August Budget Breakdown
Well, another month has come and gone in 2015. Scary right? To think that it’s already fall and we are almost at Christmas time?! I’m sure you’re all dying to know how I did this month because I gave myself quite a gruelling challenge. In order to fulfill my goal, I would have to put almost $1500 towards my debt. Before I get to the numbers, let me explain to you where most of my expenses went in August. As far as budgets go, I spent way too much on entertainment this month. Part of the reasoning is because I had my brother’s wedding and a couple of other events, such as a music festival in Calgary. But truthfully, I spent too much just on dining out. My arch nemesis. I might start taking out $40 cash and only allowing myself to spend that on these dinners.
What do you guys do to lockdown your entertainment budget?
This month I have broken down my expenses for you guys:
Groceries 164.45 Entertainment 235.34 (oops) Gas 110.00 Rent 360.00 Other 512.50 (savings, bills, etc.) Debt Payments 1375.00 Grand Total 2757.29
After all of this, here is where I stand as far as debt payments go:
Credit Card 1 $552.28 Credit Card 2 $2285.36 Student Loans (won’t touch until November) $3000.00 Grand Total: $5837.64
I am feeling pretty confident with where I stand financially in this moment. I have two more months until my student loan payments are required to begin disbursements and I think I am ready! If all goes well, I should be able to pay off the rest of my credit card debt by November, and begin paying off my student loans in large payments.
In other news, I have found out about a potential part-time job opportunity and I am very interested in this. It would be a huge help to pinch out these next few months and start the New Year off with great savings prospects. Any extra cash will help my fiancé and I save towards our wedding and honeymoon, which is definitely my main focus for 2016.
Sadly, I didn’t accomplish last month’s goal, which is why I want to push for an even bigger goal next month. I know it should be the opposite, but I’m now even more driven because I can feel how close I am to actually becoming debt free!
Next month goal: Under $4500
How will I accomplish this you ask? By using my new side hustle money towards debt repayments. Now that I am getting closer and closer to student loans being due for payment, what do you recommend I do? I am hoping to put $1500 in November and $1500 in December, but I also have to keep in mind that Christmas will be around the corner.