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New Budget

December 24th, 2011 at 05:16 pm

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 05:41 pm

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!!!

Last Credit Card

September 24th, 2011 at 02:55 am

We're down to paying off our last credit card! I'm so excited!!! After this, we'll be saving a lot more per month and able to go out if we'd like, as well.

Just one more credit card!

Saving Money

August 4th, 2011 at 01:55 pm

We're doing well saving money lately. But we were really bad and spent money on our credit cards and it put us two months behind. I'm really upset about it. But, we aren't giving up.

We are going back to not using credit cards and only spending money we have and paying off the credit cards. One bad month isn't going to stop us. We are going to continue paying off credit cards. It's just going to take us two months longer and that sucks.

Unless, Hubby can find a full-time job any time soon. Fingers crossed!

Goodbye CitiBank

May 19th, 2011 at 02:20 pm

Paying off our debt has proven easier than anticipated. Quite frankly, what makes it so easy is the burden that is removed each time we pay off a credit card. So we paid off citibank today. We finished saving for the car yesterday and are just waiting for the money to be deposited in our checking account.

I'm interested to see how much we can pay off now that we are down to 4 bills a month.

Due to Economic Times

May 18th, 2011 at 04:26 pm

Hubby and I are bad at keeping on budget. But now, we are trying to move out on our own, pay off our debt, and save money. Because of this, we will be staying on our (already low) budget. We get a date night once a week. The rest of the time is eating in. That was the lowest I could get it without us cheating on our budget. But we've been bad lately. Spending extra. And we cannot afford to do that! So, we've spoken and agreed that we need to start staying on budget immediately. We pack lunch for work. We stay in more than go out. We lowered our weekly date money from $50 to $30. It sucks, but that's what needs to happen in order for us to save the most we can. We don't know how long it'll be before we have to move out on our own, so we've begun buckling down.

We are just waiting for some money to come in, but Hubby's car fund is all done when that money gets deposited. I can't wait to get rid of this clunker. So we'll only be putting money towards our emergency fund starting this week. Smile

Progress

May 12th, 2011 at 06:04 pm

We've made some serious progress the past couple of weeks. We've saved nearly $200 in the past two weeks alone and we saved a little more that than all of last month. Also, we've got CitiBank almost paid off! And the car fund is almost done. The emergency fund is coming along very nicely as well. I can't wait to see our progress in debt at the end of this month. Smile

Paid off our second card!

April 28th, 2011 at 03:15 pm

We have officially paid off our BP card! Smile

And our debt is down from $4801 at the beginning of April to $4322 to date! I'm very happy about the accomplishments we've made this month.

We are trying to pay off our debt and save money at the same time. We're looking into renting an apartment too. So, hopefully we'll have time to pay off debt and save a decent amount of money too.

Also, we're switching back to using our debit cards. The cash thing didn't work out. We spent even more money than usual. So, back to the cards we go.

Payday #2

March 11th, 2011 at 06:38 pm

I'm on my second payday while on this website. Put $57.50 towards the emergency fund, which we had depleted last week. Also added $57.50 to the car fund. Paid some debt yesterday: $11.48 to the Chase card that we're currently snowballing into oblivion. So here are my totals for this week:

Car Fund:
2032.68
+ 57.50
--------
$2090.18

Emergency Fund:
0
+57.50
-------
$57.50

Chase card:
194.73
-11.48
----------
$183.25

Week of Failure

March 10th, 2011 at 04:00 am

So this week, we failed. We overspent. And I feel so guilty! We spent through our emergency fund. I told Hubby that we need to have more self-control. I don't want to have the emergency fund in a separate bank because if we need it, it needs to be available ASAP, but we can't continue to spend it. He agrees. We are still not good at this. We have been getting progressively better, but it's a work in progress and this week, we failed.

As far as paying off the credit cards goes, we're doing well. As for the rest of the month, we'll just go on like usual. One date a week. And be much stricter on emergency fund disposal.

We failed. But, I've forgiven myself just enough to sleep at night, but we absolutely cannot let this happen again. It was so irresponsible. This journey is not easy.

One way we're trying to overcome our failure in coming weeks is to have our date nights in the middle of the week instead of directly after payday. We get so excited about payday that we always do dinner the same day or the next day. We will wait until Monday night this week. Hopefully it's in between enough for us to hold off. I guess we'll see.

Under $200

March 7th, 2011 at 12:16 pm

I made some extra money by selling a textbook on Amazon. $29.70, which I rounded to $30 and then used to pay some of my debt down. I'm using the snowball method. For this first card, it's going to take around two months to pay off. But, the good news is, we are now under $200. This is the first credit card we've gotten so close to paying off! It's at $194.73. I can't pay it off at once, but I'm going to stick as much money as I can towards it.

I was originally thinking of putting that $30 towards savings, but I didn't know which account to put it towards, so I decided, spur of the moment, to put it towards paying off my debt. I'm one step closer!

Snowballing it

March 3rd, 2011 at 01:06 pm

We've decided a number of things. First, we are going to do the snowball method for paying off credit cards. The first card has a very small amount on it. $237.23. It's not going to be easy. I don't really like defaulting to minimums on the other cards, but it'll definitely be faster than what I was going to do. And it makes sense. My husband isn't happy with the idea that we have to pay minimums on a credit card with nearly $3000 on it. That's the last one we'll pay. For the record, I'm a student, which is the only reason I haven't paid off this credit card yet. I bring in, currently, about $600 a month.

The great news is that I just landed a full-time job doing exactly what I want to do! My income will nearly double. My husband brings in the same amount. So, once I start working at this new company in two weeks, I'll start looking at raising the amount we can spend in bills every week.

The other thing is that I want to go on vacation. Since I just started this job, it looks like I'll have to go on vacation next year. Sucks! But I don't want to mess this opportunity up by leaving town for a week. So we will be starting a vacation fund after we get the emergency fund where it's supposed to be this month ($342).

Lastly, we will be starting a retirement fund. I'm going halfsies on all these savings goals. Everything is divided in half with the car fund, which we need to build up as quickly as possible. Hubby's car is pretty awful. My car is fine. After we build up the car fund and buy a car, then I'm at a loss of what to do.

Do I create another car fund? Do I save for a house? Lots of potential in that money, you know? Anyways, those are the strides we've made in the past couple of days.

March 1

March 1st, 2011 at 03:22 pm

February was a difficult month, financially. It was tough because we spent so much money. Izzy's car is falling apart, so it's been expensive on that front. We also switched phone carriers, and that was expensive too. At least we can put February behind us and get back on track in March.

March, I'm sticking to the basics. Once a week, we're going on our date, but not eating out other than that. Gas prices are on the rise, so we'll see what happens there. Hopefully, it won't affect how much I have to put aside for gas every week. But let's be realistic. If it keeps going up, I'm going to have to. Sunpass stays the same. Groceries stay the same. The rest of our income is pure savings. Which will be great since we have to buy Izzy a new car soon. That scares the crap out of me.

We have $2k saved so far. Hopefully, we'll be able to get at least another grand before his car dies. We'll see. Right now, he needs a new alternator. And we need to keep an eye on his oil level. There is supposedly a leak. I just don't know how accurate that is.

I'll be looking into saving for retirement too. Izzy has a retirement fund through his job. I don't though. We'll see. We are also down to $4900 (more or less) in credit card debt. I feel pretty low that I can't afford to go out and do the things I see my friends doing.

But I know that at the end of life, I'll have a nice savings, and they won't. So...it is what it is.