When I think of Goal-Setting, I think it’s important to set just 2 or 3. They should also be specific and measurable. My personal goals for this year are:
- Post on the Financially Me blog at least twice per month
- Launch a BUSINESS by July 1!
- Learn to speak French by taking a lesson once per week. (I bought Rosetta Stone 3 years ago…now is the time!)
To be honest, I’m kind of worried about that last one.
This year is especially exciting for my Family. We are debt free. We’ve saved quite a bit of my severance. We’re doing well in our careers. We’re healthy.
When we think of 2020, what is it this family wants to accomplish? What is it that I want to accomplish? It’s time to set some goals. The family needs to sit down, have a discussion and map it out. Goals to come…
Just like that, I’m working again. It’s been about a week on the job and my excitement level is on 10! The last few months have been interesting in that I’ve had the opportunity to visit family across the country a few times and spend lots of quality time with my family here at home. But, after almost 4 months, I am happy to be working again.
As a recap, when I was laid off, My monthly expenses/savings amounted to $8,672. Also we had $17,283 in debt remaining.
During the period when I was not working, I didn’t place a focus on paying down debt, even with my severance. With gainful employment, and severance continuing into 2020, we have the AMAZING opportunity to lump sum PAY OFF THE REST OF THIS DANG DEBT! So that’s what we’re doing
………………………………………….(this is me clicking “pay current balance”)…………………………………..
Boom! FREEDOM! I feel great! Here’s our picture now!
Now with the credit card payments gone, we’ve also reduced our monthly expenses
Ok…so now we need to figure out what’s next? Maybe buy a house? That would be nice
Written April 15 but not posted:
I’m back from maternity leave and back at work! There’s been so much going on that this blog was set on the back burner, but now I need to catch everyone up.
In addition to a new baby, we also MOVED! The goal was to downsize to save in rent and utilities and we accomplished that. I think it’s fair to present out new listing of bills as they stand now. We surely have more money each month ($1,210) to pay down our remaining debt.
Here’s a glimpse at our debt today:
Over 5 months, we have made GREAT progress. As I mentioned…this was written in April, and since then we’ve had a new life event. I’ll post the details this week (week of May 12). Until then, Happy Mother’s Day to all the Mother’s out there!
Don’t have too much more to say than that other than our new addition is here and I don’t have an income. Yay!
Our biggest monthly expense is our rent. We pay almost $2900 per month and we know we can do better. The great thing about renting, is that we do have the flexibility to change our environment in the short-term, live in a new neighborhood, reduce our costs, etc.
We began looking for a new place about a month ago. Our current lease ends at the end of March. The goals of the new lease would be:
- Lower monthly rent expense
- This will also help to bring down utility costs
- Move states to reduce state income taxes
The great thing about where we live and accomplishing goal 3 above is that our job locations allow us the choice of multiple states. I believe we have found the ideal new rental and it will save us in rent alone $400 per month. We expect moving costs to be between $600 and $800 so after 2 months in the new lease we will begin to reap the benefits of the move. This is only considering rent decrease as we would likely benefit sooner when we count utility and income tax savings. I am so excited to build this extra money into our plan!
I feel like we’re in a rut! Not much debt payoff progress these last two weeks. This may just be a bit of my impatience with the process. Anywho..time to pay bills.
According to my “Bills Budget,” this period’s paycheck covers the expenses below:
After paying these bills, what is left from our pay is $1,635. We are taking $800 for groceries, gasoline, needs for the kids and other things we may need for the family over the next two weeks. The remaining $835 is going toward paying down Credit Card 2.
Since last payday, our debt has gone down only $464 (sad face), but next pay period we will have more to pay towards debt given the bills we pay from that check are lower. Once I get over this impatience, I’ll be able to focus again on the overall progress we have made and remain confident that we are moving steadily toward our goals
That’s all this week. Thanks for reading and the support. Also, follow me on Instagram @financially_me. Take care and share!