Quick recap since we're already halfway through the month of November. I don't have time for many details, but since nobody (but me) cares about these posts anyway, it's no big deal, right?
We just barely missed the 70% mark this month for our FFEF. I just do mean JUST. But that's okay. We had some other things come up, so all is well. :)
November is proving to be pretty profitable so far. And by 'profitable', I don't actually mean we're making any more money. Just that things are falling into line properly. So hopefully I'll have some fun things to report in next month's finance recap.
We're still trying to figure out exactly how much to budget for our trip to Texas. I have a particular amount in mind, but I think I may save a bit extra to be on the safe side. Does anyone have any recommendations on the amount?
Here are some details to help you out:
-6 people (but only 5 requiring daily nourishment 3x a day - 2 adults, 3 toddlers)
-2 hotel stays en route and 4 nights hotel stays while in TX
-gas from IN to TX
-a few sightseeing things (we plan to go to San Antonio and probably a few other places along the way)
-misc. (because you know there's always something)
I'd really appreciate any insight anyone has on this topic. I've had a hard time gauging this because we've only taken one vacation since we've been married and it was just my husband and me. Plus, that was our "honeymoon" vacation, so we splurged a bit. But isn't that what vacation is for? :)
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REVISED GOAL #1: Save up and pay CASH for our trip to Texas next March. ---- 35% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 69.9% completed!! ----
Goal #3: Save for my husband to get a "new" (that means used) car. ---- Still on hold. No major issues with the car at this time. ----
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- I admit it. I am a total failure in this department. ----
Goal #8: Get disability insurance for both my husband and me. ---- I mention this to my husband occasionally. He seems to think it's like a one-page worksheet that I can fill out for him. Not so much. I'm blaming this one not being done on him. :) ----
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P.S. The birds have not eaten me! (Yet.)
Showing posts with label Finances. Show all posts
Showing posts with label Finances. Show all posts
Saturday, November 14, 2009
Tuesday, October 27, 2009
Get Your Finances In Line In 2009: September Recap
Wow, this is super late! I usually try to post our financial update in the first week of the month and here I am posting it on the 27th day of the month. Yeesh!
Well, anyway...as you all know, our little Savannah finally arrived on September 30th, fourteen full days past her due date. (Little stinker!) So after those few extra weeks of eating out and getting take out way more often than was probably necessary, I was very surprised to discover that we actually had a fairly good month for our savings account!
We were hoping to make it to 70% of our FFEF last month (a pretty lofty goal) and we got pretty close. We also started saving for our trip in March. Other than that, nothing too exciting took place.
So here we go....
REVISED GOAL #1: Save up and pay CASH for our trip to Texas next March. ---- 25% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 66.6% completed!! ----
Goal #3: Save for my husband to get a "new" (that means used) car. ---- Still on hold. No major issues with the car at this time. ----
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- I admit it. I am a total failure in this department. ----
Goal #8: Get disability insurance for both my husband and me. ---- I mention this to my husband occasionally. He seems to think it's like a one-page worksheet that I can fill out for him. Not so much. I'm blaming this one not being done on him. :) ----
So there you have it. We will surely make it to 70% of our FFEF this month, and I'll be SO excited to report whenever we reach 75%! (I have a thing with fractions, apparently.) We were really hoping to reach 100% by the end of 2009, but we also realized that it likely wouldn't actually happen. And now we're saving for our Texas trip, so that's pulling a little bit of what would have gone into our savings. But we're so looking forward to our trip! So we imagine it will probably be closer to March or April that we can completely fund our FFEF.
Keep on keeping on!
Well, anyway...as you all know, our little Savannah finally arrived on September 30th, fourteen full days past her due date. (Little stinker!) So after those few extra weeks of eating out and getting take out way more often than was probably necessary, I was very surprised to discover that we actually had a fairly good month for our savings account!
We were hoping to make it to 70% of our FFEF last month (a pretty lofty goal) and we got pretty close. We also started saving for our trip in March. Other than that, nothing too exciting took place.
So here we go....
