Category Archives: monthly spending

No Spend November and Other Lofty Goals

Happy November! This is my favorite month of the year and not just because I was born in November. It is the only month I get 3 days of paid vacation. I love how Thanksgiving brings a time to reflect and be thankful for the many blessings we enjoy. In celebration of this great time, I decided to hone in on some of my financial goals and end the year right. Since we acquired a new debt to fix our air conditioning unit, I really want to pay that debt off by the end of the year. Hopefully next year I can set focus on some new financial goals and I hate to have this one lingering on.

What that said, I have set a goal to pay off our A/C repair loan by December 31st, 2014. Quick facts about this loan:

  • The loan is through a home improvement credit company and account information part of their website sucks.
  • As result of their horrible web presence, my current balance is either $5,798.82 or $5,592.78.
  • I was told by customer service that there is a 17.99% interest on the loan which started accruing as soon as I got the loan. However if I pay off the balance before September 2015, the interest will be waived. Thus, I am going to go with the $5,592.78 amount as how much I owe because I think the other number includes interest which I wont have to pay if I pay off of the loan by December. Confusing, huh?

My extremely lofty goals to do this will be to pay off about $3,000 in November and the balance in December. Pretty crazy, huh? While I don’t have the husband on board with this, I still can make this happen. I’ve crunched the numbers and I really think its marginally possible utilizing the following methods:

  1. Increase my hours from around 20 to 25 a week.
  2. Create a really tight budget and stick with it!
  3. Spend as little money as possible by meal planning, finding free activities and staying in!
  4. Keeping track of my spending and saving daily so I know where I am at.

Here’s the update for the 2 days so far:

November 1st – My first no spend day of the month.

November 2nd (all budgeted items)

  • $46.33 on gas (budget of $100 for the week; my husband has to fill up his car as well)
  • $63.04 on groceries (budget is $100 a week)
  • $120.00 on my kids piano lessons (for the month)

I think I’m off to a good start! Wish me luck!!

5 days in

I am not sure where the first five days of this month went. So far, I’ve only had one day of no spending, the first day. Its been harder than I remember to get in the grove. I keep remember things I need to purchase and end up spending money everyday. When I was more in the habit of this, I was good at reviewing the week, listing what I need to buy and shopping once a week for those items. This not only helped reduce spending, but my over organization. Definitely need to get back to doing this!

While I was pretty confident we’d stay on budget this month, I am not longer convinced. We had a few unexpected expenses come up AGAIN! Actually, if I kept an annual budget, I would have known and planned for my car registration. But no, I didn’t. And now that expense is due at the end of this month. Of course, I’m going to keep trying and hope for the best. However, with our vacation and daughter’s birthday, it’ll be a struggle! Stay tuned!