My ‘Working Again’ Debt Payoff Budget September 2013
Photo credit: LabMinions.com
Now that I am working again and no longer unemployed, I’m revisiting my old unemployment budget and making updates.
NET Income Per Month (after taxes & required deductions)
Job #1: $4,935 Omg, taxes are a BEAST! Grrr.
Job #2: $540
I am not pursuing any additional side hustles at this time. Between these two jobs, I’m maxed out on hours and stress (60-75 hours per week). Any more than that and my health suffers noticeably.
Total Income: $5, 475
The Outgo per month
Rent+Utilities: $1465 (Unfortunately, I’m back in an expensive apartment, this time WITH a roommate. How this happened.)
Phone: $70 (Yes, I still have my iPhone. Sigh.)
Student Loan 1: $40 (This one is not bundled with my others, so I pay on it every month.)
Food: $500 (Yes, this is too high. I am not cooking and still eating out a lot.)
Public Transportation: $200 (Yikes! Public transit is waaay more expensive here than I thought it would be. )
Health Insurance: $100 (Yikes again! This is the cheapest High Deductible plan offered.)
Credit Card Debt: $2,000 (Ouch! Did I mention how much I HATE debt!? The credit card debt will die first.)
Student Loan 2: $850 (These payments begin next month. This is interest only. Aggghhh! This should be retirement money!)
Gym Membership: $65
Emergency Savings: $70
Outgo Total: $5,475
What Does This Mean?
This will roughly be my budget for the next year. I will not be having fun. This assumes that all goes well with my new job and that I don’t get fired again. This assumes that I don’t have any major health problems. Items in red are targets for cutting. This apartment complex makes it virtually impossible to get out of your lease, so I may be stuck here for a while, but I will consider my options. As soon as I am able to look for cheaper housing I will do so. That will save me hundreds of dollars each month that I can put towards retirement and emergency savings.
What Does This Really Mean?
“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW)