Hey budgeting buddies,
Long time no see… So that was a long break and for that I am sorry. Long story short, I have been keeping up with my debt payment plan, however I did just need to take a bit of a break. So let’s get on with the Budget plan…
Like always my budget is organised in order of priority for me.
Starting with the big goal of paying off my Debt.
In May I am going to be putting 150 towards this goal. As the Debt I am focusing on, doesn’t allow to ‘pay extra’ I have put all the extra money into a sinking fund and save money until I can cover the whole debt.
Talking about Saving money; Emergency funds, is one of the most important and non-negotiable part of finances. To talk about it so often, my family laugh at me whenever they know that is the direction, I am going in. Due to its vitalness of personal finance. I will be putting 100 into that account.
Soon I’ll be moving internationally again, so my Emergency fund will be vital to set up my new life. I’m working hard to be bulk it up in future months.
Unsurprisingly, I will also be trying to build up my normal savings. I would rather spend my savings, rather than my emergency fund. I have budgeted 100 to begin building up my cash reserves.
Luckily to help with my need to save all my money, my phone bill is only 12. However, I have budgeted 15, just to ensure that I can cover any mishaps that may/ can occur.
My Spotify subscription, which is always just under 15. So, I budgeted 15. Spotify is one of the few things I will not cut out of my budget because it will not change my Debt Payoff date and I use it every day. Completely worth that 15, which I pay, every month.
For Gifts, I will be budgeting 50 for the month of May. I have a few events coming up which may require a gift or two. I am hoping that is enough, as I haven’t planned what I am buying for them just yet.
BL, SA, Fun, and Other are all getting nothing budgeted towards these categories this month. Mainly because I am prioritizing debt payment and savings. I am hoping to be able to spend some money into these categories over the next few months.
Thank you all for joining me on my budget plan!
When do you make your budgets? What is your biggest expenditure? Comment below 😊