OK. I’ve got it.
I am going to net about $20,000 from the next 2.5 months (I’m being conservative and underestimating by a thousand or so)…
My Assumptions
– 50% goes to taxes
– $1000/month as a budget (see numbers below)
As you all know, I’ve stopped debt repayments, except for the bare minimum of $157 a month.
I haven’t worked out the final budget numbers (as a good average) for each month because this is the first time living with BF, so here are my assumptions….
(P.S. I haven’t had time because I’ve been working but thanks for all of your great comments and tips on being a co-habitant! We’ve decided to split everything in half — without even talking, I knew the plan because he’s v. fair — and we split the grocery bills in half and he ‘invoices’ me weekly)
$500 = Rent (assume approx. the same as before)
$240 = Food
$157 = Debt Repayment
$100 = Cellphone (I got 2 cellphone numbers, so that I didn’t lose my original number and this is a pretty high estimate)
That leaves about $3 left over in the budget which is extremely tight. So I AM concerned that it might be cutting it a bit close, but let’s just see what it does for me. If I have to, I’ll move it up to $1200 or $1500 to cover a bit more of the cost, but I’d like to keep it to the bare minimum.
I’m also not putting in that budget for getting a new pair of glasses, more contacts, going to the dentist and other miscellaneous expenses, because those are one-time costs that I am planning on covering with another savings fund.
With that being said, I’ll put at LEAST $7000 into debt once I get the cash to clear, so at least 50% of the $15,000 is paid off, and the rest will stay in the Emergency Fund/Savings until I can secure another contract with another company.
It’s really a great feeling to have options because of your financial situation. There is no better feeling in the world.
Just a girl trying to find a balance between being a Shopaholic and a Saver.
I cleared $60,000 in 18 months earning $65,000 gross/year.
Now I am self-employed, and you can read more about 
Congratulations on being that much closer to your goals AND your new living situation!
I really wish I had that kind of freedom… Of course, I spent nearly six months last year doing absolutely nothing, which wasn’t fun either. I’d love to have fun options like spontaneous “luxury” vacations or day trips to some place awesome, that’s my kind of financial freedom… 🙂
1. It’s marginal because I earned a bucket of money this year
2. I don’t drive – cars aren’t an issue I don’t even consider it… 🙂
So what happens with cars? I asked if he has a car and will you drive it and who pays for insurance and including/excluding you? Perhaps it different in Canada but anyone living in the residence must be included or excluded because if they prove you live there, get mail anything they can not pay up.
Good luck with your plan, FB!
I’m kinda new here, so sorry if this is a dumb question…but why do you have to save 50% for taxes?
Hi there-I’ve just started a new blog, personal finance related-hope you can check it out at http://www.nodebtdiva.blogspot.com!!
*choking on Canadian taxes*
50% EFFECTIVE RATE???? Please tell me that’s a marginal rate, not an effective rate, and that it’s only that high because you earned buckets of money already this year.
*sigh* These posts make me feel so bad about the state of my finances… until I walk into the next sale I see!
Hi there-I hope everything goes to plan for you, its a great feeling when you know you are actively doing your best to reduce debt!!