Good morning everyone!
Today is an exciting day for me since I will be starting a brand new job. However, a brand new job means a brand new budget. I have the opportunity of a 401K at this new job as well which is new to me so there is a lot to take into consideration.
I have been using my Organization Binder to house my spending log, savings log, making money log, and most importantly my budget sheet for over a year now. It works well for me but sometimes I just need to write out a full plan on good old notebook paper and see my plan laid out in front of me.
I have racked up a decent amount on my credit cards- not a ton but enough to make me a little nervous, meaning I'm ready to pay it off immediately. I also owe a little under $3000 on my car which means I'm almost done with monthly payments! I'm getting anxious to pay that off as well.
The first thing I did was figure out exactly how much I owed on each card and what other things would need to be paid in the coming months.
(I will be using fake amounts and accounts on the blog because I don't feel entirely comfortable sharing my personal information)
Visa Card: $500
American Express: $1500
Membership Fee: $150
Car Payment: $3000
Car Insurance: $350
The next step was to write down the due dates for everything.
Visa Card: 7th of each month
American Express: 28th of each month
Macys: 15th of each month
Taxes: September 7th
Membership Fee: September 30th
Car payment: 29th of each month
Car Insurance: October 10th
Now, I know my first paycheck will not be until the 19th, so I need to spend sparingly between now and then. So here's an idea of the payment schedule I have come up with (with fake amounts and information of course)
9/1 Taxes $50
9/12 Visa Card $50
After my first paycheck I know I will be able to start paying off more- so here is the next step of my plan.
9/21 Dues $150
9/21 Owe $300
9/28 American Express $100
9/28 Car $300
10/3 Visa $450
10/3 Car Insurance: $350
10/17 Macys $200
10/17 American Express $300
10/17 Car $300
10/31 American Express $400
11/14 American Express $400
11/28 American Express $300
11/28 Car $300
By the end of November I plan on having my car payment down to about $2000 and having all my credit cards paid off.
I also plan on saving 10% of my paycheck each week. I've opened a savings account at a bank that I typically don't bank at so 10% of my paycheck will go to that bank every week and I won't be touching it. I'm thinking that way I won't be able to move it to my checking account and spend it.
Since I'm turning 26 next month I know I need to get serious about saving money so I'm hoping with this plan I will be able to turn my saving and spending habits around!
Do you follow a budget or a saving and spending plan? I would love to hear how you save money!
Have a great day everybody!