Debt

This past weekend I decided to sit down and look at all the debt Rob and I have. I used to keep track of it and just haven't done so in several months. When I finally sat down to review things, I realized that instead of lower our debt, we were only adding to it. Not good. All these payments we make every month don't matter if you keep buying more things! I can say that I have just as red of hands as Rob does on this one. Trying to prep for our engagement photos I decided to forgot being frugal and to just live it up while I can.

So I sat down on Saturday, broke out the good ole' Excel Spreadsheet and calculated all of our payments and our new budgets for the rest of the year. Hopefully by the time we get married (exactly a year from now) we will have paid off half our credit card debt!! So exciting! We will have gone from $12k to $6k.

I decided to pay the cards that are incurring interest off first.

I will be able to pay off my Discover card by May and then Rob's Capital One card in July.
Once I pay off one card, I roll over any extra money that wasn't used into the next card as well as adding in the minimum payments I am no longer paying on the other cards. This way each month I am still putting $500 a month towards cards. Hopefully more!

 

Rob's Citi card will be paid off in November, which leaves us with only 2 cards to pay off!

 

 

I also have put our little family on a restricted budget:

 

$15 a week on eating out. Yes its manageable. Groupon always has deals for $15 meals. If we go out to a restaurant, Rob and I can split a meal since we always take home leftovers. Now that our microwave broke, we don't need leftovers.

 

$15 a week for entertainment. I have found plenty of FREE activities in Dallas. Klyde Warren Park always has free events.

 

$100 a month on groceries. Home cooked meal are obviously better.

 

$280 a month on gas. Our biggest expense of this group.