2013 Budget — Revamped!

15 Jan

One of my goals for January was to restructure my budget so I can work towards paying off some credit card debt and control my spending habits. I tweaked the current bills on my budget from last year and will start pulling out cash every payday so I can go back to envelope budgeting. Carrying plastic just gets dangerous, even if you’re only using your debit card to buy groceries.

I pulled balances and APR’s for all my debt and as of today have $5,532.65 due between 4 credit cards in addition to $11,540.06 left to pay on my car loan. It’s scary to see the totals in writing, but I want to be honest about it so at the end of the year I can look back and brag about how far I’ve come.

For the next 3 months, I will be paying $282 to my first targeted credit card, a Chase VISA, while paying minimums on my other 3 cards. Since the payment is kind of aggressive compared to my budget, I will not be able to put much, if any, aside for savings while I make this payment. However, I will revisit my bills at the end of March when this card is paid off so I can figure how much I can afford to automatically transfer to my savings. I want to win a small victory so I stay focused and excited on the rest of the year! I will also be paying an extra $75/month towards my car payment so it will shave off 1 year & 6 months from the length of my loan.

If there’s anyone else out there working on paying off debit, hang in there! Some helpful calculators that I used today were this “Auto Loan Pay Off Calculator” and this “Credit Card Pay Off Calculator.” Favorite feature: it allows you to enter the number of months you want to have your credit balance paid in, then tells sums the amount you will need to pay to make that goal.

One Response to “2013 Budget — Revamped!”


  1. January Goals – Recap « Micaiah Elyse - February 2, 2013

    […] 2013 Budget — Revamped! […]

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