For those of you following my journey, I'm currently trying to pay off 67k in consumer debt within the next 5 years. For 2023 specifically, my goal is to decrease the outstanding balance by 15k. In the first quarter of 2023, I reduced my balance by $5,320.

To hold myself publicly accountable, I plan to post monthly balance updates and quarterly budget plans. Let's get right into it.

Below is my budget for the previous and subsequent quarters. Over the last quarter, I reduced my utility, transportation, fitness, and subscription expenditures, and I found that my previous quarter's budget amount for groceries was unsustainable. Thus I raised the monthly allotment for groceries for this quarter, but reductions in my discretionary category offset this increase. The amount of money I allocated to my debt snowball was reduced to cover ongoing medical expenses. Still, I will roll with the punches as nothing can reasonably be done about medical costs. 

Current Income

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

Current Expenses

* debt payment

Expense Last Quarter This Quarter 
Rent 900 900
Utilities 165 160
Transportation 40 25
Insurances 104 107
Groceries 200 300
Cell Phone and Data 10 0
Pet Care 44 44
Fitness  20 11
Subscriptions 50 40
Medical 89 360
Discretionary 300 200
DMP Agreement* 700 700
Personal Loans* 850 850
Debt Snowball* 728 463

Based on this plan I have $2,013 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.  My current projected debt-free date is May 2026.

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