Another busy month is over and like everyone else, I’m trying to soak up the last few weeks of summer. Last month I introduced my goal of living on only about 50% of my income and using the rest to save and pay off debt. July was my first month of working toward that goal and while I definitely see room for improvement, I think I’m off to a decent start.
My Highs
My Lows
Onto the Budget
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thesingledollar says
That does look like a pretty good month! Congrats.
Choncé says
Yeah it was pretty decent, no crazy surprises or out of the usual expenses. For me, the best month is just a predicable and relaxed month.
Tonya (Budget & the Beach) says
Congrats on getting your emergency fund fully funded and having a great month!
Choncé says
Thanks Tonya!
Shirria says
This is inspiring! I’m still trying to develop a budget and boy is it difficult.
Choncé says
Yeah it’s tricky at first. The key is just to honest with yourself and realistic but it’s a great guide for setting and reaching financial goals.
thedailywhisk says
Congrats on reaching your E-fund goal! That’s a good feeling!
Choncé says
Thanks Kara!
creativebugger1 says
Congrats on your emergency fund! One slip up in six months is great! I’d like to have another shopping band, but with the holidays just around the corner I know I’m not going to make it.
Choncé says
Yeah the holidays can be very tempting. I personally didn’t think I’d be able to make it through the summer, but somehow I did 🙂 Now that I know how to control my shopping urges I’m actually a little excited about getting to take advantage of some holiday deals because there are quite a few things I truly need.
Hannah says
You did go over by a bit in several categories, but most of your categories are quite aggressive. I’m impressed by how well you’re doing in your 18K year! All of that with a kiddo too!
Choncé says
It’s quite a challenge, but I know it’s possible. I’ve lived on less actually, but I live in a very low cost suburb so that helps a lot.
believeinabudget says
I totally wear the same thing to work every week. I work with 1 other person, so no need to dress to impress 🙂 I’m actually ready to purchase a new pair of pants as a couple of mine are starting to have seen better days. I keep putting it off because I just don’t want to spend the money!
For your savings, do you put everything in 1 account or do you have multiple accounts? I have two, but not sure if I can handle a lot of different accounts.
Choncé says
I’m such a visual person that I need to have a few different accounts to separate everything. I use Capital One 360 to separate my different savings accounts. You label up to 25 different accounts with them. Then I have one main checking account with my bank and a savings account for small amounts of money that I need separated for a short period of time.
Luke Fitzgerald @ FinanciallyFitz says
Good job on the emergency fund! I think it’s a great idea to stop where you’re at and put everything else towards repayment. It might be risky, just not as risky as keeping the debt around 🙂
Choncé says
I agree. Thanks Luke!
Christina @ Embracing Simple says
Wow awesome job Chonce! Big congrats on reaching your emergency fund goal, that is really a wonderful accomplishment that you should feel proud of 🙂
Choncé says
Thanks Christina!
hollyatclubthrifty says
Congrats on building that e-fund! Now you can rest easy knowing you have the money for an emergency.
Choncé says
Thanks Holly!
Choncé says
Thanks Valerie! I live with my bf and we actually split the grocery bill so we aim to spend around $300/month for the 3 of us. Sometimes it’s a bit more like $330 but it stays in that area. My son is a very picky but healthy eater and at this stage in his life, it’s not too expensive to feed him. He loves broccoli, salad, chicken, fish and his favorite lunch for the time being in grilled cheese 🙂 I also get him yogurt and about 2 boxes of fruit snacks to snack on for 2-3 weeks. He’s probably eaten almost 1,000 packs of fruit snacks by now in his little 5 years of life, haha.
Cook With a Shoe says
Yay! You hit your emergency fund goal. Yup, like you I find myself wearing the same things in and out, until I get gifted with some new clothes because someone was cleaning out their closet and thought of me. You’ll be impressed with how much you can pay on your debt over the next few months with your strategy of holding off on putting any more into your emergency fund.
Choncé says
Swapping clothes with friends is the best. Last Christmas, my friend got 2-3 brand new pairs of jeans that she didn’t need or just didn’t fit her so she gave them to me. Score! With the savings portion of my budget, it’s just a sacrifice I’m willing to make. I can’t wait to get rid of all this debt.
curadebt15 says
Wow you really seem to have a good hold of your budget. I’m still struggling to find a budget that fits my situation. Keep up the good work though! your doing great!
Choncé says
Thanks!
Sandi says
Wow, that’s awesome. I have Wells Fargo so I use the spending tracker. I am spending way too much on groceries $800 some months, that’s actually take out too but still. Is anyone still couponing these days? I used to save so much doing this, hundreds. I even self published a couponing book that got good reviews. When I go shopping now I never see people using coupons so I kinda feel embarrassed now. Also, where do you live that your rent is that low? That’s awesome! I live in Northern CA and the average rent is around $800 for a decent place.