Financial Goals: January Update

We have made some progress towards our goals this month! Here is the update for the month of January!!

1. Save 3 months living expenses by December 31. We added a small amount this month towards our emergency fund.
2. Pay $3,000 towards our “small loan”. We have paid off almost $2,000 already!!
3. Make an extra principal payment every month. We have decided to take the Dave Ramsey approach and attack the smallest debt first. With focusing solely on our “small loan” we hope to have it entirely paid off this year and will then focus on principal payments!
4. Keep all Miscellaneous spending (Medicine, Toiletries, Clothing, Gifts, Everything but food) under $100 a month. We only spent $20 on miscellaneous spending this month! (Staying out of the stores really helps!!)
5. Sell $500 worth of stuff from around our home by July 31 We didn’t sell anything this month but have several items listed on Craigslist.

5 Replies to “Financial Goals: January Update”

  1. I am in awe of #4 and that you only spent $20. That is awesome! You said that included everything but food. Is eating out in your grocery budget? I’m good at sticking to my grocery budget but I run into problems with eating out. Mainly b/c there is always someone’s birthday in the family and they choose to celebrate at a restaurant. This is out of my control but I am obligated to go and this really adds up with a big family.

  2. We don’t use our grocery money for eating out. We have budgeted (at this time) $25 a month for “recreation.” This money is for movies, eating out, and any other fun things we may want to do. When we were in college it was $40 a month and at my husband’s previous job we budgeted $50 a month. Now that we have a house and he has a new job we can afford $25.

    We do love to eat out, but since it is so expensive we just can’t afford to eat out a lot. We don’t deal with birthday issue like you do (our families live out of town and we don’t have kids) so I can’t relate to your dilemma there but I am sure it is frustrating for you!

    Since our “recreation” money is so small now, I have been purchasing special foods to eat at home. Just last night I made buffalo chicken dip, we often eat homemade pizza on a Friday night, and my husband makes milkshakes for a special dessert.

  3. Thank you for your comment back. That is a great idea to take your eating out money and use it to buy special stuff that you would not ordinarily buy and have a special night at home. That would definitely make the money go further than going out and would still be a nice treat. Thanks for the idea! Have you had any luck selling on Cragslist for your goal of generating extra income? what about from your ads on your blog? Mine rarely get clicked on. Not sure what “makes” people want to click. Anyways, thanks for the great info! you are helping people!

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