See the below chart.
On the left is my current budget, on the right my goal budget I hope to be following by the end of 2012. This means siphoning money towards debt to savings and transportation costs. I will use 10% of my savings for long term and 10% for short term (travel and events). My transportation costs will go up in 2012 as I hope to get a used Corolla for around 13,000 and would be paying the loan back (which I would classify under transportation rather than debt). A modest increase in food allowance and medical expenses budgets.
The 25% decrease in debt repayment should be achieved by paying down my high interest, low flexibility debt in the first half of 2012 leaving only my government student loans and some personal debt which I can pay back at a slower rate. I plan on ridding myself of credit card debt and my private student loan by July.
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