I’m a little nervous to share my September budget plan with you. You’ll see just how poor our monthly payments vs. income truly is.
Being accountable should help me conquer this area of debt in order to put myself in a position to fully live my dream.
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Right now, my day job pays for me to work in my dream so I can get to where I want to be.
What’s my dream, you might wonder? My dream is to finally live my life doing and working with what I’m truly passionate about. After a lifetime of doing what was expected of me, or at least what I thought was expected from me, I want now to live my passion and in turn, my purpose.
Unfortunately, a few obstacles of my own making have gotten in the way of allowing me to immediately make the switch to full time blogging which is what I really want to do. One of those things, too much debt, holds me back, but I’m on a mission to take control of our finances and move forward towards retiring from my day job and doing the work I feel called to do full time.
So, back to accountability and transparency… my September budget plan is ready to share. I am using percentages rather than actual numbers simply to protect our privacy.
I get paid once per month on the 25th of the month. As a public school teacher with over 25 years experience and two graduate degrees, I make almost double what my husband makes as a state social worker.
My husband gets paid twice a month, on the 15th and the 30th.
My main blog, Loving Christ Ministries, earns about the same as my husband’s monthly income. If not for our debt, we would make enough monthly for me to go ahead and quit my day job to blog full time. Right now, I’m letting that income accumulate after blog expenses as a kind of savings fund
We plan to use my paycheck for monthly bills and debt repayment. We’ll use his checks for groceries, gas, spending, saving, etc.
September Budget Plan
- Combined income – 100%
- Total minimum payments all debt – 29%
- Total minimum payments unsecured credit cards/personal roof loan – 12%
- Total minimum payments student loans – .05%
- Total minimum payments secured debt (car loan etc) – 16.5%
- Mortgage – 16.7%
- Other Bills – 19%
- Groc, spending, gas, snowball, save 35.3 %
- Snowball and save – 5%
Goal 25/10- my immediate goal is, of course, to stick with these percentages, but my next goal I want to reach within a month or two (or maybe four as I need to get through Christmas without charging!) is to have 10% towards saving and debt snowball and onl y 25% total debt.
You can see that I can pay all minimum payments and then still have a tiny bit left for my debt snowball. If you aren’t familiar with Dave Ramsey’s debt snowball, you can learn more about it in the upcoming post – what to do when your snowball is only a flake.
Putting the September Budget Plan into Practice
Now, I have to implement the September budget plan. My intention is to do that right away and then report back here on the blog.
Determined to Make the Budget Work
Sometimes I wonder if I sabotaged myself unconsciously because I didn’t feel “worthy” of following my own dreams.
Or perhaps that’s just being dramatic.
I do know that I’ve had chances for do-overs throughout the years to get my finances in shape and to then be able to do the work I’m passionate about.
Now, is the time. I’ll share a report next month on my progress and let you know the plans for my October budget.