REVISED GOAL #1: Save up and pay CASH for our trip to Texas next March. ---- 25% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 66.6% completed!! ----
Goal #3: Save for my husband to get a "new" (that means used) car. ---- Still on hold. No major issues with the car at this time. ----
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- I admit it. I am a total failure in this department. ----
Goal #8: Get disability insurance for both my husband and me. ---- I mention this to my husband occasionally. He seems to think it's like a one-page worksheet that I can fill out for him. Not so much. I'm blaming this one not being done on him. :) ----
So there you have it. We will surely make it to 70% of our FFEF this month, and I'll be SO excited to report whenever we reach 75%! (I have a thing with fractions, apparently.) We were really hoping to reach 100% by the end of 2009, but we also realized that it likely wouldn't actually happen. And now we're saving for our Texas trip, so that's pulling a little bit of what would have gone into our savings. But we're so looking forward to our trip! So we imagine it will probably be closer to March or April that we can completely fund our FFEF.
Keep on keeping on!
Thursday, September 10, 2009
Get Your Finances In Line In 2009: August Recap
Well, lots of things have conspired since my last update. Or so it seems. I'm currently EXCEEDINGLY pregnant and feeling very exhausted.
Cooking has been on the back-burner as of late since my energy level has dropped through the floor, it seems. In fact, I bought about 6 boxes of cereal while I was out running errands this weekend and informed my husband that we could just live on that until the baby comes. He seems skeptical and I can't figure out why.
Seriously though, we've been getting take-out more often than usual and my grocery trips have been far less organized (and coupon-involved) lately, so our food budget was a bit higher than normal last month.
Also, we just found out that my cousin is getting married in March! I'm SO excited to make a trip down to Texas as I haven't been there since I was a child! My cousin also requested that 3 of our 4 children be in the wedding. While we anticipate that that will be an interesting added bit of work, my parents will be there as well so I'm sure we can manage all the wedding festivities and kiddos with their help. Since Texas is a 2-day trip each direction with our munchkins, we're looking at some hotel stays and lots of meals on the road, so our trip savings is starting now. We're so grateful that the Lord has allowed us to reach so many of our financial goals in the past few years so we are able to plan and save up for this trip.
Alright, so....jibber jabber....here's the new, updated version of our goals:
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
REVISED GOAL #1: Save up and pay CASH for our trip to Texas next March. ---- This goal is brand spanking new and we plan to start stashing away for this in September. ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 56.2% completed!! Not a huge gain from last month, but September is an extra check month for my husband, so we're hoping to make it to 70% by the end of this month! We'll see how things go with the new baby.... ----
Goal #3: Save for my husband to get a "new" (that means used) car. ---- After some adjustments by my husband last month, the car is currently running well, so this is not high on the priority list right now. ----
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- I really meant to have my husband do this paperwork over Labor Day Weekend. But then I forgot. Shame on me. ----
We're so excited to be reaching our financial goals for the glory of Christ and are glad so many of you enjoy hearing our story. We hope you find it to be encouraging and motivating in your own lives!
Cooking has been on the back-burner as of late since my energy level has dropped through the floor, it seems. In fact, I bought about 6 boxes of cereal while I was out running errands this weekend and informed my husband that we could just live on that until the baby comes. He seems skeptical and I can't figure out why.
Seriously though, we've been getting take-out more often than usual and my grocery trips have been far less organized (and coupon-involved) lately, so our food budget was a bit higher than normal last month.
Also, we just found out that my cousin is getting married in March! I'm SO excited to make a trip down to Texas as I haven't been there since I was a child! My cousin also requested that 3 of our 4 children be in the wedding. While we anticipate that that will be an interesting added bit of work, my parents will be there as well so I'm sure we can manage all the wedding festivities and kiddos with their help. Since Texas is a 2-day trip each direction with our munchkins, we're looking at some hotel stays and lots of meals on the road, so our trip savings is starting now. We're so grateful that the Lord has allowed us to reach so many of our financial goals in the past few years so we are able to plan and save up for this trip.
Alright, so....jibber jabber....here's the new, updated version of our goals:
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
REVISED GOAL #1: Save up and pay CASH for our trip to Texas next March. ---- This goal is brand spanking new and we plan to start stashing away for this in September. ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 56.2% completed!! Not a huge gain from last month, but September is an extra check month for my husband, so we're hoping to make it to 70% by the end of this month! We'll see how things go with the new baby.... ----
Goal #3: Save for my husband to get a "new" (that means used) car. ---- After some adjustments by my husband last month, the car is currently running well, so this is not high on the priority list right now. ----
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- I really meant to have my husband do this paperwork over Labor Day Weekend. But then I forgot. Shame on me. ----
We're so excited to be reaching our financial goals for the glory of Christ and are glad so many of you enjoy hearing our story. We hope you find it to be encouraging and motivating in your own lives!
