In order to expidate hitting some of my targets for savings and extra debt repayment, I have cut a bit from my variable expenses from the budget I used for Jan, Feb and March. Previously I had $500 extra going to my debt/savings target which was great. I have tinkered with the budget to give me an additional $200, bringing my total to $700.
To do so, I have cut $20 a week from fuel, $10 from dining out and $20 a week from groceries. I am not sure if this is feasible in the long term but it is worth a try.
I do realize that by doing this, I am slowly down the snowflakes in those categories, which went to debt/savings anyways.
I am putting $350 a month towards a new vehicle downpayment, trying to get to $2500 by end of summer if possible. $350 will also go towards lump sum payment on my personal loan.
Any snowflakes I get will go towards the vehicle downpayment, to finish off that target faster.
If I end up getting a new (to me) vehicle this summer, then I will take whatever downpayment I have, and then have to reconsolidate my existing loan combined with the new vehicle loan. I know I won't have any trouble at the bank doing that and now that I 'know' how to get extra money down, hopefully I could get the loan paid off high speed.
It's an experiment. We shall see.
I tried making a chart on google docs to see if I could post it here and update. New territory for me.
Not Much Working Out Monday
2 hours ago
2 comments:
Sounds smart! Good for you! I hope it all works out :)
good for you - that sounds like a great plan --- i like how you will take from a few different places - this will help so that you don't really see the hit so much in each category :)
good luck!!!
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