Friday, April 25, 2008

First Draft May Budget

I need your help on my May budget. It is looking like such a crazy month (on the income side), I'm going to put up a draft here for you to look at and then I'll post another on Wednesday at the end of the month. Here we go:


1330 IRS
1000 Rent
3434 Weekday Job
3000 Weekend Job

Total: $8764


200 Mrs. Student Loans
110 Mr. Student Loans
1130 Mortgage
161 Natural Gas
50 Water
41 AT&T
120 Electric
200 Car Gas
200 Toiletries & Groceries
55 Cell Phone
95 Life Insurance
200 Our Fun Money

Total: $2562

Debt Snowball: $6202

Menards: Start settlement of $640 per month for 3 months.

Capital One: I would have started this one this month, but $1500 was delayed coming from my weekend job, so it's coming in May instead. I'm going to see about settling with them for $1000/week for 4 weeks.

Padding: $1562 as padding into savings.

In June we'll be starting to tackle our smaller debts (those under $1K). Those are the debts listed as Other on our NetworthIQ profile. What do you think?


Jim ~ said...

Way to go on the income! I'm not sure what your balances are on your debts, you had listed them at one point but I don't remember where or when. On the motivational side of things, it would make more sense to get rid of your smaller debts. If you have Capital One barking at you for money, see if they can do a one time lump sum settlement in writing paid in full kind of deal. I don't think your weekly plan will work because they will keep expecting 1k a week until the debt is gone. How much debt are you trying to take out on one card?

Same goes for Menards, what is the balance and can you get them to do a one time payment instead of three months? According to your NetWorthIQ you have about 11k worth of debt, 6k should cut that number in half if not more if you're doing settlements with these people. I wouldn't save money you could use to get rid of the debt with if they bite. At the rate you're going, you'll be done with credit cards by summer time.

Jorelle said...

Interesting blog! I'm trying to get my husband focused on tackling our debts. Wish me luck :x