For those of you following my journey, I’m currently trying to payoff 67k in consumer debt within the next 5 years. For 2023 specifically, my goal is to decrease the outstanding balance by 15k.

To hold myself publicly accountable I plan to post monthly balance updates and quarterly budget plans. This post will be the first in the quarterly budget plan series. 

Let’s just get right into it

Current Income

I currently earn $63,000 per year and take home $4,200 per month.

Current Expenses

Expense Amount
Rent 900
Utilities 165
Transportation 40
Insurances 104
Groceries 200
Cell Phone and Data 10
Pet Care 44
Fitness  20
Subscriptions 50
Medical 89
Discretionary 300
DMP Agreement* 700
Personal Loans* 850
Debt Snowball* 728
* debt payment

Based on this plan I have $2,278 available to throw at the debt every month.  Based on this figure I should be able to exceed my goals of paying off my total outstanding balance within 5 years and reducing the outstanding balance by 15k by the end of 2023. In fact, I should be able to pay off all my currently open credit cards by Oct 2024 under the current plan.

Check back on February 1 for my monthly update to see my pay off progress.