During a break on Friday I was sitting at my desk at working looking for a good debt repayment calculator that would help me figure out how soon I could have my car paid off when I stumbled back upon Unbury Me. A calculator I’ve used in the past. I input all of my debt figures and their minimum payments and hit calculate…well I almost pooped when I saw February 2019 pop up on the screen. The I said to myself “self, you always pay more than your minimum payment, lets add some more money to that”. I kept playing around until I found a figure I thought was a reasonable amount to contribute to my debt each month and this is what I wound up with:
This is a year sooner but it still got me thinking…why am I not including my car payment in my debt total? I was so certain when I began this blog that I didn’t need to include it because it was “good debt”…well that good debt is costing me a whole $288.22 a month and is a big part of why I can’t contribute more money to other areas. I still am not sure if I want to incorporate it into my totals just yet however I do have an adjusted plan for January-May:
My primary income source will be used to cover all of my bills as well as debt repayment. All of my bills come in and out of that account and that is where job #1’s pay gets deposited.
My secondary income source will be used for savings. Usually I make a little over $300 a month on average from this job. I had been getting so excited at watching my savings accounts grow that I was neglecting paying down debt as aggressively.
In the next few days I will be coming up with a budget using a template from one of my favorite blogs Blonde on a Budget and sharing it with everyone. Right now I plan on budgeting per-pay cheque as I find that a little easier than budgeting for the entire month, as I get going I’m sure I’ll get better!
Please feel free to share any advice and tips 🙂