Friday, August 7, 2009
Get Your Finances In Line In 2009: July Recap
As I mentioned last month, we had a pretty dull June. We weren't able to contribute anything extra to our FFEF (but we didn't borrow from it either!), so I added a note that I was excited to see what July might bring.
Well, our mortgage company must have been reading my blog because our mortgage payment went down significantly last month. I'm talking, like 20%. We have been anticipating this drop in our payment for over a year, but it just seemed like it would never happen! We are so happy that it finally has!
Not only does this free up some extra cash every month to put towards our FFEF, it also lowers the needed amount for our FFEF goal. I did some reworking of the budget and we were very pleased with the results. As it turns out, we just may be able to make our 6-month FFEF by the end of the year! We'll see!
So now, with our lower FFEF goal, here is our progress:
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 54.8% completed!! We're over the 50% mark!! This means we have 3 months of expenses in our bank account!! What a great feeling!! (Are you sensing my excitement? Lol) ----
Goal #3: Save for my husband to get a "new" (that means used) car. ---- My husband's car has been in and out of service for various things over the past several weeks, as it happens to be right now, but he's planning to fix yet another thing on it this weekend or next. He's so resourceful and, even when I think it's probably about time to get another car, he finds some really cheap (or free) way of keeping his little Subaru around just a little longer. Have I mentioned that I love my husband? ----
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- If my husband ever has a free moment, he'll fill out this application. For real. ----
And there you have it, ladies and gentlemen! A very exciting month for us! The Lord has truly blessed our endeavors to be faithful with what He has given us. We can't wait to see what He will do next!
How's the summer panning out for all of you?
Well, our mortgage company must have been reading my blog because our mortgage payment went down significantly last month. I'm talking, like 20%. We have been anticipating this drop in our payment for over a year, but it just seemed like it would never happen! We are so happy that it finally has!
Not only does this free up some extra cash every month to put towards our FFEF, it also lowers the needed amount for our FFEF goal. I did some reworking of the budget and we were very pleased with the results. As it turns out, we just may be able to make our 6-month FFEF by the end of the year! We'll see!
So now, with our lower FFEF goal, here is our progress:
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 54.8% completed!! We're over the 50% mark!! This means we have 3 months of expenses in our bank account!! What a great feeling!! (Are you sensing my excitement? Lol) ----
Goal #3: Save for my husband to get a "new" (that means used) car. ---- My husband's car has been in and out of service for various things over the past several weeks, as it happens to be right now, but he's planning to fix yet another thing on it this weekend or next. He's so resourceful and, even when I think it's probably about time to get another car, he finds some really cheap (or free) way of keeping his little Subaru around just a little longer. Have I mentioned that I love my husband? ----
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- If my husband ever has a free moment, he'll fill out this application. For real. ----
And there you have it, ladies and gentlemen! A very exciting month for us! The Lord has truly blessed our endeavors to be faithful with what He has given us. We can't wait to see what He will do next!
How's the summer panning out for all of you?
Monday, July 13, 2009
Get Your Finances In Line In 2009: June Recap
June was a fun and kind of crazy month here at the Stone household. We went on vacation and it was fantastic. We spent every penny of our vacation budget and never once felt bad about it! Now I absolutely understand the beauty of going on vacation with cold hard CASH. Noooo stinky credit cards. Pew.
Three members of our family had dentist appointments and....I can't exactly remember what it was but something else happened last month that sort of through a loop in our average monthly expenses. Sadly, we weren't able to contribute any additional funds to our FFEF, but we also didn't have to take any money from it either...which is a blessing!
Last week we got an overpayment from our escrow account (now that the Indiana tax fiasco seems to finally be settling out) so we are planning to use a bit of that for some extra things we've been needing and hopefully we'll stash some of it into our savings in addition to our regular monthly funding.
This month's "update" looks pretty identical to last month....
