The month of January was an exciting one. I switched jobs and left the corporate world. Because of unused vacation days, my income for the month of January was quite high. This allowed me to put extra money towards my student loans.
I did incur some extra costs that I typically didn’t have. As of now, I have elected COBRA continuation health coverage. It is quite expensive and ate up more of my income than I had initially planned but no worries. Life insurance is another category that I have to take on now as well.
After I had met all of my expenses for the month of January, I had a remaining $45.22 balance. This amount I used to make an extra payment on my student loans. My income for the month of February will most likely not be as high as it was for the month of January. This means that the amount I have to spend and use to pay down debt will be less. Every dollar, every penny is accounted for. Take a look at an in-depth review of my January 2015 budget. There is no perfect science to budgeting your income and expenses. Everyone has their own way they like to do it. The purpose is to hold yourself financially responsible and take steps towards your financial well-being.
|Earned Income (After-Tax)||$5430.94|
|Car Insurance/Cell phone||($121.46)|
|Roth IRA Contribution||($300.00)|
Budget Smart, Invest Wise