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Archive for December, 2011

New Budget

December 24th, 2011 at 09:16 am

Hubby and I realized that our budget was not working. I mean, we weren't really trying and we both needed to cooperate in order for it to work. So, during the month of December, we created a new budget. We use YNAB and did a "fresh start". And we are really doing well! The month is almost over and the only thing we've overspent on was medicine, because we both got sick. Our personal funds were dropped from $100 per person per month, to $30. We cut a few things, and it worked out perfectly.

Now, with everything going on, we are very close to paying off our debt. And we are closer than ever to getting our own place. The new budget has been a challenge. I input all our transactions in the software, and it gives us these reports. Basically, we are living within our means now and saving more than ever.

And after I input all the transactions, it automatically updates our budget. And then I email the leftover amounts to Hubby. It's full disclosure. I can't hide any overspending, and he can't claim that he didn't know we didn't have the money in the budget. It's going to work out really nicely. After we pay off the credit cards, we'll finally be able to apply that extra money to saving for our own place. And I'll start putting money away for a new car for myself. In a few years, I expect to be able to buy a better car.

As of right now though, I'll take the little victories.

Lowest Credit Debt

December 20th, 2011 at 09:41 am

We are officially at the lowest point in our credit card debt ever. We are under $1900 in credit card debt! Only a few months of payments and we'll be all done!!! Woot!!!

Debt Freedom

December 13th, 2011 at 07:01 am

Hubby and I began a new budget. Our old one just wasn't working for us. I mean, we weren't trying as hard as we need to be to get where we want to go. I've taken away our credit cards again and we're only using debit. So if we don't have the money in checking, we don't have it. We spent a lot of our savings on Christmas presents, so we're bringing that back up. Now, we're above $1,000 again. Our goal for that is somewhere between $3,000 and $4,000. I have no idea when that's going to happen. Right now, we're very focused on spending little and bringing in a lot.

We should have our BP credit card paid off again at the end of this month and we'll be working on the Capital One card again. It's gone up because of interest, but we'll be okay. I have no doubt. We had started using the credit cards again and that's why I had to remove them from our wallets. I figure, if we need money, we'll dip into savings.

Honestly, I'm tempted to close all our credit cards and just live on debit, but right now, it's how we're building our credit, paying them off and then working well. It's always a challenge to stay on budget.