Sunday, August 10

One month of budgeting

Well our first month of budgeting is under our belts now and I can freely tell you that it wasn't easy at all. At first we kept strict reigns on the money because we have the "fresh" motivation to turn our "debt lifestyle" around, but towards the end things got a little harder.

At the end of the month in our "get-out-of-debt" enevelope we ended up with $512.21 extra to put on my student loan. Which sounds great, and it is, but we had about $640 in that envelope that we ended up spending (and now I'm kicking myself for it!)

This month is looking to be promising though. I get 5 checks this month (5 fridays) and my wife gets an extra check as well so both of those are going to go straight on the debt. Hopefully at the end of this month we'll have $500 from our "normal" monthly extra, plus my check, and my wifes check to put on the debt. We're hoping for about $1400 extra to pay on the debt this month if we're diligent about not spending money that isn't budgeted.

Our first "extra" payment will go out this month (the money saved from last month) and I think it will go on my student loan because of the higher interest rate then the Jeep (and they're close enough that I feel comfortable paying it down first).

Hopefully budgeting gets easier as we get more used to what we have and what we don't have to spend.


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