Money, debt, budget,

December 2015 Budget

hello-december

This month is going to  a bit stressful and rough with trying to pay down bills and coming up with Christmas money.  By the way I haven’t even begun shopping because I have other things on my mind and technically we do not have the money to buy gifts.. But…. well figure something out. To date we have about $16k in credit card debt. My goal is to have all of our credit cards paid off and at a 0.00 balance this time  next year… I’m pretty confident we can do this.

All in all we have $42,281.87 in debt. My goal is to have all the credit cards paid off in one year then I’m going to tackle my student loans and my car payment. Credit card debt is $$15516.16 not including interest.In order to have this amount paid off in 12 months we’ll have to put down at least $1,293.01 everyone on credit cards.

Here is December’s budget

  1. Phil’s Income: $2700
  2. Stacey’s Income: $1700
  3. Roommate Income: $500
  4. Comm/Overtime: $690
Total Income: $5,590
  • Rent: $1200
  • Cable/internet: $110
  • Electrical: $200
  • Car loan: $355
  • Insurance ( 2 cars): $265
  • Cell phone ( 2 phones): $110
  • Gas( 2 cars): $400
  • Groceries/dining out: $300
  • All credit cards:$1722
  • Student Loan: $100
  • Renter’s Insurance: $16.50
Total: $4748.50

 

I have a strategy of paying off the lowest amount of credit cards in 3 month increments. Come March 2016 we will have about $2800 paid off by then. Another thing I do is put more then the minimum  payments towards each cards. I put the most towards the lowest balance card and once that is paid off I start with the second lowest balance card and so on. I decided to do it this way so I can  see my a small accomplishments every time I paid a card off.

 

6 thoughts on “December 2015 Budget

  1. Hello Stacey,

    It seems that you are following the “snowball” method towards repayment where you pay off your lowest balances first in order to get little “wins” to keep you motivated. That is not a bad approach at all and I suggest you keep it if that is the way that you feel will do you the most good but I would keep an eye towards moving to the “avalanche” method over time (the avalanche is where you pay off high interest first). It will save you money in interest in the long run.

    If you need to think of it like little victories, try breaking down the highest interest rate balances into smaller amounts on a spreadsheet and pay off the extra to them. That will turn out less interest in the long term and make you feel that you are paying it off and winning while you do so. That’s just a suggestion though.

    Keep at it and I will be stopping in to see how you are doing. Good luck!
    -Brantley

    Liked by 1 person

    1. Hello Brantley! First of all thank you for reading my post! I’ve read a lot of different ways to pay off debt and I feel like I way to many little credit card debt that I just want to get rid of. I do agree with paying off the high interest rate first. I figured for me right now the “snowball” effect is best for now. I appreciate your feedback and please do check back in!! Thank you!

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  2. I hope you get your shopping out of the way soon! I started & finished today. All except my mom’s gift will be a little late(because it’s the most expensive & I can’t buy it until next pay). Amazon is your friend! Good luck.

    Liked by 1 person

    1. Thank you for ready my post! I originally wanted to do all my shopping online before Dec 1st but it just didn’t happened. That’s great you got everything finished. I’m hoping to start and finished my shopping tomorrow. But we’ll see. Amazon is great! I’ll definitely be ordering from there too!

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      1. I kept my list to my mom, stepdad, boyfriend, & bro & sis this year. Kept it simple & cheap. Got my bro an Xbox game & my sister a laptop case, piggybacking off of other gifts. Saved me a lot. Can’t wait to read more posts!!!

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