I decided to try something new this month and use Dave Ramsey’s monthly cash flow worksheet to help me more clearly see where my expenses lie. As you see, I write out my bills and expenses every month, but I’m bad about categorizing my expenses and adding everything up in real time. I am more particular about my bills (if I’m being honest with myself, it is because it is easier to keep up with – no receipts to keep up with, and I can always check my email and see the details of what I paid), but I need to be more diligent about reviewing my expenses.
I’m running a deficit every. month, and while disheartening, it is temporary. Hard I know, but temporary. After two passes through my numbers, accounting for some things I paid early in May, my deficit for an ideally workable budget (and based only on my full-time salary) is $835.34. My debt payment this month is $1,940.47. The aim is to get this number down.
As of May 31, my non-student loan debt total is $50,030.35. My student loan debt total is six figures – until I can start back making more than my minimum monthly payments, I’m not even going to think about the total amount, interest, or anything else related to it.
If you’re keeping track, the consumer debt total is a little higher than it was last month. This is because I took out an installment loan to pay down some other debts. Now while this is generally not recommended unless you will see some cost savings, I did it because I needed the more immediate improvement to my credit score in order to achieve some other important goals.
To help keep me more disciplined, I will be pulling actual cash for some of my cash envelopes this month. I will also check in here every week to see how the expenses are going.
Accountability is key and I am recruiting you to help.
How does your June budget look?
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