I started following #thebudgetmom a year ago.. October 2019. I'm looking at my worksheets from then, when I just had printed it out for a month or so and hole-punched it into a 3 ring binder. I had 7 credit cards or debt payments we were paying totaling approximately (because if you're starting this journey, #1 thing - WRITE it ALL DOWN.. so when you go back in a year, or six months, whatever you decide .. you can me even a little bit more EXCITED than I am right now.. at how far you have come.
Okay..soo all debts included, we owed $15,778.
As of today, October 30, 2020 - we are paying a balance of $6,897! - that means we have paid off $8,881!! (my favorite # is 8..and that's 3 8's.. I think I'll play the lottery tonight!).
I'm amazed! Honestly, this IS MY HOBBY! I love it.. I thrive on seeing these #'s daily.. I love everything about my budget.. but more importantly, I feel empowered about how far we have come!
That balance left over includes 2 credit cards.. and with credit cards, it seems they take along.. time to be reduced..even though we pay a few payments a month on them, most of your payments are going to interest - so it feels like forever that you're paying down the principal. I am determined to reduce both to under $1,000 by the end of december.. and one of the two to be completely paid off!!
In other news, we have a continous rolling Emergency Fund - that gets a deposit weekly of a minimum amount ($25. it doesn't sound like a lot..but trust me it adds up!) We are at $1300 with a goal of $5,000.)
We have an ABLE account for our daughter, Grace that a minimum fee goes into weekly - ABLE accounts are for children/adults with abilities different from ours (unique!) that will assist her in the future! She is 9.. by the time she is in her 20's, she'll have a great start financially!
My Christmas 2020 fund will be ready for spending by Black Friday (i will do most of my shopping online) - of $500. My husband started one as well and his will be about $400 - total of $1000 & that is MORE than enough.. we will even be able to get a few blowups for the front YARD!
I challenge myself monthly with a "Word of the Month".. as of date, I have a total of $441 saved from those challenges..with November & December left - with those funds at the end of December, I will put in my personal savings account, which I have made a goal to have $1,000 by my birthday, December 22! (that's when my new year starts!).. I already have $525 in that account.
We have just finished an office makeover that cost us $1,000 and it was fully funded with cash.
All our house and business bills are current. There is no more 'waiting til our check comes in, while holding our breath to see what *may* bounce'. I love Fridays as they are pay days & I can run to the bank to cash a check and fill my envelopes with CASH for the week. We work on $60/week in groceries.. some weeks we don't go.. as we deem it 'eat from the freezer & pantry week" (like this week..just need half & half and a few items we can pick up at Wal-mart).
Trust me.. I know how overwhelming $$ can be.. and feeling that burden of 'ugh another bill'.. ugh I can't afford it feels like.. START SMALL.. take a month to say to yourself.. I am putting $20/week (or each paycheck) aside for 'something' that's important to you.. in 8 weeks that's $160.. and you'll feel GREAT that you were able to do it. Budgeting is not meant to be worrisome or scary as you take a look into what you owe, or where your money is spent.. it will bring peace to your life.. knowing that you have money saved, money to cover things that might pop up.. and no more bank fees! :)
Long post.. thanks for reading! Video coming soon for all!
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