My goodness has this week just flown by! We are already in the second week of the New Year, can you believe that? Sorry that this post is going up so late (seems to be my thing, oops) today was my day off and I had a lot of catching up to do around the house. I also went and got my cat litter to keep in the car (read Fur-baby Friday to understand) and got two twenty pounds bags of litter for $3.89!
I have compiled all the charts etc from last week’s Summary Sunday and Money Monday into this one post so that I can really make the most of them. I will be re-using this template each week for Summary Sunday so that I can get an accurate reading of success and failure.
This is the same list with an added tracker to the first goal. So far, we have “success” with Goal 1, and partial success with Goal 2.
- 3% monthly change in credit utilization; minimum 36% change during 2017 (current: – 3.44%)
January(X) February() March() April() May() June() July() August() September() October() November() December()
- $2,000 saved into a general saving account
- $1,500 saved as an emergency fund
- Continuously follow a “Savings Challenge”
- $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
How do we stand currently?
Credit Utilization: 46.45%
Emergency Fund: $0
Savings Challenge: $TBD
Trips 1/2/3: $0/$0/$0
Checking: $137 (pre-grocery shopping)
Bills Pot: $0 (just paid out $520 this week)
Cash: $100 each and $30 for gas
I will be running errands tomorrow, including not only the bank but grocery shopping. I will have a much better feel for our numbers here after I visit the bank. I’m hoping to open a savings account and potentially get routing information so that I can have a portion of my check sent immediately over to the savings account. Easier to save what you never had access to for spending.
|Card 1||Card 2||Card 3||Card 4||Total Credit|
|Jan ’17 (1)||95.80%||22.81%||23.23%||34.55%||50.00%|
|Jan ’17 (2)||95.80%||22.81%||13.72%||33.24||46.56%|
LOOK AT THAT!!!! We are down 3.44% from last week!
While I did make a double payment on card 3, the biggest reason for the jump in utilization is that I applied to have the limit raised. If you go back to Summary Sunday from last week you can read that that was the reason for the dip in the utilization on card 2 between Dec ’16 and Jan ’17 (1). While this does not affect our balances or the payment plan that I have devised (see below) it does positively affect our utilization percentages which will positively impact my credit score. I have also applied for a credit increase on card 1 but I anticipate that it will be declined because the percentage is currently so high.
We are still on track to make (or exceed) our payments listed here this month! With diligent planning we may even be able to complete them all next week!
|WEEK 1- $60||TBD||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 is going to truly be a challenge! With trying to decrease our credit card balances and it being the time of year that our income is the smallest, this is going to be hard! I have $23 that I will be depositing tomorrow, which is a start.
2017 PROPOSED BUDGET vs ACTUAL
|PROPOSED||ACTUAL JANUARY PAID|
|CARD 5||Gone J||J|
|INCOME||Estimate: $4,040||Actual: $1,130|
This is a tad misleading. We did already pay our rent, but it was paid with money that was saved during December. I’m not sure how to track it more accurately. Suggestions? Please let me know in the comment section below!
I loved last week’s focus! Feeling satisfied is a huge part of being able to cut back and maintain those cuts. I want to continue with that focus this week, as well as focus on getting my bill payment plans better organized. Hopefully I can devise a better system for planning and tracking bill payment so that I don’t make mistakes such as forgetting a payment, or making a double payment in the future.
Hope that everyone enjoys their last hours of the weekend; I’ll see you tomorrow for Market Monday. Follow me though my grocery shopping process and help me find ways to cut spending!