I was told recently that beginning on the 28th of this month I will begin to receive a salary of at least $2000 each month. I am going to pay the next months rent and bills immediately out of this lump sum, as well as set aside a minimum for things such as groceries. The rest of which is left over as my monthly cash flow will go towards figuring my taxes for last year, as well as learning what I must do to estimate my taxes for the rest of this year and how to send those taxes in quarterly.

After I resolve that issue, I will pay the fines which are required of me for the tickets and court costs that are due from being pulled over twice in January and once in February. This shouldn’t take me more than two months. I will then make necessary repairs to my car. After these necessary expenses, I will use this cash flow to pay off my credit debt. The credit debt will take approx. 10 months to pay off if I make! payments of $700 per a month.

Here is my proposed budget:

Total Income $2000
Expenses  
Rent $412.50
Car Insurance $99.53
Phone Bill $22.52
Internet Service $22.48
Power Bill $87.50 (maximum)
Sears Credit Card Payment $200
Circuit City Loan Payment $100
Groceries $200
Entertainment $80
Haircut $15
Gasoline $40
   
Total Personal Expenses: $1279.53
   
Cashflow: $720.47

On a side note, after completing what needs to be done for my taxes, I will transfer the balance of my credit cards to a Fairwinds Credit Union loan.