I think I've realized what my emergency fund goal should be set at to avoid any financial fall-backs on debt repayments. Rather than the $1000 commonly recommended, or the $750 I had established, I think it needs to be (while I'm still in debt repayment mode) around $5000. Why?
The "emergency" situations I've had lately including my car breaking down piece by piece with the last straw being the heater completely breaking on my way to the hospital. I wouldn't have replaced it and just relied on taxis in weather below 10 C, but the husband equivalent insisted I replace it. He did have a point, and we do have a newborn. It was about $5000. It would have been about $3000 to repair it to drive-able conditions, but all would be band-aid solutions. I then was in the waiting limbo to ensure I qualified for maternity employment insurance, which thankfully I had saved an additional amount for but knew I might have had to use my emergency fund.
Even more recently, the kidlet had a doctor's exam, which lead to referrals. She is going to need a procedure for a very common problem now that is easy to handle but if left, could be troublesome. I've already paid $800 to the specialist, and it will be about another $2000 to finish. So, I'm back in the line of credit. I have my fingers crossed that I'll get a big tax refund check to cover this. But it really shouldn't be this way.
The foreseeable emergencies I can think of - pet needing medical care, my daughter seeing the specialist, car troubles, needing to pay taxes or the first month of daycare when I return are all well over $1000 (the normal "recommended" emergency fund number), but should all fall (hopefully) under $5000. Hopefully, a $5000 buffer would handle not just one but two emergencies happening close together until I can build a larger nest egg, longer term budgeting to include things like vechile replacement savings goals, and finalizing family planning (aka one more baby or call it complete).
My plan is to play it day-by-day for a bit thinking about my budget and how I am going to rearrange to pay off this new and upcoming debt. Then, should I get a refund to fullfil my line of credit back to zero, start my new $5000 emergency fund and budget (if I can) to get it completed before I return to work where again I'll reevaluate how I'm going to crush this debt monster.
What is your emergency fund at now? What was it while you were paying off debt? How did you decide? Did you rely on tax refunds or did you have to save to make sure you could pay your annual taxes?
Showing posts with label goals. Show all posts
Showing posts with label goals. Show all posts
Thursday, April 9, 2015
Thursday, March 12, 2015
Hmmm, I guess that's a lot of clothes.
I do like minimalism. I think it's great, and when things are uncluttered more can be done. During 2009-2012 I took my decluttering mindset very seriously.
For months I would take out a bag of garbage/donations weekly. Many of these accumulated as college students and I shared a flat. When one of four moves out, you can't always remember who bought the can opener, or some of there were just lazy and left lots of stuff behind. One day I made it my goal to rid myself of these extra things.
I took it further later, and at one point had my closet down to just a few essentials. I knew I still had too much, but everything in my house had a place. If it didn't, it was removed. If I wanted/needed it to stay it found a place. From the extra storage for bulk food from costco, to a place for my lunch bag, from alphabetized books to a leash hook everything had a spot. This made cleaning much easier (I knew where to put everything!) and there was always the space to work/study/play.
Fast-forward to my last closet purge when I finally believed the weight I had lost was going to be forever gone. All my "fat" clothes were going to go, and although I had been removing clothes I no longer fancied, this was going to be the final call leaving only nice clothes (in three main categories: work, relaxation/evenings, exercise) that I felt great in. What was left was all going to go into the donation bin.
And then I got pregnant. Unexpectedly.
And then I would some times shop to feel better.
And I was told where I was shopping had resale value, so buy more now and sell it later.
And then I had the baby, and four months later my "fat" clothes which hadn't made it to the donation bin didn't fit. Too tight.
And then I moved.
And then more life happened.
And now, here I am a second baby later after having these clothes in storage or piles for over two years. The first year was because I needed a place. The second year was because of the renovation (which should be halted for the summer, I hope). I don't fit in most of them. But I sure am hoping I will...
Let's see the numbers
Headbands - 56 small, 48 large
Hats - 12
Scarfs - 24
Belts - 7 (only one fits today)
Legwarmers - 5
Sweaters/Hoodies 4/8
Bras - 87
Bra tanks - 73
Tanks - 104
SS shirts - 99
LS shirts - 51
Shorts - 63
Skirts - 17
Crops - 32
Pants - 62
Button-up shirts - 6
Other LS shirts - 33
Dresses - 15
Suits - 1
Shirts - 6
Polos - 1
Formal skirts - 2
Vests - 1
Total items of clothes - 588
including accessories - 1802
That's right. I have more clothes than Blonde on a Budget has total items in her house. (Love her!)
