I updated my budget projection

[corn18]

My story here on Savings Advice started similar to yours, but we were in a lot worse shape. I think this was back in 2013. At the time, I was making a lot of money and spending even more. I joined to ask a question about whether I should pay off our car loans with my bonus. Seemed like a fairly straight forward question to me, but everyone on here kept asking other questions about my financial situation. That really irritated me. But they kept after me and I finally started to reveal our total financial picture. They offered advice that to me seemed pretty harsh. I am making $300k / year, why should I be concerned about how much I pay for cable, or how many cars I have? I pushed back hard and probably seemed like a bit of an arse. Luckily, they stuck with me and got me to read the book The Millionaire Next Door. My wife read it, too and that changed our lives. I would dare say, it saved our lives.

Thanks to that epiphany, we were able to go from owing a lot of money with no savings to being able to retire last year. Although we spend a lot less now, we are so much happier.

You're in much better shape than we were. But I get the sense that you have a similar relationship with money that we had. We should be able to spend on nice things. But once you get out of debt and approach money like The Millionaire Next Door, I can almost guarantee you will be happier and will want for nothing.

So, please stick with posting here. I can already tell you are more open minded to change than I was. Keep that up and listen to the advice you get and you will be a millionaire next door in no time.

[disneysteve]

corn18 Just clicking the Like button isn’t enough for that post. I’ve said before you are probably the biggest success story in all the years I’ve been here. Once you saw the light, the transformation was incredible.

Magic Johnson, read and reread corn18’s post. Understand that all of our responses and advice are given with your best interests in mind and come from decades of life experience and knowledge of what works and what doesn’t.

I can’t fully review your updated budget as I’m at the hospital with my wife who had surgery yesterday but when I get a chance I’ll take a look.

[Magic Johnson]

corn18 Just clicking the Like button isn’t enough for that post. I’ve said before you are probably the biggest success story in all the years I’ve been here. Once you saw the light, the transformation was incredible.

Magic Johnson, read and reread corn18’s post. Understand that all of our responses and advice are given with your best interests in mind and come from decades of life experience and knowledge of what works and what doesn’t.

I can’t fully review your updated budget as I’m at the hospital with my wife who had surgery yesterday but when I get a chance I’ll take a look.

I promise I will reread that post and probably the book too.

There’s no reason to look at my budget closely, it’s just minor tweaks that I made. But if you think it will help, go ahead.

I hope your wife recovers well.

[LivingAlmostLarge]

I promise I will reread that post and probably the book too.

There’s no reason to look at my budget closely, it’s just minor tweaks that I made. But if you think it will help, go ahead.

I hope your wife recovers well.

i'm the one who brought up corn and it's insane the 10 year turnaround. Anyway good luck! I'm the one who doesn't believe in deprivation.

[scfr]

I agree with the posters who suggest considering a minimal wedding and honeymoon (or none). But while you mull that over, I suggest working on the 2 biggest variable expenses: Food/Toiletries and Gas for Truck. Is there any room for improvement on driving habits? Do you speed? Hit the brakes or accelerator hard? Make short trips that could be combined or eliminated? As for food/toiletries, hard to make suggestions beyond suggesting that you scrutinize your spending habits and look for ways you could save money without sacrificing health. These 2 categories might boost each other. Specifically, if you don't make restaurant runs, you'll cut spending on both.

[Magic Johnson]

I agree with the posters who suggest considering a minimal wedding and honeymoon (or none). But while you mull that over, I suggest working on the 2 biggest variable expenses: Food/Toiletries and Gas for Truck. Is there any room for improvement on driving habits? Do you speed? Hit the brakes or accelerator hard? Make short trips that could be combined or eliminated? As for food/toiletries, hard to make suggestions beyond suggesting that you scrutinize your spending habits and look for ways you could save money without sacrificing health. These 2 categories might boost each other. Specifically, if you don't make restaurant runs, you'll cut spending on both.

I used to eat out A LOT. I’ve cut that way down.

As far as gas, my fiancé lives an hour away, and I drive there most weekends (her car is a 1994 model, so she prefers to not drive long distances much).

We’re planning on moving in together in the fall, so hopefully cut housing and travel costs. Probably also food, she’s a frugal foodie (really good cook).

