April is a new month. However, the same debt management strategy applies from March. Sometimes it can be hard to stay motivated from month to month without much change. Let’s review the April budget example while learning a few motivational financial tactics.
Paying off debt is possible with a plan.
Review of the March Budget
March was a very simple month for our couple. Nothing major changed. In fact, everything went according to plan. It can be hard to stick to a debt relief plan after a few months times. Things get a little boring without any major victories. Here are a few ways to stay motivated in your efforts.
How to Stay Motivated
- Create a visual reminder you can see easily and update- like a thermometer to fill in or a photo of your new house.
- Review the numbers each month to acknowledge the progress.
- Find ways to boost your efforts from time to time. Sell some items, work extra or do a spending freeze to give yourself more energy.
- Treat yourself a little bit to relieve some spending frustration.
- Plan future goals that bring joy and excitement rather than just focusing on eliminating debt.
- Finally, take a moment to remember how far you have come!
April Budget Example- Continuing to Pay Off Debt
April’s budget is almost identical to the March budget. Netflix increased their rates, so we increased it for our couple. Additionally, our couple likes to have more fun in the spring and summertime. So we moved a little money from groceries to cover the small bump in entertainment and Netflix. Adjusting your budget is important for accommodating changes.
INCOME
- Salary 1: $2,700
- Salary 2: $2,100
TOTAL= $4,800
MONTHLY LIVING EXPENSES
- Groceries: $575 (decrease)
- Household Items: $50
- Clothing: $100
- Cellphones (2 phones): $100
- Internet & Cable: $125
- Rent: $1,100
- Electric: $120
- Gas: $60
- Trash: $10
- Auto Maintenance: $40
- Auto Insurance (2 cars): $175
- Health & Dental Insurance: $350
- Renter’s Insurance: $20
- Entertainment: $70 (increase)
- Netflix/Hulu: $25 (increase)
- Gym Membership: $60
- Student Loan Payment: $875
- Auto Loan Payment: $175
- Vacation Fund: $0
- Pet Care: $75
- Savings & Investments: $695
- TOTAL: -$4,800
While April isn’t a very thrilling month, it does offer a lesson. Staying motivated can be half the battle when it comes to eliminating debt or achieving any financial goal. Use these tactics and more to make the most of each month and each dollar you have.
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.
