I thought I would give some insight into what my monthly budget looks like in Google sheets. I created this template years ago but didn’t start using it seriously until my debt free journey started a year ago. I use the “reverse budgeting” tactic. Reverse budgeting means that you list out your income for the month, deduct all of you expenses and debt payments, and what’s left is what you have to spend. I get paid every two weeks so that hundred or so dollars goes towards groceries, home items, meals out (which are few and far between), etc. I usually try to keep about $200-$250 in this category, but this month I had very specific goals I wanted to hit, like refilling my emergency fund (crucial) and paying off my Invisalign.
This month I moved into my new apartment so I paid first months rent and a security deposit last month. I only had $90 due to my old rental company to bring my utilities up to date and close them out.
I’m also on track to receive a bonus in April which is why my paycheck is higher on the 14th. With that bonus I’ll be able to payoff my Invisalign debt (YESSSS!) and put a big hunk towards my student loans.
I haven’t listed my potential IRS debt here but I have accounted for it in later months because the payments won’t start until May. I’m PRAYING I can settle the issue with the IRS so I can focus 100% on my student loans after the Invisalign is paid off. I’ve been wanted to focus on my student loans for about a year now, but as every person who has ever gone on this journey knows:
1. Things constantly come up contrary to what you plan
2. Patience is key to this entire process
This months debt payoff signifies the first time I’ve paid off any non-credit card debt which I’m very excited about. It shows the snowball is working and I’m gaining a ton of confidence that I can do this!
How is your budget for April looking?