Time to revisit Operation Debt Butt-Kicking

2d0c8-quoteart2
As the wedding fast approaches (we’re at 40-some days and counting!!), and our dreams of having our own place again continue to swirl around – the finance notebook has had a very prominent spot in out lives.  I fell away from budgeting a little bit within the last few months while some of the injury stuff was going on, but I am now back to it, and am updating the binder a bit.  If you missed it, I wrote about my method and the notebook that I use back here.  It’s also needing a bit of an update as J and I are budgeting together now.  We haven’t joined accounts just  yet, but we know that is coming.

The basis of the Notebook still remains, sections have just been updated a bit.  Here’s where we stand:

Before the sections: Sheets with financial goals, honeymoon payments, big payments I know are coming, etc.
1- Debts: I have listed out each of my debts that I am working to pay off, and update it after each paycheck and bill pay session.  I also have a spot where I track how much I put towards debt each month, and fees that are charged.
2- Paychecks: Since each paycheck varies, I track the amount and how much income I made each month.
3- Budget: yep, you guessed it – the meat of the binder.
4- Spending Track: Oh, the wonderful task of tracking my spending each month.
5- Extra Income: Extra and unplanned income. Anything including sales from my Etsy store to rebates, and other items.
6- Yearly goals: My goals for 2014 (January-June and July-August) written out and tracked to see the progress.
7- Net Worth: I’ve always been interested in checking this, but hadn’t figured it until now.

I do my budgeting old school – pen and paper, and I have an excel spreadsheet that I also have set up.  It may seem a bit overkill, but it works for me.

In the excel sheet, I have a few different worksheets:

1- Yearly goals: My goals for 2014 (January-June and July-August) written out and tracked to see the progress.
2- Monthly Spent: tracking for monthly spending with graph that shows how much I put towards debt each month.
3- Monthly Budget: as it says..the budget.  The meat and potatoes of it all.
4- All Expense: Used to view expenses month to month, this helps with how much to budget for each section.
5- Overall Expense: Used to view our main fluctuating expenses each month, along with paychecks, side hustles, and debt payments.
6- Debt Payoff Projection: Tracking of our debt payoff, gives us a good idea of when we will be able to be debt-free.

I work on finances once a week, unless large purchases are made.  It’s quite a system, but it works for us.  Right now, the goal is to have all the honeymoon paid off by December, and all of my credit card debt paid off by next May when J graduates.  Then it is onto finding a place to live and really tackling his debt.

How do you budget/track your finances?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s