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 |
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.
