What’s in MY budget? Part 5: Debt

This is part 5 of my “What’s in MY budget?” series, and today we’re looking at the single category in my Debt group.

Before we do, my family uses YNAB for our budget. It is, in my opinion, the best budgeting software in the world (otherwise, why would we use it, right?) If you want to try it out, https://www.chriscookley.com/YNAB will give us both one free month. Pretty good, right? Ok, let’s look at my Debt.

We have one category in Debt, but it hasn’t always been this way. If I wrote this series last year, we would have had categories for car loans and student loans, as well as our mortgage. We spent all of 2020 going hard at our debt. 2020 was an incredibly difficult year for just about all of us in many ways, but I am so incredibly grateful that for my family, finances were not one of our struggles. We paid off the remaining balances on our car loans and student loans in December 2020, launching us into 2021 in the best financial position we’ve ever been in.

This is how Debt currently stands in our overall monthly budget.

The only category we use in Debt is Mortgage.

Since there’s only one category in this group, 100% of the group allocation goes to mortgage. Mortgage makes up 16.62% of our overall budget.

Category% of Debt% of Overall
Mortgage100%16.62%

Friday’s post will be the last post in this “What’s in MY budget?” series, and we’ll be looking at the most important group for wealth building, savings.

Can I give you something?

If your budget needs work, I have something for you. It’s my completely free Master Your Budget Categories guide, with over 270+ categories laid out and organized specifically to help you budget better. I’ll even show you exactly what goes on my budget.

Think of it as the foundation to your perfect budget. Can I send you my categories?

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