Tuesday, August 31, 2004

The Situation

Some details:

$592 in weekly take home salary.
About $200 to $250 a month in other income

Expecting about $5000 lump sum in November
Possibly another $2500 in lump sum as well, around the same time.

Current Savings:

eMoneyMarket account: $2500
Standard Savings: $1300
(I'm keeping my retirement accounts out of the equation at the moment.)

Car payment: $408 a month,(Minimum) amount remaining on loan: $12,500
Credit Card: Balance of $2250

Those are the two things I hope to have paid off by June 2005.

Monthly expenses:
Rent: None for the rest of the year...good deal.
Gasoline: about $300/month
Cell Phone: $75/month
Food/Recreation $600/month (budgeted)
Car Insurance: $102/month
Utilities: N/A

So really, I have less than $1100.00 in monthly expenses outside of my Car and CC.

What I plan to document here is where money is going each week, what I do with "extra" money and how the plan is shaping up. I'll also try to post any tips I get for generating a little extra income and how to make the most of the money that I have.

Again, the goals:

$6000 in savings by the end of 2004.
Pay off the Credit Card by the end of 2004
Pay off the Car by June, 2005.

Wish me luck.


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