I know it's too much, but I get so attached. And I feel like I'm just breaking these guys out of boxes after years. But I'm also mad at myself of letting my spending get so out of control when I used it as a coping mechanism. I want to forgive myself for getting caught up in the hype of upload day, but I still feel a lingering I need to punish myself. I hate, hate, hate selling them. I have, and that's how I was able to pay off the balance transfer on my credit card. The hubs and I debate on this topic often. If I should sell, how much I should sell, how long do I wait to lose the wait. I'm much more impatient than him. I want it to be settled now. Not wait until I lose the last 40 pounds.
It would be so nice to get back to a place that is clean, and tidy. With items that add value, make me feel good. I want to be out of debt. I want to be saving.
So to repeat what my goals have been this year and last. I am going to reduce my closet, suck it up and sell some stuff now, and re-address in six months. And mostly, keep me focused on the long goal. Happiness. Health. Security. Well-being.
For months I would take out a bag of garbage/donations weekly. Many of these accumulated as college students and I shared a flat. When one of four moves out, you can't always remember who bought the can opener, or some of there were just lazy and left lots of stuff behind. One day I made it my goal to rid myself of these extra things.
I took it further later, and at one point had my closet down to just a few essentials. I knew I still had too much, but everything in my house had a place. If it didn't, it was removed. If I wanted/needed it to stay it found a place. From the extra storage for bulk food from costco, to a place for my lunch bag, from alphabetized books to a leash hook everything had a spot. This made cleaning much easier (I knew where to put everything!) and there was always the space to work/study/play.
Fast-forward to my last closet purge when I finally believed the weight I had lost was going to be forever gone. All my "fat" clothes were going to go, and although I had been removing clothes I no longer fancied, this was going to be the final call leaving only nice clothes (in three main categories: work, relaxation/evenings, exercise) that I felt great in. What was left was all going to go into the donation bin.
And then I got pregnant. Unexpectedly.
And then I would some times shop to feel better.
And I was told where I was shopping had resale value, so buy more now and sell it later.
And then I had the baby, and four months later my "fat" clothes which hadn't made it to the donation bin didn't fit. Too tight.
And then I moved.
And then more life happened.
And now, here I am a second baby later after having these clothes in storage or piles for over two years. The first year was because I needed a place. The second year was because of the renovation (which should be halted for the summer, I hope). I don't fit in most of them. But I sure am hoping I will...
Let's see the numbers
Headbands - 56 small, 48 large
Hats - 12
Scarfs - 24
Belts - 7 (only one fits today)
Legwarmers - 5
Sweaters/Hoodies 4/8
Bras - 87
Bra tanks - 73
Tanks - 104
SS shirts - 99
LS shirts - 51
Shorts - 63
Skirts - 17
Crops - 32
Pants - 62
Button-up shirts - 6
Other LS shirts - 33
Dresses - 15
Suits - 1
Shirts - 6
Polos - 1
Formal skirts - 2
Vests - 1
Total items of clothes - 588
including accessories - 1802
That's right. I have more clothes than Blonde on a Budget has total items in her house. (Love her!)
I know it's too much, but I get so attached. And I feel like I'm just breaking these guys out of boxes after years. But I'm also mad at myself of letting my spending get so out of control when I used it as a coping mechanism. I want to forgive myself for getting caught up in the hype of upload day, but I still feel a lingering I need to punish myself. I hate, hate, hate selling them. I have, and that's how I was able to pay off the balance transfer on my credit card. The hubs and I debate on this topic often. If I should sell, how much I should sell, how long do I wait to lose the wait. I'm much more impatient than him. I want it to be settled now. Not wait until I lose the last 40 pounds.
It would be so nice to get back to a place that is clean, and tidy. With items that add value, make me feel good. I want to be out of debt. I want to be saving.
So to repeat what my goals have been this year and last. I am going to reduce my closet, suck it up and sell some stuff now, and re-address in six months. And mostly, keep me focused on the long goal. Happiness. Health. Security. Well-being.
