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New month new things

March 1st, 2006 at 01:49 pm

New month new budgetI have decided to make some changes to my budget, last month I went over a little but was able to still save Wink

So far I have upped my EF to $638.00, my $20.00 challenged increased by $133.11 giving me a grand total of $153.11 ending the month of February leaving me with $14846.89 left towards a purchase of my new home ( lol). My auto account something new I just started in case the car needs any repairs or in time a new one is needed, I am at $19.49 but with my plans I am sure it too will increase significantly

In the beginning I used Dave Ramseys total Money Make Over in order to get my snow ball going, Ive paid a total of 4 credit cards freeing up $70.00 extra a month, now I have decided to take that $70.00 and pay towards my high interest credit card. Unlike Dave, I am funding my EF as I go, but I did open up a miscellaneous account adding 67.50 each pay period giving me a total of $135.00 for some reason I find myself using this money but at least I have not touched my EF fund and wow is it nice to see it grow.

I found this great tip on MSN Money Central which stated to use the 10% rule, it works like this:
1st 10% of my paycheck I deposit in my EF account
Then I take 10% of what is leftover and deposit into my miscellaneous account (for small emergency) the next 10% I deposit into my IRA account (unfortunately I am unable to deposit 10% but I make sure I deposit 15.00 each pay period totaling 30.00 a month, something is better than nothing) now I pay bills; the only exception that I have made to this rule is what ever my paycheck is I subtract $750.00 to use with the 10% rule and the difference I am using to pay down my credit cards so if my check is 900.00 then $150.00 is used to pay towards my high interest credit cards

Just wanted to share some of my ideas on how to get out of debthope it helps some one because it sure have helped me (4 credit cards paid in full 5 more to go)

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