Well, there really wont be a lot to say here. A few posts ago I told you all about how we updated our budget categories because I realized we were over extended, it was time to make some adjustments.
Because of this we executed a fresh start in our budget. I know we just did one of those, and said it would be the last for a while. Well, I mean it this time!
The new budget takes less money. It is a bit tighter in some respects, but Mr. Wanderlust and I talked about paying off our loans and we think for the most part, what we have is doable. I really want to start giving ourselves some fun money each month, even if it is just $50 a month. I feel like that would give us some personal wiggle room and let us feel some ‘freedom’.
We have worked out how we are going to payback our student loans. We sat down with a calculator that helped us figure out the best method (snowball vs. avalanche) and if we should take the extra we have to throw at individual loans or to throw it into our avalanche.
We decided on the avalanche because it saves us a chunk of interest, around $10k, and it is what makes logical, mathematical sense to us. It also gets the Parent Plus Loans, that we are paying for Mr. Wanderlust’s parents, paid first. Allowing us to add that $400 a month to our student loans. We have also decided that we will make the minimum payment of zero dollars on our other loans and put all extra into the current loan of the moment.
We also decided to expedite the process of paying off our credit card by using savings to do so. I will begin the transition of switching over all expenses to our credit card this month as well. I will wait until the 15th or so after all payments have been deducted from checking first. I need to add Mr. Wanderlust as an authorized user as well, so that he gets a card.
So, that was pretty much our October Budget and our November Budget Meeting, in a nutshell!