them? What can you say?

Reply
03/16/2017 4:36am

Hi, nice article. I have been pondering concerning this matter, so thanks for sharing.

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03/16/2017 4:36am


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04/03/2017 4:36am

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