After I came to the realization that my monthly bills took up 89.5% of my income, I went on a mission to lower my expenses anyway I could. Of course a big chunk of that is made up of my debt which I am currently working on. Unless I win the lottery, that will be a long and steady road. Until then I am trying to find other ways to decrease my monthly expenses.
I am proud to say that in 3 days I was able to knock $80 off my monthly expenses. Here is how:
With that said, here is my October budget:
As I said before, I am putting a hold on the E-fund now that I have reached my initial goal. $3K if a pretty good safety net to back me up during the next year as I snowball my credit card debt. Once that gets eliminated, I will pick the emergency fund game up again and go after my next goal of $10K. This way I can apply more towards my debt. All other categories are based off last month's actuals.
Hopefully I can bring in some extra income. Cash Duck is due to come back mid-October. And I am working on some other promising avenues to extra moola. I'll give you guys the 411 on that tomorrow.
I am sleepy now.
Night.
I am proud to say that in 3 days I was able to knock $80 off my monthly expenses. Here is how:
- $10 on Vonage : I called Vonage and asked for the current promotion that offered the same plan I had but for $10 less.
- $20 on cell phone: Lowered my plan from $59.99 to $39.99.
- $50 on cable : Canceled my cable. All my fav shows are shown on my local channels (free) and also online (also free).
With that said, here is my October budget:
As I said before, I am putting a hold on the E-fund now that I have reached my initial goal. $3K if a pretty good safety net to back me up during the next year as I snowball my credit card debt. Once that gets eliminated, I will pick the emergency fund game up again and go after my next goal of $10K. This way I can apply more towards my debt. All other categories are based off last month's actuals.
Hopefully I can bring in some extra income. Cash Duck is due to come back mid-October. And I am working on some other promising avenues to extra moola. I'll give you guys the 411 on that tomorrow.
I am sleepy now.
Night.
Comments
When I pared my expenses down, I got rid of cable, internet (I use wi-fi), and the house phone. I moved to a smaller place, I shopped around for lower car insurance, and now I'm getting a roommate. Every little bit has helped- you're on the right track!
I am going to look into Vonage. I currently pay $60-65 per month for phone service which I barely use. My co-worker swears by it.
Good job on setting up the emergency fund!
Congratulations!
You have two lines for credit cards. Mabye I missed something but what's the difference cuz I know you have more than $370 in CC debt? LOL
Just an observation...
Your budget looks good but it's a lil tight. Where do you allow for small things in life? A trip to the ice cream shop? A movie? Hair/nails?
You should acknowledge those things up front so you won't feel like a failure at the end of the month. If they don't happen, cool. But no matter how good your intentions, you are human and those 'niceties' will come up.
If that's the $50 misc. category, you've allotted yourself only $12.50/week outside of going to work and paying bills? You should allow yourself a little more to keep the momentum going. If your budget is too restrictive (like mine was), sooner or later, you will want to quit.
Also, do you budget in advance for Christmas expenses?