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 40.5% completed ----
Goal #3: Save for my husband to get a "new" (that means used) car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- We're still in the process of finalizing this for my husband. Which really means, I have the paperwork in my email inbox and that's about as far as we've gotten. ----
Since June was so dull, I'm extra excited to see where we'll be by the end of July!
It seems unlikely BUT I'd love to be able to say that we have completed our FFEF by the end of 2009! Doing so would require some extra pay (extra business for me and/or OT or a raise for my hubby) and probably some extra scrimping, but OH MAN would that be fun! We'll see how things go....
Three members of our family had dentist appointments and....I can't exactly remember what it was but something else happened last month that sort of through a loop in our average monthly expenses. Sadly, we weren't able to contribute any additional funds to our FFEF, but we also didn't have to take any money from it either...which is a blessing!
Last week we got an overpayment from our escrow account (now that the Indiana tax fiasco seems to finally be settling out) so we are planning to use a bit of that for some extra things we've been needing and hopefully we'll stash some of it into our savings in addition to our regular monthly funding.
This month's "update" looks pretty identical to last month....
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 40.5% completed ----
Goal #3: Save for my husband to get a "new" (that means used) car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- We're still in the process of finalizing this for my husband. Which really means, I have the paperwork in my email inbox and that's about as far as we've gotten. ----
Since June was so dull, I'm extra excited to see where we'll be by the end of July!
It seems unlikely BUT I'd love to be able to say that we have completed our FFEF by the end of 2009! Doing so would require some extra pay (extra business for me and/or OT or a raise for my hubby) and probably some extra scrimping, but OH MAN would that be fun! We'll see how things go....
Tuesday, June 2, 2009
Get Your Finances In Line In 2009: May Recap
My husband and I are currently on our PAID FOR IN CASH vacation!!! Not that we've ever gone on vacation with a credit card before (or gone on vacation at all for that matter), but I just know this is so much nicer than getting a giant bill next month for all our vacation expenditures. :)
Somehow, by the grace of God, we were able to stash away another $1000 into our savings last month. I honestly have no idea how, because we have nowhere near that amount of extra income every month but....somehow, the Lord made it happen for us. It is so refreshing to finally be debt-free and significantly building our savings so that, in the event of an emergency, job loss, or other financial catastrophe...we would not be feeling hopeless and wondering what to do next.
I also (FINALLY) canceled our credit card last month. I've been meaning to do that for, like....ohh, at least 2 years, and I just finally got around to it. But it feels nice to know that I don't have to keep track of where that card is in our filing cabinet anymore. :) I admit I was kind of disappointed when the woman didn't argue with me to try to keep the card for an emergency. I was really looking forward to explaining to her how we've learned that an EMERGENCY is the absolute WORST time to use a credit card - the one time I can be certain I can't pay it off the next month. But she didn't even press me one bit about it. She simply complied and canceled the card.
....But I guess I'll be okay.
Alright, so on to the good stuff. (The good stuff being: the stuff you don't care about but I that I like to type up anyway because it encourages me to keep on keeping on; keeps me accountable to, um...myself; and gives me another blog post.)
;)
So here's a quick update for the month of May:
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 40.5% completed ----
Goal #3: Save for my husband to get a "new" (that means used) car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- We're in the process of finalizing this for my husband. Who would have thought they don't even offer disability for SAHMs? ----
How are you all doing with your finances, budgeting, etc.? I know nobody will answer this question because it's just FAR too personal, but it seems polite of me to ask. :)
Somehow, by the grace of God, we were able to stash away another $1000 into our savings last month. I honestly have no idea how, because we have nowhere near that amount of extra income every month but....somehow, the Lord made it happen for us. It is so refreshing to finally be debt-free and significantly building our savings so that, in the event of an emergency, job loss, or other financial catastrophe...we would not be feeling hopeless and wondering what to do next.
I also (FINALLY) canceled our credit card last month. I've been meaning to do that for, like....ohh, at least 2 years, and I just finally got around to it. But it feels nice to know that I don't have to keep track of where that card is in our filing cabinet anymore. :) I admit I was kind of disappointed when the woman didn't argue with me to try to keep the card for an emergency. I was really looking forward to explaining to her how we've learned that an EMERGENCY is the absolute WORST time to use a credit card - the one time I can be certain I can't pay it off the next month. But she didn't even press me one bit about it. She simply complied and canceled the card.
