If I am completely honest, January is always horrible budget wise. I am normally recovering from the holiday festivities. My budget this month will reflect that. So I did what I normally do, and I sat down with my budget and attempted to make sense of it. I realized that my most important and major bills essentially take up one paycheck leaving most of the second paycheck for my other expenses. Once I came to this realization, I stand down with a large monthly calendar and wrote my bills on their due date. Finally, a plan came into place.
If you didn’t know I use a Zero-Based Budget system and may probably start using the envelope method for my expense where I have issues controlling the money. My issue categories are personal spending, groceries, and restaurant. I turned my pocket Malden into a wallet in order to help me keep track of those particular expenses, and I use mint and EveryDollar. Mint automatically keeps track of my spending while EveryDollar involves me to manually enter my expenses. I am very fickle with my budget software and I tend to jump between GoodBudget and EveryDollar so I need to just pick one and keep with it. Occasionally, I keep track in my pocket bullet journal (pocket Dingbat)
For other budgeting apps I often use, check out my other post – Budgeting Apps to Organize Your Finances
- Saving $1000 as a buffer for my checking account.
- Save a months worth of expenses so that I can pay all my bills at the beginning of the month.
- Save a months worth of expenses towards my Emergency Fund (One Years Worth of Paychecks)
- Pay off both credit cards
- Start saving toward retirement again.
You can see my financial goals for 2019 here – 2019 Budget & Finance Goals
Specific February Goals
- Get back on budget
- Locate a second part time remote position
- Change Car Insurance from Primary to Secondary PIP
- Open an account with my local credit union
- Pay off one debt.
Those items marked with (½) are payments that are paid vida the half-payment method. My subscriptions include: Netflix, Hulu, Scribd, Audible, Planoly, Apple Music, Word Swag, Sling TV, and Weight Watchers.
|Credit Card 1 (½)||$83.00|
|Credit Card 2||$288|
|Credit Card 1 (½)||$83.00|
|Projected Amount Remaining from both Paychecks $106.00|
My debt minus my student loans is that bad and until my minor debts are paid off, I won’t be including my student loan debt in this calculation. Of course some of this information is listed in table above. Also with Credit Card 2 card I tend to use it for everything except those bills where credit can be used, and pay the balance off with every pay period.
|Credit Card 1||$1,093.56||$165.00||$106.00|
|Credit Card 2||$2700.00||$288.00||$0.00|
I am hoping that at some point in time I can get a second job to help speed up the debt snowball. Also I am hopefully that submitting the paperwork so that my medical insurance can be my PIP on my car insurance versus my car insurance will reduce my monthly payment. Michigan has record highs for car insurance and living in the actual city of Detroit makes it even higher. An insurance professional told me that after six months it could hopefully reduce again and I can’t wait.