Budget

Re: Budget

• tigerfighter member

  

  January 2014

  Overtime is not always available so I figured budget without it.  Right now there is lots of overtime available, will some times we are limited to 40. Going to share apartment until divorce is finalized.  

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• hoffse member

  

  January 2014

  Well if this is truly everything (though I'm wondering where things like clothes, etc. are), then by my calculations you have an extra $875 each month left over without overtime and cable. Let's say everything else is an extra $125 so you have $750 left.

  
  

  Pay the BOA card off first and then the furniture card.  If you stick with this for 6 more months, you'll have them both paid off without overtime.

  
  

  I would definitely encourage you to get as much overtime as possible to pay these cards off even faster.  It would be great if you were out of debt before your divorce is finalized and your expenses (presumably) go up.

  

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• tigerfighter member

  

  January 2014

  And in terms of housing after divorce, my dad is looking to buy a second house and I would rent from him and pay the bills for the house.  

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• hoffse member

  

  January 2014

  ^^That would be a great plan for you.  Since you can't budget for this yet, though, I would still try to get out of debt as quickly as possible so that you have no debt (or minimal debt) once the divorce is finalized.  

  

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• tigerfighter member

  

  January 2014

  And also I should be getting a decent tax return.

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• tigerfighter member

  

  January 2014

  I hate having debt so this is definitely a plan.  I need to buy a bed when I move out.

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• hoffse member

  

  January 2014

  Just don't charge the bed!  My husband is sleeping on an ikea bed+mattress that cost $300 total, and he has been for the last 3 years.  You just need something functional while you get out of debt and/or save for something nicer.

  

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• CuriousKiddosMama mod

  

  January 2014

  One thing I notice that's missing is insurance- for the car for sure, but also renters insurance. Make sure to figure those in your monthly budget even if you only pay them yearly or quarterly.
  Other than that, you also need to plan ahead for if you rent goes up whenever you move.
  
  I agree with hoffse about the overtime, get it whenever you can, for now to pay off debt, and in the future to save up an emergency fund. After those two things are done, then you can really decide whether or not you want to work those hours.
  
  Sorry about the divorce. One other thing I would say, is have you gotten names off credit cards? If you are separating your finances already make sure he isn't using any cards that still have your name on them so you end up being half responsible for that debt too. That would suck.
  

  

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• tigerfighter member

  

  January 2014

  There is a new bargain furniture store that opened near my dads.  And an Ikea about an hours drive away.

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• Xstatic3333 member

  

  January 2014

  Hoffse's advice is great. Do you have a six month e-fund yet? You can decide how big you need it to be based on your deductibles and job security, but despite the debt I would budget for some contributions to that monthly (unless you consider it funded already). I'd also put aside some for costs associated with your divorce (mainly legal fees, I'd assume). Your tax return could help with this.
  
  Good luck with everything!

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• tigerfighter member

  

  January 2014

  I am taking care of all that tomorrow.  My car insurance is renewing next month and I was planning on paying it in full.  That is $233.  

  
  

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• tigerfighter member

  

  January 2014

  I do not have an efund set up yet.  I am going to be opening a new checking and savings account tomorrow. And I plan on working on both saving and debt pay off.

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• tigerfighter member

  

  January 2014

  I am a workaholic and always try to get overtime.  After debt is paid off, I want to start an IRA (my work has not yet started the 401(k) program but it should be soon).  I would like to get a year e-fund eventually and max out IRA contributions.  

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