....But I guess I'll be okay.
Alright, so on to the good stuff. (The good stuff being: the stuff you don't care about but I that I like to type up anyway because it encourages me to keep on keeping on; keeps me accountable to, um...myself; and gives me another blog post.)
;)
So here's a quick update for the month of May:
Goal #1: Save up and pay CASH for our 5-day vacation to Mackinac Island in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 40.5% completed ----
Goal #3: Save for my husband to get a "new" (that means used) car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. ---- Still thinking about working on this... ----
Goal #8: Get disability insurance for both my husband and me. ---- We're in the process of finalizing this for my husband. Who would have thought they don't even offer disability for SAHMs? ----
How are you all doing with your finances, budgeting, etc.? I know nobody will answer this question because it's just FAR too personal, but it seems polite of me to ask. :)
Thursday, May 7, 2009
Get Your Finances In Line In 2009: April Recap
April was a decent month for us, but not spectacular. Especially when I view it in light of March, which was a FANTASTIC month financially. Nevertheless, we're still making headway.
We completed our vacation fund (which is good, because that's only 3 weeks away!) and raised the level of our FFEF a bit. The way the checks lined up this month was not ideal for our savings account, so this month will probably be better than April. Also, now that we're done saving for our vacation, we can put that extra into our FFEF or the savings for my hubby's car!
My husband's review is also coming up and it would be great if he got a raise, but in this economy I'm not really expecting one.
We are still running behind on #7 and #8. I don't know why I feel like it will take SO much time to set those things up as I'm sure it really won't, but....anyway, it's on the list, so we WILL get to it. Hopefully sooner rather than later.
Ok, here are the updates for the month of April - not necessarily in order:
Goal #1: Save up and pay CASH for our 5-day vacation to *SURPRISE* in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 32.3% completed ----
Goal #3: Save for my husband to get a new (that means "used") car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. (I know - shame on us for not having one yet!)
Goal #8: Get disability insurance for both my husband and me.
I'd also like to share - and I may have done this before - how we "do" savings, so in case any of you are struggling here perhaps this will help you out....
My husband works two jobs. His FedEx paycheck is direct-deposited every Friday (after about 40% of it goes directly toward health insurance). The other 60% goes into our checking and is a nice buffer in between the times his other check arrives - which is every other Tuesday. That check is also direct-deposited, but a set amount goes into our savings account automatically so we never even see it. (Until, of course, I write this monthly post!) The rest goes into our checking.
At the end of each month, if we have extra money left over in our checking account, most of that also goes into our savings. (I keep a small buffer zone there for the small just-in-case incidents.)
If you're just starting out with this concept of saving, I'd encourage you to try automatic directing of your money. Ten percent is the standard of what most people will tell you to save regularly. But if that sounds like too much, start with 5%. If you can't do 5%, start with 2%.
JUST. SAVE. SOMETHING.
And when you or your spouse gets a raise, consider adding whatever the difference is in your paycheck to what's automatically rerouted to your savings account. It's a great way to never even notice a difference!
How do you operate your savings account(s)?
What ways have you found to be effective for your family and your budget?
We completed our vacation fund (which is good, because that's only 3 weeks away!) and raised the level of our FFEF a bit. The way the checks lined up this month was not ideal for our savings account, so this month will probably be better than April. Also, now that we're done saving for our vacation, we can put that extra into our FFEF or the savings for my hubby's car!
My husband's review is also coming up and it would be great if he got a raise, but in this economy I'm not really expecting one.
We are still running behind on #7 and #8. I don't know why I feel like it will take SO much time to set those things up as I'm sure it really won't, but....anyway, it's on the list, so we WILL get to it. Hopefully sooner rather than later.
Ok, here are the updates for the month of April - not necessarily in order:
Goal #1: Save up and pay CASH for our 5-day vacation to *SURPRISE* in June! :) ---- 100% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 32.3% completed ----
Goal #3: Save for my husband to get a new (that means "used") car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. (I know - shame on us for not having one yet!)
Goal #8: Get disability insurance for both my husband and me.
I'd also like to share - and I may have done this before - how we "do" savings, so in case any of you are struggling here perhaps this will help you out....
