May 2016 Budget Plan
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.
|Business Income Required||$2,640.00|
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?
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