Twice a month I’ll be posting about my budget, first my plan for the month and then how the numbers worked out at the end of the month. So without further ado, here’s the plan for August!
Emergency Fund: $100
Debt #1: $400
Debt #2: $50
Debt #3: $290
A few notes:
This is the only month I’ll have a $0 phone bill as I am switching from a pre-paid plan with T-Mobile to a pay what you use plan with Ting on the 19th. So I won’t get billed again until September, and hopefully it’ll be less than half my previous cell bills (more on that in a future post!)
Debt #1 will be wiped out after that $400 payment (hooray!) and all money after that will be sent to Debt #2, so that number is approximate. Depending on my paychecks I may be able to contribute more.
I’m building up my emergency fund while simultaneously paying down debt, so both will be going a bit slower but this way makes me feel safer. And that travel savings is the carrot that keeps me motivated. Both of those savings categories are an automatic transfer on payday so I don’t even have to think about them.
I’m aware those debt repayment numbers are really ambitious…it makes me nervous but it also makes me motivated to hustle for some extra cash and keep my life frugal.