My husband works two jobs. His FedEx paycheck is direct-deposited every Friday (after about 40% of it goes directly toward health insurance). The other 60% goes into our checking and is a nice buffer in between the times his other check arrives - which is every other Tuesday. That check is also direct-deposited, but a set amount goes into our savings account automatically so we never even see it. (Until, of course, I write this monthly post!) The rest goes into our checking.
At the end of each month, if we have extra money left over in our checking account, most of that also goes into our savings. (I keep a small buffer zone there for the small just-in-case incidents.)
If you're just starting out with this concept of saving, I'd encourage you to try automatic directing of your money. Ten percent is the standard of what most people will tell you to save regularly. But if that sounds like too much, start with 5%. If you can't do 5%, start with 2%.
JUST. SAVE. SOMETHING.
And when you or your spouse gets a raise, consider adding whatever the difference is in your paycheck to what's automatically rerouted to your savings account. It's a great way to never even notice a difference!
How do you operate your savings account(s)?
What ways have you found to be effective for your family and your budget?
Thursday, April 23, 2009
Town Hall For Hope!
Tired of hearing all the fear, doom and gloom that's filling the airwaves? Join Dave Ramsey for a nationwide town hall meeting and discover what's happening with the economy, how we got here, and where we're going. Plus Dave will answer your questions live throughout the event!
Join the masses for this free event TONIGHT, April 23rd at 8:00 EDT in one of the thousands of venues across the country as we stand together to reignite the fire of HOPE!
Join the masses for this free event TONIGHT, April 23rd at 8:00 EDT in one of the thousands of venues across the country as we stand together to reignite the fire of HOPE!
To find a venue near you, click here.
"I am an American and I am not participating in this recession."
"I am an American and I am not participating in this recession."
Tuesday, March 31, 2009
Get Your Finances In Line In 2009: March Recap
March was a really great month for us financially! We got our federal tax refund check and my husband worked a ton of overtime (not by choice), so we REALLY made some headway on our emergency fund savings account. We also raised the level of our vacation savings and are now just a few hundred dollars short of having it all saved up! I also went ahead and pulled out our trip money for when we got to visit my parents in a few weeks, so that won't have to come out of next month's budget.
We could have done even better this month, but with my husband working overtime for a few weeks (which means I'm also working overtime at home), we did a bit more eating out and ordering in than we typically do. Nevertheless, I am so happy with the results! If only we could get a refund check and an OT check every month! Of course, I don't wish all that work on my husband. I'm just saying that the money is nice. :)
Ok, so here are the updates. And again, these are not necessarily in order:
Goal #1: Save up and pay CASH for our 5-day vacation to *SURPRISE* in June! :) ---- 75% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 30.4% completed ----
Goal #3: Save for my husband to get a new (that means "used") car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. (I know - shame on us for not having one yet!)
Goal #8: Get disability insurance for both my husband and me.
I don't know if anyone really enjoys following our financial journey, but I enjoy posting it, so I guess you're stuck with monthly updates for now. :) It keeps me motivated and somewhat accountable - if to nobody else, at least to the computer screen - to get it all down in writing. Errr, typing. :)
We could have done even better this month, but with my husband working overtime for a few weeks (which means I'm also working overtime at home), we did a bit more eating out and ordering in than we typically do. Nevertheless, I am so happy with the results! If only we could get a refund check and an OT check every month! Of course, I don't wish all that work on my husband. I'm just saying that the money is nice. :)
Ok, so here are the updates. And again, these are not necessarily in order:
Goal #1: Save up and pay CASH for our 5-day vacation to *SURPRISE* in June! :) ---- 75% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 30.4% completed ----
Goal #3: Save for my husband to get a new (that means "used") car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. (I know - shame on us for not having one yet!)
Goal #8: Get disability insurance for both my husband and me.
I don't know if anyone really enjoys following our financial journey, but I enjoy posting it, so I guess you're stuck with monthly updates for now. :) It keeps me motivated and somewhat accountable - if to nobody else, at least to the computer screen - to get it all down in writing. Errr, typing. :)
Friday, March 13, 2009
Get Your Finances In Line In 2009: February Recap
In January, I mentioned that I am planning to do a monthly post on our financial goals and progress. I shared our excitement with you that we became debt-free in December and that we can't wait to meet our next goal of fully funding our 6-month emergency fund (in addition to a few other goals).