[Magic Johnson]

I put together a debt payoff projection spreadsheet. Assumptions:

Start with $20,600 of total debt
Make monthly debt payments of $815
Add additional monthly debt of $200 to 0% APR CC
Save UP TO $200 per month for wedding and house down payment
Prioritize IRS debt, engagement ring, 9.9% APR CC, CC that is 0% APR until April 1, 2023, truck
When a debt is retired, add that into snowball, except truck. When truck is paid off, that money gets put into savings for a different truck.
Pay off January 1, 2025

[Magic Johnson]

Date	Tax Debt	Payment	Balance	Ring	Beginning Balance	Interest	Principal	Ending Balance	MSUFCUCC	Beginning Balance	Interest	Principal	Ending Balance	CitiCC	Beginning Balance	Interest	Principal	Ending Balance
1-May-22			$5,194		$1,512	$7	$81	$1,431		$3,167	$26	$36	$3,131					$5,300
1-Jun-22		$600	$4,594		$1,431	$7	$81	$1,351		$3,131	$26	$37	$3,094					$5,435
1-Jul-22		$600	$3,994		$1,351	$7	$81	$1,269		$3,094	$26	$37	$3,057					$5,570
1-Aug-22		$600	$3,394		$1,269	$6	$82	$1,187		$3,057	$25	$37	$3,020					$5,705
1-Sep-22		$600	$2,794		$1,187	$6	$82	$1,105		$3,020	$25	$38	$2,983					$5,840
1-Oct-22		$600	$2,194		$1,105	$5	$83	$1,023		$2,983	$25	$38	$2,945					$5,975
1-Nov-22		$600	$1,594		$1,023	$5	$83	$940		$2,945	$24	$38	$2,907					$6,110
1-Dec-22		$600	$994		$940	$5	$83	$856		$2,907	$24	$38	$2,868					$6,245
1-Jan-23		$600	$394		$856	$4	$84	$773		$2,868	$24	$39	$2,829					$6,380
1-Feb-23		$394	$0		$773	$4	$84	$689		$2,829	$23	$39	$2,790					$6,515
1-Mar-23					$689	$3	$689	$0		$2,790	$23	$39	$2,751					$6,650
1-Apr-23										$2,751	$23	$686	$2,065					$6,785
1-May-23										$2,065	$17	$692	$1,373					$6,920
1-Jun-23										$1,373	$11	$698	$675					$7,055
1-Jul-23										$675	$5	$675	$0					$7,200
1-Aug-23															$7,200	$88	$360	$6,840
1-Sep-23															$6,840	$84	$364	$6,476
1-Oct-23															$6,476	$80	$369	$6,107
1-Nov-23															$6,107	$75	$373	$5,734
1-Dec-23															$5,734	$70	$378	$5,356
1-Jan-24															$5,356	$66	$383	$4,974
1-Feb-24															$4,974	$61	$387	$4,586
1-Mar-24															$4,586	$56	$392	$4,194
1-Apr-24															$4,194	$52	$397	$3,798
1-May-24															$3,798	$47	$402	$3,396
1-Jun-24															$3,396	$42	$407	$2,989
1-Jul-24															$2,989	$37	$412	$2,578
1-Aug-24															$2,578	$32	$417	$2,161
1-Sep-24															$2,161	$27	$422	$1,739
1-Oct-24															$1,739	$21	$427	$1,312
1-Nov-24															$1,312	$16	$432	$880
1-Dec-24															$880	$11	$437	$443
1-Jan-25															$443	$5	$443	$0

[james.hendrickson]

I put together a debt payoff projection spreadsheet. Assumptions:

Start with $20,600 of total debt
Make monthly debt payments of $815
Add additional monthly debt of $200 to 0% APR CC
Save UP TO $200 per month for wedding and house down payment
Prioritize IRS debt, engagement ring, 9.9% APR CC, CC that is 0% APR until April 1, 2023, truck
When a debt is retired, add that into snowball, except truck. When truck is paid off, that money gets put into savings for a different truck.
Pay off January 1, 2025

Magic, I gotta say man, way to take control of your situation. You're working your debt and your finances pretty hard. Nice job. This is the first step to becoming prosperous and independent.

[Magic Johnson]

Thanks. A plan is just a plan. You’ve got to implement it to make any difference.

I’m not completely sure about working 19 hr/wk at that factory through all of 2024.

I might also get a promotion at my real job during this timeframe. That could be a $25K/yr pay increase.