We’ve got some big financial changes coming our way in April! First, my flight loan payments have been suspended until we pay off all of our debt with more than a 4% interest rate. Second, Hubby got promoted! This comes with a small pay increase, which we’ll see the second pay period in April. Third, we updated Hubby’s W-2 so that less money is taken out for taxes (having thousands of dollars come back to us each year is great and all, but that’s an interest free loan we’re giving the government. Not cool, yo. We’re hoping that our adjustments will help keep more moolah in our pockets). And finally, our bills have changed thanks to some adjustments I made.
April’s pay periods are from March 31st- April 13th, then from April 14th- April 29th. It’s the third month of our snowball reduction plan! So far we’ve paid off $7,632.09!
Our total income for this month (not including extra money from my various side ventures) is expected to be around $2,373 (this is a very rough estimate, since I’m not sure how much of a raise Hubby is getting).
We have these bills:
- Insurance: $170
- Internet: $50
- Cell Phones: $42
- Disneyland Tickets: $99
- Netflix: $8
- Savings: $110
- Haircuts: $40
- Total: $519.00
And these budgets:
- Gas: $250
- Food: $200
- Miscellaneous: $200
- Hubby’s Birthday Present: $200 (He’s been asking me for more stuff than a three year old in a toy store, so I’m just giving him cash this year. He can spend it however he wants, and hopefully he’ll stop bugging me for things we can’t afford)
- Total: $850.00
- Credit Card #1: $1,138.74
- Credit Card #2: $2,465.75
- Car Loan: $9,668.39
- Truck Loan: $0.00!! Woohoo!
- Line of Credit: $478.18
- Student Loan: $8,900.00
- Total: $22,651.06 ($4,082.67 of this is high interest)
This month, our snowball payment plan looks like this. We’ve raised our usual $900/month payment to $1,000/month in accordance with Hubby’s raise! The number in bold is the one we’re making extra payments towards. Everything else is getting the minimum payment.
- Credit Card #1: $25.00
- Credit Card #2: $603.34
- Car Loan: $321.66
- Line of Credit: $50.00
- Student Loan: $0.00 (remember, my aunt told us to stop paying this in order to put that money towards our interest bearing debts. Thanks, Auntie!)
- Total: $1,000.00
- Pay off $1,100 worth of debt. This will require me making an extra $100 this month and putting it towards paying off debt. Last month my math got a little messed up, so hopefully April will be a better month! I safeguarded by doing my math with an actual calculator and some coffee this time, instead of relying on mental math and decaf tea.
- Re-evaluate our debt payment plan with Hubby’s new pay information. We won’t have access to this until sometime in April, so we’re kind of flying blind this month as we adjust to a new salary. This goal may get pushed back to May just so we can wait for MyPay to update.
- Re-evaluate our month-to-month budget based on Hubby’s new pay information. I also cut some expenses last month to save even more money, so we’ll see how things work out! We might be able to put more towards paying off debt. This also might get pushed back to May.
- Sell our boat. We bought our boat with every intention of using it to go fishing, but as it turns out, it’s a pain in the butt to go boating here in Southern California between the traffic, fees, and inspections. This gets filed under “stupid money decisions we made when we were young”, and also under “Ways Wyoming is better than SoCal”. I want the space in my garage, and the money in our pockets (or in one of my snowball columns!).
- Complete a pantry challenge. For the month of April, we’re going to be eating exclusively out of our pantry, fridge, and freezer. I will go to the grocery store for a few perishable things, like milk and eggs, and to spend our WIC checks, but our grocery budget is $50 each week for the three (sometimes four) of us, which will allow us to still indulge a little in our Thursday dinners out and my
group of toddler mothers babbling like maniacs about grownup topicscoffee date with friends. This will include a week-long visit from my in-laws. I’m hoping to have a clear pantry and freezer by the end of this. I’ll then start filling our freezer with meals for after Baby is born in early July!
- Post 5 items on Bookoo every day. Like I said, we’re moving in November and I’m hoping to clear out our crap long before we actually have to move. Posting 5 items each day should help a lot.