Since I just started my business last year, we are uncertain as to the income that might bring in this year, but we set out goals high and if we don't quite make it, that's okay. Our 2009 goals have changed just a tad. I added two more goals at the bottom, even though they are not in order:
Goal #1: Pay CASH for our 5-day vacation to *SURPRISE*! :) ---- 50% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 10.4% completed ----
Goal #3: Save for my husband to get a "new" (that means used) car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. (I know - shame on us for not having one yet!)
Goal #8: Get disability insurance for both my husband and me.
We had a few projects that needed to be addressed since my last post, so we didn't made HUGE headway on our goals in February, but we didn't move backwords and we paid cash so we are content with that. We filed our taxes last weekend. Our state refund was deposited today and we are now just waiting for our federal income tax check to be deposited into our bank account. We don't like to give the government a free loan, but we don't want to owe anything either, so we try to carefully plan out my husband's deductions. Once our federal check arrives, we'll be a bit further along in our goals. For now, we are happy to be out of debt and happy to know that we are on the right track.
If you don't currently have any financial goals, I really encourage you to consider making some. Especially considering the dismal economy we're living in right now, it's very important to have a plan in case the worst should happen.
For more "Get Your Finances In Line In 2009" posts, check out the Mr. Linky at the bottom of Crystal's post over at MoneySavingMom.
Since I just started my business last year, we are uncertain as to the income that might bring in this year, but we set out goals high and if we don't quite make it, that's okay. Our 2009 goals have changed just a tad. I added two more goals at the bottom, even though they are not in order:
Goal #1: Pay CASH for our 5-day vacation to *SURPRISE*! :) ---- 50% completed ----
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 10.4% completed ----
Goal #3: Save for my husband to get a "new" (that means used) car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
Goal #7: Establish a will and testament. (I know - shame on us for not having one yet!)
Goal #8: Get disability insurance for both my husband and me.
We had a few projects that needed to be addressed since my last post, so we didn't made HUGE headway on our goals in February, but we didn't move backwords and we paid cash so we are content with that. We filed our taxes last weekend. Our state refund was deposited today and we are now just waiting for our federal income tax check to be deposited into our bank account. We don't like to give the government a free loan, but we don't want to owe anything either, so we try to carefully plan out my husband's deductions. Once our federal check arrives, we'll be a bit further along in our goals. For now, we are happy to be out of debt and happy to know that we are on the right track.
If you don't currently have any financial goals, I really encourage you to consider making some. Especially considering the dismal economy we're living in right now, it's very important to have a plan in case the worst should happen.
For more "Get Your Finances In Line In 2009" posts, check out the Mr. Linky at the bottom of Crystal's post over at MoneySavingMom.
Thursday, January 8, 2009
Get Your Finances In Line In 2009: Financial Goals for 2009
Crystal over at MoneySavingMom hosts a monthly finance post with links to TONS of blogger's financial updates. I followed along last year and read a few people's stories, but this year I've decided to join in the fun! "Get Your Finances In Line In 2009" is the official headline this year. So be prepared for a monthly update here on Todays Daily Dose!
As I blogged a few weeks ago, we JUST became DEBT FREE last month!!!!!! We are SO excited to actually own our van and have our schooling paid for! But now comes the hard part: staying motivated.
However, in order to do that, I've joined Dave Ramsey's Financial Peace University class at one of the local churches in town. I've been wanting to go to a FPU class since we first heard about Dave Ramsey, but we never really got around to it. Due to my husband's sleep/work schedule, I'm the only one attending, but hey - one is better than none, right?
Last night was our first class. We have 12 weeks to follow and I'm very excited to see the progress the class (and our family) will make in these next 12 weeks! I know I've talked about Dave Ramsey PLENTY on this blog, but in case you're a newbie or haven't been paying attention, I'll go over his baby steps to become and stay debt-free:
1. $1000 Emergency Fund in the bank
2. Pay off all debt using the debt snowball.
3. 3-6 Emergency Fund in the bank
4. Invest 15% into retirement funding.
5. Plan and save for kids' college.
6. Pay off mortgage early.
7. Build wealth and GIVE!
Right now, we've just completed Baby Step 2 and are working on BS3. HOWEVER....
