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2015 Budget
Hello all,
I am working on a 2015 budget/goal plan and am trying to see what I am missing in regards to monthly expenses, ways to save money to pay off debt faster, and what to do after February 2015. January and February I will be getting more than normal pay and using it to my advantage. See below for further explanation of my plans for January and February.
After February I'm not sure what to attack as we are still in school so no repayment is needed; however, I do want to eliminate these student loans. I do not like having this debt.
Suggestions/Ideas/Critique?
Current savings $1000
DEBT
Medical - $2283.97
Car 1 - $3832.03 - 5.15% interest
Mortgage 1 - $82757.45- 6.50% interest
Mortgage 2 - $2542.50 - 8% interest
My Student Loan 1 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
My Student Loan 2 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
My Student Loan 3 Unsubsidized Fed Loan - $6000.00 - 3.86% interest
My Student Loan 4 Subsidized Fed Loan - $4500.00 - 3.86% interest
My Student Loan 5 Subsidized Fed Loan - $3500.00 - 3.40% interest
My Student Loan 6 Subsidized Fed Loan - $3500.00 - 3.40% interest
Wife Student Loan 1 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
Wife Student Loan 2 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
Wife Student Loan 3 Unsubsidized Fed Loan - $6000.00 - 3.86% interest
Wife Student Loan 4 Subsidized Fed Loan - $4500.00 - 3.86% interest
Wife Student Loan 5 Subsidized Fed Loan - $3500.00 - 3.40% interest
Wife Student Loan 6 Subsidized Fed Loan - $3500.00 - 3.40% interest
January Monthly Bills:
Mortgage - $850.00
Home and Auto Insurance - $110.00
Natural Gas Utility - $50.00
Electric Utility - $50.00
Water Utility - $30.00
Internet - $60.00
Cell Phone - $80.00
Car Gas - $140.00
Groceries - $150.00
Out to eat/fun money - $50.00
Baby - $150.00
Dogs - $87.00
Home/Vehicle Maintenance Envelope - $25.00
Clothes Envelope - $15.00
Vacation Envelope - $25.00
Holiday/Gift Envelope - $10.00
Car Loan - $3832.03
Medical - $2283.97
Car Registration both vehicles - $150
----------------------------------------
$8148.00 / January Total
$8200.00 Monthly Income January (Paid Three Times In January)
Car Loan & Medical Bill Will Be Paid Off Here
~~~~~~~~~~~~~~~~~~~~~
February Monthly Bills:
Mortgage - $850.00
Home and Auto Insurance - $110.00
Natural Gas Utility - $50.00
Electric Utility - $50.00
Water Utility - $30.00
Internet - $60.00
Cell Phone - $80.00
Car Gas - $140.00
Groceries - $150.00
Out to eat/fun money - $50.00
Baby - $150.00
Dogs - $87.00
Home/Vehicle Maintenance Envelope - $25.00
Clothes Envelope - $15.00
Vacation Envelope - $25.00
Holiday/Gift Envelope - $10.00
$2542.50 - Second Mortgage
----------------------------------------
$4424.50 / February Total
$12100.00 Monthly Income February (Including Yearly Bonus)
~$7675.50 Surplus after monthly bills
~~~~~~~~~~~~~~~~~~~~~~
March Monthly Bills
$1882.00
March Monthly Income (Normal Income)
$6100.00
I am working on a 2015 budget/goal plan and am trying to see what I am missing in regards to monthly expenses, ways to save money to pay off debt faster, and what to do after February 2015. January and February I will be getting more than normal pay and using it to my advantage. See below for further explanation of my plans for January and February.
After February I'm not sure what to attack as we are still in school so no repayment is needed; however, I do want to eliminate these student loans. I do not like having this debt.
Suggestions/Ideas/Critique?
Current savings $1000
DEBT
Medical - $2283.97
Car 1 - $3832.03 - 5.15% interest
Mortgage 1 - $82757.45- 6.50% interest
Mortgage 2 - $2542.50 - 8% interest
My Student Loan 1 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
My Student Loan 2 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
My Student Loan 3 Unsubsidized Fed Loan - $6000.00 - 3.86% interest
My Student Loan 4 Subsidized Fed Loan - $4500.00 - 3.86% interest
My Student Loan 5 Subsidized Fed Loan - $3500.00 - 3.40% interest
My Student Loan 6 Subsidized Fed Loan - $3500.00 - 3.40% interest
Wife Student Loan 1 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
Wife Student Loan 2 Unsubsidized Fed Loan - $6000.00 - 6.80% interest
Wife Student Loan 3 Unsubsidized Fed Loan - $6000.00 - 3.86% interest
Wife Student Loan 4 Subsidized Fed Loan - $4500.00 - 3.86% interest
Wife Student Loan 5 Subsidized Fed Loan - $3500.00 - 3.40% interest
Wife Student Loan 6 Subsidized Fed Loan - $3500.00 - 3.40% interest
January Monthly Bills:
Mortgage - $850.00
Home and Auto Insurance - $110.00
Natural Gas Utility - $50.00
Electric Utility - $50.00
Water Utility - $30.00
Internet - $60.00
Cell Phone - $80.00
Car Gas - $140.00
Groceries - $150.00
Out to eat/fun money - $50.00
Baby - $150.00
Dogs - $87.00
Home/Vehicle Maintenance Envelope - $25.00
Clothes Envelope - $15.00
Vacation Envelope - $25.00
Holiday/Gift Envelope - $10.00
Car Loan - $3832.03
Medical - $2283.97
Car Registration both vehicles - $150
----------------------------------------
$8148.00 / January Total
$8200.00 Monthly Income January (Paid Three Times In January)
Car Loan & Medical Bill Will Be Paid Off Here
~~~~~~~~~~~~~~~~~~~~~
February Monthly Bills:
Mortgage - $850.00
Home and Auto Insurance - $110.00
Natural Gas Utility - $50.00
Electric Utility - $50.00
Water Utility - $30.00
Internet - $60.00
Cell Phone - $80.00
Car Gas - $140.00
Groceries - $150.00
Out to eat/fun money - $50.00
Baby - $150.00
Dogs - $87.00
Home/Vehicle Maintenance Envelope - $25.00
Clothes Envelope - $15.00
Vacation Envelope - $25.00
Holiday/Gift Envelope - $10.00
$2542.50 - Second Mortgage
----------------------------------------
$4424.50 / February Total
$12100.00 Monthly Income February (Including Yearly Bonus)
~$7675.50 Surplus after monthly bills
~~~~~~~~~~~~~~~~~~~~~~
March Monthly Bills
$1882.00
March Monthly Income (Normal Income)
$6100.00