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Looking back, Looking Forward

August 1st, 2008 at 01:50 am

July:

I kept fairly good track of my spending this month, but even so did overspend in several categories (food being the main culprit.)

I had some extra expenses that I had not counted on with my switch from a landline based DSL to a non-landline based DSL.

I made some purchases that I probably should have foregone.

However, I was able to sell some items, as well as return some items.

So, all in all, financially speaking, not a great month, but not the worst.

August:

I will be starting my second job sometime in August, which will bring in about $28/wk (3 1/2 hours)

I need to make a decision about whether I'm going to pay my gym membership in full for a year at the reduced rate, or just pay one-quarter at the reduced rate by August 30.

The DFWO group I joined in July is doing a 7-day Caribbean cruise at the beginning of January. It cost's $700 + taxes and tips. I'd really like to go on this, but there is no way I'd be able to save enough to go by January, unless I put all my savings + extras toward it.

So, thinking about how excited I was about the Kenny G concert, and how it motivated me to "find" money to be able to go, I've come up with a long term goal.

Starting in August, I now have 3 savings goals.

1. Car Fund (until fully funded):
$220/mo base + all HSBC interest
+ 40% of extra* monies

2. House Downpayment Fund:
$50/mo base (TDAMERITRADE)
+ All ING interest
+ 30% of all extra* monies

3. Cruise 2010 Fund:
30% of all extra* monies

*Extra Monies = Second job, proceeds from anything I sell, survey money, 5th paychecks, ING referral rewards, Carpooler money, overbudgeted amounts in gasoline, 50% groceries, bonuses, etc.

Once the Car fund is fully funded, it still will get all HSBC interest (to help pay for repairs.) But the House Downpayment will then go to 60% all Extra (plus the monthly savings), and the Cruise 2010 Fund will go to 40% all Extra.

I will track all extra money on a page (sidebar). I'm not *too* far from fully funding my Car Fund. I just have to really buckle down and quit spending so much overbudget in a few categories which keeps dwindling down my one-month buffer, which I then have to replenish, so send less to the savings goals.

-- I also think I'm going to track my gas mileage. I need to get gas tomorrow, so I'll start as of August 1.

11 Responses to “Looking back, Looking Forward”

  1. Blue Eyes Says:
    1217552945

    That sounds like a great plan!

  2. gamecock43 Says:
    1217552962

    Soundslike you did good tracking! For the gym thing- if you go with a quarter membership and then it comes time to renew- you will hate yourself for not getting the bargain. But you are young, life changes on a dime, who wants to commit to anything for a year? Some things to think about.

  3. frugaltexan75 Says:
    1217553988

    blue eyes,

    Thanks!

    Gamecock,

    I know what you're saying. It's just coming up with the 210.xx to pay the year in full -- it isn't something I had planned for. I had it in my budget to pay the $62.25 quarter fee in August, then $21/mo after that. If I pay for the full year, it will have to come out of money that should be going to my car fund - setting me back yet another month - just to save about $45 over the course of a year.

  4. gamecock43 Says:
    1217554388

    $200 for a YEAR!!!?? I pay $350 for a year and got a STEAL of a deal!

  5. frugaltexan75 Says:
    1217554865

    Yeah, I know. It is a good price, however you cut it. Smile Do remember though, it is a *small* gym with few amenities. It has weight equipment, cardio equipment, a small cardio studio of sorts, then the locker rooms. If you have more than 4 or 5 people in there at one time, it feels crowded. (It's slightly bigger than my apartment w/o the locker rooms.)

    But . . in the mornings, I never have to fight for whatever equipment I want to use, nor do I have to worry about not having a shower stall available. Until the past few months, I was *the* only woman in the gym in the morning - once in awhile a man or two might appear. Now, one other lady regularly comes, plus another one haphazardly. Afternoons are a bit more crowded, but not overly so. Plus, the biggest benefit of all -- its right in my office building. NO EXCUSE!

  6. gamecock43 Says:
    1217556159

    Well, whatever you decide you can justify it. $200 for a year is a great price but risky in case you stop going. So you can pay the year and get a deal and do good. Or you can go quarterly because you dont want to risk the fact you might stop going for whatever reason and you did good too. See- win/win Smile

  7. boomeyers Says:
    1217572427

    It seems like forever does'nt it? I look at trying to save like I do trying to pay off my debt. At least the way you are going, it is your money and not paying someone else off!!!

  8. frugaltexan75 Says:
    1217588560

    gamecock,

    I stayed up way too late last night playing with the numbers in YNAB trying to figure out how paying out for a year at once would affect my budget. It's just not going to work. As it is now, it's going to take till October for me to get back into a full-month's buffer operating status. So, if I were to do the $200, that would set me back to January. Just not worth it to save $45.

    boo,

    Yes, sometimes it does seem like forever. At one time I thought it would take forever to pay off my debt, but it did happen. I like your thought about how at least the money is mine to use and not mine to give back to someone else! Smile

  9. luxlivingfrugalis Says:
    1217617534

    Laura, I love this - all though you did loose a little sleepy time figuring out ways to make it work, you are the one in POWER now! That, my friend, is way cool!

  10. frugaltexan75 Says:
    1217617889

    Thanks Lux! Smile

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