We also wanted to reward ourselves for all of our hard work (literally), so we're going on our first ever vacation in June! I'm SOOOO beyond excited about this as we have been married over 5 years now and have never gone on vacation. We are not - I repeat, NOT - taking our children, so it should be a fun trip for the two of us. Our destination has been chosen, but it's a surprise to my husband. And even though he never reads my blog, I'm going to keep it a surprise from you too.....just in case. :)
Since we've never been on vacation before (and haven't been to this location before), we weren't really sure what to plan for the amount of money we should spend. We don't want to be unwise and go overboard, but we also don't want to be saying, "Oh, well that's $15/person. Maybe we should skip that one," just because we didn't plan well enough. I think we've settled on a reasonable amount that should work out just fine. And if all else fails, we've got our credit cards. JUST KIDDING, DAVE RAMSEY FANS! We will NOT be paying for our vacation with CREDIT CARDS.
Moving on....
Our goals for this year were somewhat hard to calculate since I recently started a business and have no idea what sort of income to expect from that this year. Nevertheless, we don't believe in living without goals, so we made some anyway. We'll see how things go. These goals are not necessarily in order, but somewhat:
Goal #1: Pay CASH for our 5-day vacation to *SURPRISE*! :)
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency.
Goal #3: Save for my husband to get a new (that means "used") car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
I am excited to see where 2009 takes us financially! And if you want check out Dave Ramsey, you will NOT regret it! :)
For more "Get Your Finances In Line In 2009" posts, check out the Mr. Linky at the bottom of Crystal's post.
As I blogged a few weeks ago, we JUST became DEBT FREE last month!!!!!! We are SO excited to actually own our van and have our schooling paid for! But now comes the hard part: staying motivated.
However, in order to do that, I've joined Dave Ramsey's Financial Peace University class at one of the local churches in town. I've been wanting to go to a FPU class since we first heard about Dave Ramsey, but we never really got around to it. Due to my husband's sleep/work schedule, I'm the only one attending, but hey - one is better than none, right?
Last night was our first class. We have 12 weeks to follow and I'm very excited to see the progress the class (and our family) will make in these next 12 weeks! I know I've talked about Dave Ramsey PLENTY on this blog, but in case you're a newbie or haven't been paying attention, I'll go over his baby steps to become and stay debt-free:
1. $1000 Emergency Fund in the bank
2. Pay off all debt using the debt snowball.
3. 3-6 Emergency Fund in the bank
4. Invest 15% into retirement funding.
5. Plan and save for kids' college.
6. Pay off mortgage early.
7. Build wealth and GIVE!
Right now, we've just completed Baby Step 2 and are working on BS3. HOWEVER....
We also wanted to reward ourselves for all of our hard work (literally), so we're going on our first ever vacation in June! I'm SOOOO beyond excited about this as we have been married over 5 years now and have never gone on vacation. We are not - I repeat, NOT - taking our children, so it should be a fun trip for the two of us. Our destination has been chosen, but it's a surprise to my husband. And even though he never reads my blog, I'm going to keep it a surprise from you too.....just in case. :)
Since we've never been on vacation before (and haven't been to this location before), we weren't really sure what to plan for the amount of money we should spend. We don't want to be unwise and go overboard, but we also don't want to be saying, "Oh, well that's $15/person. Maybe we should skip that one," just because we didn't plan well enough. I think we've settled on a reasonable amount that should work out just fine. And if all else fails, we've got our credit cards. JUST KIDDING, DAVE RAMSEY FANS! We will NOT be paying for our vacation with CREDIT CARDS.
Moving on....
Our goals for this year were somewhat hard to calculate since I recently started a business and have no idea what sort of income to expect from that this year. Nevertheless, we don't believe in living without goals, so we made some anyway. We'll see how things go. These goals are not necessarily in order, but somewhat:
Goal #1: Pay CASH for our 5-day vacation to *SURPRISE*! :)
Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency.
Goal #3: Save for my husband to get a new (that means "used") car.
Goal #4: Raise retirement contributions to 12% (with a 4% match).
Goal #5: Open a money market account for each of our children.
Goal #6: Begin paying extra principal on our mortgage.
I am excited to see where 2009 takes us financially! And if you want check out Dave Ramsey, you will NOT regret it! :)
For more "Get Your Finances In Line In 2009" posts, check out the Mr. Linky at the bottom of Crystal's post.
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