After running the potential figures with my roommate... the place were checking out next saturday is out of her price bracket. But after talking, i've decided that i'm going to pay more in rent and we'll adjust her's as the months go by... I think i need to try and implement this new budget right now starting next month in order to make sure i can afford this change. Essentiallly i'll be paying $200 more a month, $100 more then i originally intended.
The new moved out budget looks like this: Assuming I make $1956 a month after taxes and don't have the second job...(which i will have) and it excluded my small pay raise in May...
Groceries, $140.00
Car Insurance $100.00
Savings (long term and short term and retirement... pidiful) $41.00
Renters Insurance $30.00
Basic Necessities $45.00
Car Payment $300.00
Gas and Auto Maint $200
Rent $850.00
Utilites (electic and cable) $100.00
Cell Phone $50.00
Offering $50.00
Fun money $50.00
I'll have the second job to throw money at the debt and to cover some furniture that i might not be able to get with the $3,000 i should have saved on move out day.
I figured that once the car payment goes away, I'll be able to take that $300.00 a month and be able to beef up the savings... since I really won't have a retirement fund... which makes me sad.
Plus when my roommate gets more income, well adjust how much she pays and how much i pay... which will be in our roommate contract and we've already discussed this briefly.
Inorder to make the new budget work, and get all the money for moving out, I'm going to need to fully fund my emergency fund... now Which i will do by taking some money from Bank of America ... It will take 42.11 to fund the account....
In order to make this now money go away... meaning it's not in an account making me feel better... but actually gone and not coming back.... (basically Renter's insurance 30, car payment 300, rent 850, and utilities 100) I'll be sending it off to my car.
which totals $1,280 a month before overtime... hopefully this will help with the pay off schedule too. With my efund fully funded, the $41 a month of savings will go to long term moving out.
So what does this do to my auto loan???
----Old Balance ----Next------Next-------New Budget
Apr: 5,176.23 ---5,079.77----5,079.77----4928.66
May: 4,055.82---3958.69-----3958.69----3682.54
Jun: 3,783.71---3685.90----3685.90------3407.86
Jul: 3,509.72 ---3411.24----3411.24------3131.28
Aug: 3233.85 ---3134.69----2334.69------2052.81
Sep: 2,956.09---2856.24----2050.74-----1766.92
Oct: 2,676.42 ---2575.87-----1764.84-----1479.07
Nov: 2,394.82 ---2293.58----1476.97-----1189.23
Dec: 2,111.29 ----2009.34----1187.12-----897.41
Jan: 1,825.81 ---1723.15------895.28-----603.58
Feb: 1,538.36 ---1435.00-----601.44-----307.72
Mar: 1,248.94 ---1144.86-----305.57-----9.84
Apr: 957.53 ----852.73------7.67---------0.00 paying [9.91]
May: 664.12 ---558.58-------0.00 [paying 7.72]
Jun: 368.68 ---262.42
Jul: 71.22 -----0.00 [paying 264.23]
Aug: 0.00
Apparently... if this is do able... i only need to "find" $897.41 by December to be debt free, have my BA, and a place of my own.... HOLY COW MAN!!! but this is only if that is do able.
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