Sunday, February 8, 2015
February Goals
Short and sweet:
1. Pay off $450 on my student loan (to hit $6000 or less by October)
2. No lululemon!
3. No clothes shopping
4. Work out 10x
5. Eat more food, less calories
6. Make below the next 10 lb increment this month, and maintain it for 1 week.
7. Sleep
8. Have a clean dinning table before bed each night.
-That's all from this tired mom.
Thursday, February 5, 2015
Shopping Ban February Update
I've mentioned this before, and I've drafted a few posts. I think it's time I make it an official "shopping ban". It is essentially like how I've lived (or some days tried to live) and what I've budgeted for. I've come to realize I'm from a long line of hoarders, and I've come to the point where I want to start to embrace minimalism again. I can't control too much of what the two young kids have, but I can control my possessions. The amount I have wasn't a problem when I both lived by myself and had the dispoable income to purchase AND save AND own a home AND pay down my students loans in a time-frame I was comfortable with.
I've done amazing at paying down my debt. I'm still under half-way to debt-free based on my peak point last March. I think I can do better - well, better for being on maternity leave (which my disposable income will probably decrease upon returning to work as childcare costs will increase). I think I also need to drive some points home to me. Most importantly:
I shop when I am stressed.
I shop as motivation.
I shop to feel good about myself.
I shop when I feel I've made a mistake.
I plan on counting my clothes, as I have too many. I was on my way to paring it my wardrobe down to (my) bare minimum when I unexpectedly became pregnant. The four very full garbage bags of clothes I had removed from my closet, many too big, never made it to the donation bin. After the baby was born these "too large" clothes were too small. I moved most of my stuff into storage, I lost the weight, I became pregnant again. My "too large" clothes don't fit. I've acquired clothes along the way.
In short, I have lots of clothes, and I don't know how and when they will fit.
I can't tackle this problem overnight, I love so many of my clothes, and I don't want get rid of something before I'm ready. In the past 12 months I sold over $5000 of my clothes to pay off debt, and I'm absolutely honest and crazy that I miss many of them. But I am going to start at step 1.
A six month shopping ban.
I've decided from February 1st to July 31st, I will not buy any clothes with the following exceptions:
1. Clothes for my toddler for her birthday (and again around the fall)
2. Dresses for the girls if our wedding happens in the next six months
3. I have some weight loss goals tied to clothes. i.e. when I hit and maintain a weight I can buy this item.
4. If I start a new job, and require an updated professional wardrobe.
I do want to extent this official shopping ban to other areas (which I'm observing my behavior to see which areas I have not cut in the past four years). But for clothing (and really one store in particular) I've done amazing at staying on or under budget.
However.. the announcement of my engagement, setting a date with the husband equivalent, finding and placing a down-payment on dress, the husband equivalent realizing weddings cost money and the places/dates he wants are booked, the wedding date revoked, and my shopping because I felt silly for buying a dress (and jewelry to match) has shown me what I was afraid of.
Once I open the purse strings, a flood of spending occurs.
I want to try six months free to understand myself and my desires more. I'm five days in and it's been hard. I've done it. And, now internets, you know I'm trying it. I can't tell you why it's so hard. yet.
I'm still going to post subscription box reviews as long as I receive them and see value in them. There will be many, many boxes I want to buy that I will pass on. I am still going to post about my debt. I think this helps keep me accountable, and helps me work through my emotions. I'm still going to post random thoughts. Hopefully, I'll be posting more about my running.
To up the ante on this ban, and to make it different than my usual struggling to not spend/stay on budget, I've decided for now until the end of March I am going to put $20 a week in a savings account. I'm going to add what I make from cleaning out my closet and selling items on eBay in this account. I want to see the number. I've already spoken with my partner, and he is okay that I keep this separate, and that I don't plan on using it for debt repayment, or wedding costs. I think I need to see the number. I'm also so sick of selling my things on ebay I want to be done with a mass reduction before I return to work.
Five days and no purchases. Not even those cute boots.
I've done amazing at paying down my debt. I'm still under half-way to debt-free based on my peak point last March. I think I can do better - well, better for being on maternity leave (which my disposable income will probably decrease upon returning to work as childcare costs will increase). I think I also need to drive some points home to me. Most importantly:
I shop when I am stressed.
