Thanks everyone for all your comments, suggestions and feedback on my last post.
I think maybe I'm just to stubborn to actually fix the issue. I know exactly what I need to do to make it run much more smoothly. My BIG problem with the solution is that it will put a kink in my debt repayment plan. I know you are probably thinking if I just fix the problem now it will save me in the end... but I just can't see it that way clearly enough to make me want to change what I'm doing.
Ok so basically I run into problems with my grocery, entertainment, gas and pet budgets. I basically budget $80 each pay (2 pays a month) for groceries, $25 for entertainment, $60 for gas and about $150 for the pets. The problem happens when I go over in any of these areas I usually have to fall on my credit card to fill in the gap. Then I want to make up what I had to put on my credit card so I pull money from each of those budgets for the next pay and pay back my credit card. And I always think, oh I can get away with only spending $60 on groceries this time and I'll put the extra on debt repayment and then end up needing to spend a little extra to get through to the next pay.
I know that now that I am focusing all my repayment on my credit card I will see big changes in it unlike when my focus was on my now paid off debts. I just don't want to add more to these budgets because I know that what I am budgeting is reasonable for the most part. I just need to manage how I am spending it better.
Am I way off on my way of thinking? Am I really being too stubborn? Any advice for me? :)
I think you are being a tad stubborn. If this is a continuing problem, I say boost each category by $10 or so. (Would that be enough?) You have to give yourself some room or you will always be playing catch up. I totally get were you are coming from with wanting to pay down the debt as fast as you can (I swear, I was there) but you have set yourself up for success.
ReplyDeleteI understand what you are saying about watching your spending better too but boosting those categories just a bit is also not unreasonable.
Good luck! I know you'll figure out what works best for you!
Gotta agree with Niki... She's a smart cookie! ;) You're doing yourself in every payday then... You still have to LIVE, and if you are continually falling short, you've under-budgeted yourself. Add a bit more to your living expenses & adjust your debt payments accordingly.
ReplyDeleteI agree with the others, I think you need to be a little more realistic with your budget and increase them a bit.
ReplyDeleteYou are just very focused on your goal and you do not want to give to up and I can understand that, but on the other hand, times are hard. Groceries have gone up at least 30%, pet supplies have followed suit. You need to adjust for inflation. So you get out of debt 3 or 4months later, it is better than feeling like you fail every two weeks. I know because I am facing the same dilemma, I just have a hard time giving in, because I feel that I can work hard enough to correct this, realistically I can't, you might not be able to either. Let's put it this way, if your dog became really sick and you had a large vet bill you would pay it right? You would not feel guilty, you would adjust because it is an uncontrollable good reason, well the economy is the same an uncontrollable good reason.
ReplyDeleteI'm afraid I have to agree - you are a stubborn one aren't you?? In theory your budget works but in reality it doesn't. I like the idea of only adding $10 to each budget line and see how that goes. You ARE underbudgeting, $40 per week for food, that seems really low to me.
ReplyDeleteIm with the rest of the bunch - bump up a bit & see how it ends up - it is easier to put the remainder of what it left towards debt then having to pull out a cc ;)
ReplyDeleteI have my 'play money' set at 75 every two weeks, I tried to drop it down to 60 with not so wonderful results. I decided that it was best to leave it at 75. SO yes I think you are being too stubborn and it won't help in your budgeting and debt repayment if you are adding to your debt in the process.
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