It’s here, it’s here!!! Today is the day! Day one.
Oh, the first of the month. It’s a new start, but also financially draining!
It’s fairly obvious from not only my post “Why?” but from the general theme of this blog, that my goal is financial freedom. But, what does that mean? I’m not entirely sure, but I have a feeling that it has a lot to do with forgetting when pay-day is, haha! My goals for 2017 are the changes that I’m looking for, and what I will measure my “success” against.
- 3% monthly change in credit utilization
- $2,000 saved into a general saving account
- $1,500 saved as an emergency fund
- Continuously follow a “Savings Callenge”
- $500 saved for our trip in March
- $750 saved for our trip in July
- $800 saved for my trip in November
- Positive balances in both our checking account and bill pot at the end of each month
- That we have enough cash each week to maintain a pleasant lifestyle
- Start a retirement account
I’m hoping that by using these goals as my focus that I can adjust our spending habits etc. enough to make them all achievable without having to gain additional income.
How do we stand currently?
Credit Utilization: 50.00%
Emergency Fund: $0
Savings Challenge: $0
Trips 1/2/3: $0/$0/$0
Bills Pot: $0 (just paid out $1495 all together)
Cash: $100 each and $25 for gas
Not great, but ample room for improvement! Summary Sunday will be an every week post so that I can regularly monitor the changes in our finances. The other 6 days of the week will all have their own topics and themes and while they may repeat from time to time, they will not be the same every week.
I’ve been tracking our credit card utilization since finding out my husband was misusing one of our cards (read “Why?”) and have actually dropped our utilization by 1.299% since the middle of December.
|CARD 1||CARD 2||CARD 3||CARD 4||TOTAL CREDIT|
|DEC 20, 2017||93.73%||30.38%||23.23%||34.55%||51.30%|
|JAN 1, 2017||95.80%||22.81%||23.23%||34.55%||50.00%|
Card 2 dropped so much (7.57%) because I actually had the card limit raised. Kind of cheating, but I’ll take it. Card 1 jumped up because of a finance charge (read interest charge) of $62.06! Ouch!
I have not yet started a savings challenge, but I have picked one to start on the 6th. I will be doing a 12 week challenge as my first one, and the time-table is as follows:
|Week 1 $60||Week 2 $75||Week 3 $95||Week 4 $100|
|Week 5 $65||Week 6 $75||Week 7 $95||Week 8 $100|
|Week 9 $65||Week 10 $75||Week 11 $95||Week 12 $100|
This will allow me to save $1,000 in 12 weeks, by saving an average of $83.33 a week. This will be added to our emergency fund upon its completion.
I haven’t had an actual month to play with yet, so I’m not sure where all the money that is going into savings will come from, but it will start with money left over from other areas of the budget (i.e. groceries, gas).
I know that this isn’t going to be easy. There will be times when I see those shiny things and have to resist the urge to toss them in my cart or have to turn down plans with friends because I’ve gone over my lunch budget and don’t have the cash. While I hope that I can be an adult about it and just move on, I know that there will be days that I’m going to want to throw a fit and huff like a toddler. So, in this first week (which will either be the easiest or the hardest of this journey) my biggest focus is to feel satisfied. I want to be satisfied with my home packed lunch, the coffee I brewed myself, and a having date night in.
If you too are starting a new financial journey this week, good luck! I hope that you find great success and are also able to feel satisfied when cutting back.
I hope anyone reading has a wonderful night! I’ll see you tomorrow for Money Monday (yep, they are all going to be alliterations haha!).