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Hi,
I've posted on this site before when things were still not clear to me about my finances. Past couple of months have been good in terms of budgeting. However, I had a recent emergency that cost me about $1200 so I'm left with very little in the bank ($300). So i'm not letting it hurt me and I'm going to push forward and start again. I've recently reduced my rent and canceled cable tv. I cook every night and bring my lunch to work with the exception of an occasional slice of pizza or a cup of coffee (which is purchased from my $20 weekly cash allowance which is part of my living expenses).
I have aggressively brought my living expenses (includes rent, phone, utilities, weekly cash, loan of $325) and other monthly bills) total down as much as possible without starving myself or living with 5 roommates in a dumpy apartment. So I can't cut anymore from that number until I can pay off the loan which is a pretty high amount. After my living expenses, I have a monthly excess of $1050 from which I need to pay off my credit card debt and save.
My total credit card debt is $2260. But since I only have $300 in the emergency fund, I want to funnel enough to get it up to $1500 for now. So I'm going to only pay the cards $100 a month and save $830. By the end of May i'll have my emergency fund met once again. And from that point put the leftover $930 per month to the cards and I should have it paid off by the end of August.
Once that's paid off, i'll make double payments on my loan while adding $600 a month to my emergency fund. If I do that, my loan should be paid off by the new year.
After analyzing the figures for the past hour, I think this sounds like the most doable optiono. Does this sound like a good plan?
I've posted on this site before when things were still not clear to me about my finances. Past couple of months have been good in terms of budgeting. However, I had a recent emergency that cost me about $1200 so I'm left with very little in the bank ($300). So i'm not letting it hurt me and I'm going to push forward and start again. I've recently reduced my rent and canceled cable tv. I cook every night and bring my lunch to work with the exception of an occasional slice of pizza or a cup of coffee (which is purchased from my $20 weekly cash allowance which is part of my living expenses).
I have aggressively brought my living expenses (includes rent, phone, utilities, weekly cash, loan of $325) and other monthly bills) total down as much as possible without starving myself or living with 5 roommates in a dumpy apartment. So I can't cut anymore from that number until I can pay off the loan which is a pretty high amount. After my living expenses, I have a monthly excess of $1050 from which I need to pay off my credit card debt and save.
My total credit card debt is $2260. But since I only have $300 in the emergency fund, I want to funnel enough to get it up to $1500 for now. So I'm going to only pay the cards $100 a month and save $830. By the end of May i'll have my emergency fund met once again. And from that point put the leftover $930 per month to the cards and I should have it paid off by the end of August.
Once that's paid off, i'll make double payments on my loan while adding $600 a month to my emergency fund. If I do that, my loan should be paid off by the new year.
After analyzing the figures for the past hour, I think this sounds like the most doable optiono. Does this sound like a good plan?
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