Spending Money Update: Debt Progress
Happy Sunday Cent’sers! I am happy to give my spending money update this week because we were able to pay off one of our expensive debts this week with our last payment of $2700.00! This is a great weight off my shoulders and I am now able to focus my energies towards some of my other debts.
I also paid some bills – insurance, utilities, and such – and I was also able to put towards another $400 towards are credit card debt. This was sitting at a $12,000 two months ago and now we’re down to $10,500 so we’re making good progress there.
I allotted $100 of my spending money towards entertainment and I spent $103.00 this week. I was slightly over but it was still within my budget. I think for this week, I am just going to pull out $100 cash and carry it around with me. I think I will be more successful with sticking within my budget with the ever-dwindling cash reminder in my wallet.
I had another blip with an automatic payment – the life insurance payment came out before my automatic pay deposit went in so it went into over draft again! It’s not that we don’t have the money, it’s always just sitting in some other account that they end up having transfer it over from somewhere else. It occurred to me this weekend that it would be easier for us as a couple to track our finances if we moved all our incoming/outgoing automatic payments to the joint account.
It would be way more transparent if we were able to see everything that was coming in and going out of one single account. We will start doing that this week and see if that helps. I’m also going to put automatic reminders on my phone so that it will make a sound every time something will be deducted from the accounts. Hopefully I this works and I can feel organized!
Spending Money Update: Emergency Fund
I have also been throwing so much money at debt, I’ve been neglecting starting an emergency fund in case something happens that we have to address. Our only resort now is to use credit if the hot water tank was to blow up or the roof needed fixing. I am going to look at the numbers this week and see how much I can start putting aside as a contingency fund. Even a small amount of money will be helpful to put away.
So this was my spending for the week and what I’ve learned from it. How about you Cents’ers? What have you learned about your spending this week?
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