New Spending and Get out of Debt PlanThe ever-changing Spending/Debt Plan due to economic struggles.
*Mortgage - I round up on my mortgage, so this helps with the payoff
*Cell Phones (2 - me and my 15 yo DS)
*Landline, TV Cable and Internet
*Water Softener Salt
*Homeowner's and Vehicle Insurance
Debt: (which is listed on my sidbar). I am going to snowball $355/month. That puts my debt payoff in 49 months, with a goal of having paid by December 2012 - 21 months) Any extra income from garage sales, ebay, craigslist, income taxes, rebates, passive income will be allocated to this area.
Total: $505.00 towards Debt
Freedom Account Savings:
*Car Repair Fund
*House Repair Fund
*My Kids Birthdays
TOTAL OF ABOVE: $2,562.000 (spending plan)
My Income: $1,575 monthly
Husbands Income: $1,200 monthly
TOTAL INCOME: $2,775.00
Total Income: $2,775.00
Minus Spending: $2,562.00
Leaves $213.00 - Groceries, gas, household, entertainment, etc.
I will try to live as close to this plan as possible for the next couple years, which in turn, will leave me with very little debt, my mortgage paid down, and money in my savings account to pay the bigger ticket items like property taxes and Christmas. Then I can focus on retirement savings.