I shop as motivation.
I shop to feel good about myself.
I shop when I feel I've made a mistake.
I plan on counting my clothes, as I have too many. I was on my way to paring it my wardrobe down to (my) bare minimum when I unexpectedly became pregnant. The four very full garbage bags of clothes I had removed from my closet, many too big, never made it to the donation bin. After the baby was born these "too large" clothes were too small. I moved most of my stuff into storage, I lost the weight, I became pregnant again. My "too large" clothes don't fit. I've acquired clothes along the way.
In short, I have lots of clothes, and I don't know how and when they will fit.
I can't tackle this problem overnight, I love so many of my clothes, and I don't want get rid of something before I'm ready. In the past 12 months I sold over $5000 of my clothes to pay off debt, and I'm absolutely honest and crazy that I miss many of them. But I am going to start at step 1.
A six month shopping ban.
I've decided from February 1st to July 31st, I will not buy any clothes with the following exceptions:
1. Clothes for my toddler for her birthday (and again around the fall)
2. Dresses for the girls if our wedding happens in the next six months
3. I have some weight loss goals tied to clothes. i.e. when I hit and maintain a weight I can buy this item.
4. If I start a new job, and require an updated professional wardrobe.
I do want to extent this official shopping ban to other areas (which I'm observing my behavior to see which areas I have not cut in the past four years). But for clothing (and really one store in particular) I've done amazing at staying on or under budget.
However.. the announcement of my engagement, setting a date with the husband equivalent, finding and placing a down-payment on dress, the husband equivalent realizing weddings cost money and the places/dates he wants are booked, the wedding date revoked, and my shopping because I felt silly for buying a dress (and jewelry to match) has shown me what I was afraid of.
Once I open the purse strings, a flood of spending occurs.
I want to try six months free to understand myself and my desires more. I'm five days in and it's been hard. I've done it. And, now internets, you know I'm trying it. I can't tell you why it's so hard. yet.
I'm still going to post subscription box reviews as long as I receive them and see value in them. There will be many, many boxes I want to buy that I will pass on. I am still going to post about my debt. I think this helps keep me accountable, and helps me work through my emotions. I'm still going to post random thoughts. Hopefully, I'll be posting more about my running.
To up the ante on this ban, and to make it different than my usual struggling to not spend/stay on budget, I've decided for now until the end of March I am going to put $20 a week in a savings account. I'm going to add what I make from cleaning out my closet and selling items on eBay in this account. I want to see the number. I've already spoken with my partner, and he is okay that I keep this separate, and that I don't plan on using it for debt repayment, or wedding costs. I think I need to see the number. I'm also so sick of selling my things on ebay I want to be done with a mass reduction before I return to work.
Five days and no purchases. Not even those cute boots.
Monday, January 12, 2015
2015 goals - Part 1
I had written these down on a sticky note that my toddler took away and hid. I've been thinking about these goals since, well, mid last year so I should have them down pat. Side note, it's nice to be over the flu. *fingers crossed*
1. Pay off student loan. $11,000 to go. I'm hoping to put $1050 on this monthly (over half my current pay) and my tax refund.
2. Pay $5000 back on my personal loan.
3. Have $6000 ready to pay back my pension.
4. Put $800 in my GIC RRSP, $600 in my mutual fund RRSP
5. Contribute to my emergency fund. Not sure of target numbers yet.
I've got a couple of personal goals - mostly running
1. Run a 10 km in May
2. Run a half marathon in August
3. I want to lose 30 more lbs by October
4. Decide if we will have baby #3 or not
I want to set work goals but I'm not sure. I don't know *if* I'll have a job soon (HR says I will - but I've learned to no trust HR) and I don't know if I want return. I don't know if I want to look for a job prior to. I don't know if I want to continue trying to get into a new field like I was. I'm full of the "I don't know" and I'm sure baby-brain does not help. I have some part-time jobs I want to apply for but the cost of childcare may make these meaningless. I have some additional ideas once I have a direction set.
