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May 2016 Budget Plan

May 2, 2016

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I have budget goals I will reach this month!After kind of a weird April, I’m ready for May. This month I plan to pay off one of my credit cards in full, although the balance won’t stay at $0 for long.

As soon as I pay off the balance, I’m going to take my creditor up on a new 0% APR balance transfer promo that they are currently running. As soon as I accept the offer (after my first balance transfer is paid off), I plan to transfer the balances from at least two of my other cards onto the 0% interest card. This will save me a TON in interest because I plan to transfer my highest interest balances first. I will have to pay a small balance transfer fee this time around, which I’m not excited about, but I guess that’s just part of it.

I did contemplate opening another new credit card to do a balance transfer instead so I could avoid paying a balance transfer fee, but ultimately decided against it because I don’t really want any more open credit accounts on my report. There’s enough as it is. In fact, I’m considering closing some of the ones that are paid off. But I want to make sure I make a good decision regarding closing any accounts because it can lower your credit score since closing accounts changes your credit utilization ratio.

But enough about that. Here is my budget plan for May.

CategoryMonthly Total
Saving$20.00
Mortgage$878.66
City Bill$115.00
Gas Bill$35.70
Cable$24.63
Internet$49.95
Phone$62.02
Fuel$50.00
Auto Insurance$101.61
Cleaning$90.00
Cash Spending$300.00
Debt$779.50
BFF Visit$120.00
Dr. Bill$10.57
TOTAL$2,637.64
Business Income Required$2,640.00
Difference$2.36

This month should be pretty low-key. It’s one of the lowest budgets I’ve had in a while and I don’t have much planned in the way of “extra” spending. I should be earning some extra money this month too because I’m having a garage sale and that usually ends up being about $300 or so for my portion of the “profit” at the end of the sale.

As mentioned, I plan to pay off one of my credit cards this month and I’m super excited about that, plus I’ll be reducing my bills by consolidating two of my other cards into one new balance transfer on my paid off credit card. That means less payments to make each month! Woohoo!

My BFF is coming for a weekend visit, the same weekend as my garage sale, so I don’t anticipate spending much money, but I put some cushion in my budget just in case. I’m hoping she’ll bring some stuff with her to put in the garage sale too.

Other than that, I don’t have much else planned for May.

Do you have any plans for May? How will they affect your budget?

Want to know how I budget as a freelancer? Here's my May budget plan!
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Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

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8 responses to “May 2016 Budget Plan

  1. Good luck with your garage sale! I hope everything goes! When I did my budget, i had nothing planned for May. I was just going to save the paycheck I got on Thursday afternoon. but the universe had something else planned, because when i got home I was out of water and I had to order two loads of water. $180 gone. Then on Saturday my mom said we are taking my uncle to dinner for his 80th birthday. $150 gone. Lastly, yesterday I got up to clean the apartment and notice the water wasn’t running (that’s right the water I paid $180 for less than two days ago!). Come to find out the water pump has a leak and couldn’t maintain the pressure to push the water through the pipes. So I will probably have to pay a whole lot to a plumber. And when I thought my Sunday couldn’t get any worse, my brand new pyrex dish shattered into a gazillion pieces. $20 gone!

    So the $350 I thought I was going to save was gone before May even started. And to top it off I don’t even know how much a plumber will charge me to fix the water pump. So I need to find the money for that. So right now, May = Broke.

  2. That sounds like a pretty lucrative garage sale! I never think we have much worth selling (that we’re not using). Maybe when we finally unload all the baby stuff.

    We have some weekend trips, a wedding, and a baby shower in May that will require some extra spending. Luckily one of the trips is camping, so it’ll be inexpensive. We’ll probably give cash for the wedding and shower, because I think that’s the best gift!

    1. It is usually a lucrative garage sale. I usually team up with my mom, grandma, and sometimes my cousin. We usually end up over $1,000 total. I agree with you, cash is a good gift because then they can use it for whatever they didn’t get but really want or need.

  3. That’s some complicated credit card stuff that you are working on… But I am curious to know what you decide in terms of closing up some open credit cards… I want to maybe do that, but I’m not 100% sure how much it will affect my credit rating…

    1. Yeah, I’m not 100% how much it will affect my credit score either. I do know that it would increase my credit utilization ratio because the amount of unused available credit would go down if I close some of my accounts with $0 balances. That ratio does impact your credit score, but I think as long as I keep it under 30% of my total credit used, I should be ok, so I think I can close at least 1-2 of them safely.

  4. I see you reorganized your sidebar so that all of the debts are broken down. When you pay off the card, would love to see what debts you currently have and how much progress you’ve made. I know it is so motivating for me in my debt payoff journey to see the nitty gritty progress others have made.

    1. Hey Brooke, Yes. I have changed my side bar a few different times. I wanted to make it a little shorter, so I lumped all the credit card balances together. It’s a little hard to estimate my progress because I haven’t always chipped away at my debts. I took on a new car loan last year which increased my debt load. But I am confident that I am still headed in the right direction overall. I should be free from CC debt for sure by the end of the year.

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