For accountability (for us) and hopefully encouragement to anyone whom this might encourage to keep pressing on towards Financial Freedom, I plan to share each month how we're doing with our financial goals. Our overall goals for 2010 are in our "big" Goals for 2010 list. Over the past couple weeks we have been talking and coming up with some bigger goals that I will be sharing later. For now, here's our January progress:
Goal: Cash only for groceries and entertainment/recreation.
This has been a definite success! I did have a little goof-up my second week of shopping when I forgot to go to the bank before I went to the first grocery store, but I'm gonna let that sneak by. Using cash only was very strange at first, but I can certainly see how it keeps you from overspending!
Goal: Stick to budget - less impulse buying.
Hmm... well, this one is going to take some getting used to. Daniel called me this morning to tell me that he spent $20 on new lawn-mower blades. Then he asked which category that stuff comes out of... of course the one that doesn't have any money in right now :) Like I said, we're still learning :) (My first thought was "in JANUARY???" LOL!!!) This is not the end of the earth, we will still be able to eat, wear clothes and sleep in our warm bed :) As for the grocery budget, using cash has really kept me from going over. My weekly grocery budget is $30, and the average per week this month is $30.54.
Goal: Put some money into savings each week.
We put money into savings just the first 2 weeks of January. As it turns out, we were not as close to meeting the insurance deductible for Baby George as I thought, so last week instead of putting the weekly amount into savings, it went into the medical fund to go towards the deductible. This week the paycheck simply was not big enough to get that far in the budget - Daniel took a sick day last Monday, and the rest of the week was extremely slow, so it was a very little paycheck.
And that's our progress and success for January!!
**Weeks like this week, when the paycheck feels so very teeny-tiny, are just reminders of several things:
~To be so very thankful that Daniel has a job. Many, many people that we know personally do not have jobs right now and are searching high and low for one. Daniel's job may not always be booming with 40 hours plus overtime, but we have been and continue to be blessed in that he has a job.
~The importance of an emergency fund/savings account and putting money in it! This one week of "slim pickin's" won't throw us off to the point of having to use from our emergency fund, but there have been times in the past when his work was very slow for multiple weeks and we did have to dip into our emergency fund to pay the bills.**
How are you doing with your financial goals? Still trying to get your head above the water? Perhaps you're DEBT FREE and saving for something specific? I'd love to hear how it's going for you :)
This post is linked to Life As MOM's Frugal Friday.