Back to the financial. My focus is or at least was going to be goal #1 - results in my student loans being destroyed. I know these are "good debt" but I'm just getting sick of carrying them around, and I don't think the very minor tax credit I receive on the interest portion is worth the icky feeling they coat my soul in. I'm hoping to put $1050 on this monthly (over half my current pay) and my tax refund. However, my husband equivalent has thrown us a challenge. We're engaged! Now that I'm a bit over just being annoyed he wants to side track me from these goals, I've been planning a shopping ban and selling spree (I have the draft posts to prove this) and I'm so worried once the spending doors open, there will be no way to shut them. Our primarily budget is $5000 which partially adds to my "why didn't we just go to the courthouse and get it done there prior to our baby being born" frustration. I was very clear I wanted this, but relationships involve some compromise, and I guess he just had to do it this way. Despite all this, I am starting to get excited. I have no idea what this is going to do to these goals, but I'm going to leave January for tracking spending after the birth of the second baby, and February to analysis the results and.. build a wedding budget after we set a date? Or do you book a place first? Or find the person who will complete it?
What are your goals? Has life already thrown you some curve balls? Did you forget to post your yearly goal recap before posting your new goals too?
1. Pay off student loan. $11,000 to go. I'm hoping to put $1050 on this monthly (over half my current pay) and my tax refund.
2. Pay $5000 back on my personal loan.
3. Have $6000 ready to pay back my pension.
4. Put $800 in my GIC RRSP, $600 in my mutual fund RRSP
5. Contribute to my emergency fund. Not sure of target numbers yet.
I've got a couple of personal goals - mostly running
1. Run a 10 km in May
2. Run a half marathon in August
3. I want to lose 30 more lbs by October
4. Decide if we will have baby #3 or not
I want to set work goals but I'm not sure. I don't know *if* I'll have a job soon (HR says I will - but I've learned to no trust HR) and I don't know if I want return. I don't know if I want to look for a job prior to. I don't know if I want to continue trying to get into a new field like I was. I'm full of the "I don't know" and I'm sure baby-brain does not help. I have some part-time jobs I want to apply for but the cost of childcare may make these meaningless. I have some additional ideas once I have a direction set.
Back to the financial. My focus is or at least was going to be goal #1 - results in my student loans being destroyed. I know these are "good debt" but I'm just getting sick of carrying them around, and I don't think the very minor tax credit I receive on the interest portion is worth the icky feeling they coat my soul in. I'm hoping to put $1050 on this monthly (over half my current pay) and my tax refund. However, my husband equivalent has thrown us a challenge. We're engaged! Now that I'm a bit over just being annoyed he wants to side track me from these goals, I've been planning a shopping ban and selling spree (I have the draft posts to prove this) and I'm so worried once the spending doors open, there will be no way to shut them. Our primarily budget is $5000 which partially adds to my "why didn't we just go to the courthouse and get it done there prior to our baby being born" frustration. I was very clear I wanted this, but relationships involve some compromise, and I guess he just had to do it this way. Despite all this, I am starting to get excited. I have no idea what this is going to do to these goals, but I'm going to leave January for tracking spending after the birth of the second baby, and February to analysis the results and.. build a wedding budget after we set a date? Or do you book a place first? Or find the person who will complete it?
What are your goals? Has life already thrown you some curve balls? Did you forget to post your yearly goal recap before posting your new goals too?
Saturday, October 4, 2014
6 month follow-up
Around April, when my pregnancy was beginning to get real, and all the legalities from the sale of my house had settled, I was able to total my debts. I was also starting to find some stable ground to stand on. Because I now had a tiny ticking time bomb inside me, I wanted to create a road map to get where I wanted to be to help the beautiful person-to-be inside me enter a more stable home. I love, love, LOVED my house, but it had become an anchor pulling me into financial terrority I did not want to be in. In addition to the value of my home dropping over 30%, I was losing money each month that it was rented out. I still feel confident that I had the capital to ride it out, in 7, 10 or 18 years the value of home would have risen, and the investment would have paid off well. Yet, at the time, I was struggling with credit card debt, lines of credit, and not making enough money to have a positive balance at the end of the month. At this point in time, I no longer had my home, and instead owed other people over $65,000.
