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.
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