My goals in May, 2014 were:
1. Pay off my $10,500 credit card balance transfer, at $4101 in May PASS - Paid in full :D
2. Pay $1800 of my line of credit FAIL - only paid off $1000
3. Pay $600 on student loan #1 PASS - Paid in full :D
4. Pay $300 on student loan #2 PASS - Paid $575
5. Pay $1500 on personal loan PASS - Paid $1500
6. Save $1000 for maternity leave PASS - saved $1500
7. Save 5750 as an emergency fund PASS - saved $750
May:
Total Debt: $58,425
Total Savings $5
October:
Total Debt: $46.000
Total Savings: $2250
Total debt reduction: $12,425
There were broken down month by month and pay by pay. I had to alter these goals in August (I may write a blog post about this) as it was becoming clearer that I would be induced prior to the end of October, and I had some financial targets I wanted to hit to feel "ready" for the baby. I highly recommend this for both long and short term goals. It's a great way to see if your goal is realistic, and how hard it may be to obtain. In my case, I was incredibly hard to stick to my debt repayment/savings budget but being 1) short term 2) a upcoming huge life event and 3) just prior to pay reduction (taking maternity leave) a good choice for me.
Between March and the end of October I've reduced my overall debt about $19,000 and increased my savings by around $2000 (which I will be using until I receive my EI and can complete another budget). I've had a lot of demons but .... that's none too shabby.
My goals in May, 2014 were:
1. Pay off my $10,500 credit card balance transfer, at $4101 in May PASS - Paid in full :D
2. Pay $1800 of my line of credit FAIL - only paid off $1000
3. Pay $600 on student loan #1 PASS - Paid in full :D
4. Pay $300 on student loan #2 PASS - Paid $575
5. Pay $1500 on personal loan PASS - Paid $1500
6. Save $1000 for maternity leave PASS - saved $1500
7. Save 5750 as an emergency fund PASS - saved $750
May:
Total Debt: $58,425
Total Savings $5
October:
Total Debt: $46.000
Total Savings: $2250
Total debt reduction: $12,425
There were broken down month by month and pay by pay. I had to alter these goals in August (I may write a blog post about this) as it was becoming clearer that I would be induced prior to the end of October, and I had some financial targets I wanted to hit to feel "ready" for the baby. I highly recommend this for both long and short term goals. It's a great way to see if your goal is realistic, and how hard it may be to obtain. In my case, I was incredibly hard to stick to my debt repayment/savings budget but being 1) short term 2) a upcoming huge life event and 3) just prior to pay reduction (taking maternity leave) a good choice for me.
Between March and the end of October I've reduced my overall debt about $19,000 and increased my savings by around $2000 (which I will be using until I receive my EI and can complete another budget). I've had a lot of demons but .... that's none too shabby.
Monday, September 15, 2014
August goal updates
I was worried that I was going to go off the spending deep end in August. I had a bunch of factors that usually lead to emotional spending and I was planning a vacation to the center of my biggest spending temptation - Lululemon. More on Seawheeze 2014 and beautiful British Columbia later!
From my last goal post:
August:
1. Pay off smaller student loan - Done! I have posted my "your loan is now paid in full" letter on my fridge for inspiration.
2. Bring savings to $1000 - I can't believe but knew I had to do this before I left on vacation. I did dip into this the second week in September, but I've since been able to top it up.
3. Find $500 for vacation - Yup! I even stuck to my total budget of under $1000. Amazing (and probably less than it would be if I wasn't pregnant and knew what size would fit but still a win).
4. List a few more eBay items to achieve above goals then take a break - Currently on a break from ebay and feeling overly guilty about it.
5. Go on vacation! De-stress! - Loved it!
September:
1. EF to $750 - yup!
2. Pay back $1000-$2000 on line of credit -... I don't think I'll be able to do this due to health circumstances
3. Feel prepared for maternity leave - ... not yet.
4. Set up baby's room, see if any needs are missing - this week's goal.
5. Save up for daycare costs in case the baby arrives early - :/
6. Keep emotional/impulse shopping in check - I'm trying really really hard on this.
1. Pay off smaller student loan - Done! I have posted my "your loan is now paid in full" letter on my fridge for inspiration.
2. Bring savings to $1000 - I can't believe but knew I had to do this before I left on vacation. I did dip into this the second week in September, but I've since been able to top it up.
3. Find $500 for vacation - Yup! I even stuck to my total budget of under $1000. Amazing (and probably less than it would be if I wasn't pregnant and knew what size would fit but still a win).
4. List a few more eBay items to achieve above goals then take a break - Currently on a break from ebay and feeling overly guilty about it.
5. Go on vacation! De-stress! - Loved it!
September:
1. EF to $750 - yup!
2. Pay back $1000-$2000 on line of credit -... I don't think I'll be able to do this due to health circumstances
3. Feel prepared for maternity leave - ... not yet.
4. Set up baby's room, see if any needs are missing - this week's goal.
5. Save up for daycare costs in case the baby arrives early - :/
6. Keep emotional/impulse shopping in check - I'm trying really really hard on this.
I'm very happy to have the $1000 in my emergency fund now. It seems to be helping to keep me focused on make smart financial decisions, and to stall my emotional "what's the point, I can't afford anything anyway" shopping. Or I could be starting to be terrified the baby is almost here! As such, I'll have to wait until I start getting EI to make my budgets. I'm hoping to be able to clear my line of credit ($10,000) in the next year, and I want to start doubling some of my other debt payments. I'll also have to make it through a few gauntlets of expensive baby purchases.
How was your August? How does your September look? Have you ever had to budget for a time where your pay was uncertain?.... Although most bloggers are free-lancers and that must be what they (and now me too) do every day...
Sunday, August 3, 2014
August Goals
I'm not ready to release a budget yet because I'm still playing with numbers. I do, however, have a ton of goals I'd like to see accomplished.
I'm debating about taking money from my line of credit and using it on my smallest student loan. If I do this, I can actually get that guy paid off before maternity leave. I absolutely hate paying debt with more debt but I keep thinking the mental benefit of one less creditor to pay.
I would like to get my savings to $1000 and my EF to $750 before October and had calculated how much per pay to put on each. I'm debating about focusing on the savings this month, and the EF in September. IF I can make the numbers work to hit the goal. Otherwise, I'll stick to my slow and steady plan.
I want a plan to pay back the money I would be taking out from the line of credit, and seeing how much room I can put back in before October/November where I might need to use these funds.
I'm also planning a short vacation, and I'd like to have $500 in spending money/food budget/transportation/etc. I would like to spend less, but it's so nice to have more than you think you'll need when you go somewhere.
Once I decide on which goals are reasonable, and if the stretch goals are in reach, I'll solidify my budget.
To repeat, I think my goals are:
August:
1. Pay off smaller student loan
2. Bring savings to $1000
3. Find $500 for vacation
4. List a few more eBay items to achieve above goals then take a break
5. Go on vacation! De-stress!
September:
1. EF to $750
2. Pay back $1000-$2000 on line of credit
3. Feel prepared for maternity leave
4. Set up baby's room, see if any needs are missing
5. Save up for daycare costs in case the baby arrives early
6. Keep emotional/impulse shopping in check
What are your goals for August? Are you going to enjoy the remaining summer? Do you every change your budget on the fly?
I'm debating about taking money from my line of credit and using it on my smallest student loan. If I do this, I can actually get that guy paid off before maternity leave. I absolutely hate paying debt with more debt but I keep thinking the mental benefit of one less creditor to pay.
I would like to get my savings to $1000 and my EF to $750 before October and had calculated how much per pay to put on each. I'm debating about focusing on the savings this month, and the EF in September. IF I can make the numbers work to hit the goal. Otherwise, I'll stick to my slow and steady plan.
I want a plan to pay back the money I would be taking out from the line of credit, and seeing how much room I can put back in before October/November where I might need to use these funds.
I'm also planning a short vacation, and I'd like to have $500 in spending money/food budget/transportation/etc. I would like to spend less, but it's so nice to have more than you think you'll need when you go somewhere.
Once I decide on which goals are reasonable, and if the stretch goals are in reach, I'll solidify my budget.
To repeat, I think my goals are:
August:
1. Pay off smaller student loan
2. Bring savings to $1000
3. Find $500 for vacation
4. List a few more eBay items to achieve above goals then take a break
5. Go on vacation! De-stress!
September:
1. EF to $750
2. Pay back $1000-$2000 on line of credit
3. Feel prepared for maternity leave
4. Set up baby's room, see if any needs are missing
5. Save up for daycare costs in case the baby arrives early
6. Keep emotional/impulse shopping in check
What are your goals for August? Are you going to enjoy the remaining summer? Do you every change your budget on the fly?
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